Spherix Inc (NASDAQ:SPEX) reported that it has finalized a definitive purchase deal to buy 100% ownership of DatChat Inc, which is a privately held personal privacy offering, with a focus on Encrypted Communication, Digital Rights Management and Internet Security.
DatChat recently introduced its initial offering, a messaging app for mobile smart phones offered on Android and iOS. The app enables customers to control sent messages on the receiver’s device. Additionally, the firm is expanding its platform to comprise a peer-to-peer secure email setup that will be estalished on Ethereum blockchain know-how.
This system is planned to offer enhanced security, because there exists no key storage point for messages, hence they can’t be accessed by an unapproved recipient. Once fully-advanced, the DatChat blockchain know-how is being designed to enable each message to turn into its own micro-blockchain that will be private, permissioned and controlled. The completion of the deal is subject to shareholder permission and other customary conditions.
Besides the integration of the DatChat and the acquisition of DatChat, Spherix is further strengthening its holistic move into this segment by developing “Ether Mining Company” as a subsidiary unit of Spherix. The objective of the subsidiary unit is to mine “Ether.” As it is known, Ether is a kind of crypto token that supports the Ethereum blockchain setup, upon which DatChat’s distributed setup is being built.
Anthony Hayes, the CEO of Spherix, expressed that cyber security is a fast-growing segment based on the ever-growing threats to confidential information and privacy. News of data violations at companies small and large are becoming gradually frequent. They consider that the DatChat Platform provides a solution by providing users total control of their data after transmittal. They consider that the further advancement of the DatChat’s messaging know-how into an email application will mark as the next evolution of blockchain.