It’s been a challenging 2nd quarter to start. As of this writing, our token value is down more than 80% from when we listed our token in the 1st quarter of the year. Nevertheless, by almost any measure, Alphaslot, as a company, is in a stronger position now than at any time in its past.
• We reached a token-integration agreement with an MOU signed with S4/Otium Gaming, the casino product development team of Novomatic for the Spain and South American market. Novomatic is the world’s largest casino gaming company in the world founded in 1980 by the billionaire Johann Graf with annual revenue over Euro 3.2 billions.
• Our blockchain technologies are endorsed by the City University of Hong Kong, the world top 50 university in QS World University Rankings, with a co-development agreement approved on data security and blockchain technology with their Computer Science Department.
• We helped our technology partner GPT, a Taiwan pioneer in slot machines design and development, to finish our token API design in their machines, and ready for pilot deployment in upcoming quarter for the Asian market.
• We ended 1st quarter with an official recognition from Macau Gaming Equipment Manufacturers Association by granting Alphaslot the member status in Macau, the largest casino entertainment city in the world.
• Alphaslot wallet APP for token management launched in both iOS and Android platform in the global market, including China.
• And, most importantly, our heads-down focus on the casino business was reflected in the recognition of being invited to curate the largest Asia Gaming FinTech forum “G2E Asia” which annually attract 16,000 gaming professional and 95% of the casino operators in the region. We are told this is the first ever Gaming forum curated by a blockchain company in the industry, showing the importance of the blockchain technology to casino gaming and the leadership of Alphaslot in this advance area.
So, if the company is better positioned today than it was at the beginning of the year, why is the token value so much lower than it was when it first listed? Borrowing the word from the famed investor Benjamin Graham ‘‘In the short run, the market is a voting machine; in the long term, it’s a weighing machine.’’ Alphaslot is a company that wants to be weighed. We have our heads down working to build a heavier and heavier company, regardless of the various independent market forces which may be affecting the token price.
We had decided to start the process of listing our token on various exchange platforms, including CBX, Hotbit, and LBank because we believed passionately, and we still do, in the ‘‘blockchain economy’’. Indeed, that was extraordinarily useful for blockchain projects since 2016. In retrospect, a modification of our token distribution is needed to make a difference after getting the market feedback since listing, as well as take precautions against malicious parties which are attempting to negatively affect the project, hence we need a revised plan and additional time to better prepare. That’s the reason we chose to temporarily suspend our listing effort, to give us additional time on the development of the technology and execution with the casinos according to our original plan before we resume our work with the token exchange platforms again. We remain fully committed to a transparent governance process in accordance with the rule of law.
Why we are still optimistic about the future of blockchain technology in casino gaming and the future of Alphaslot? Industry growth and new customer adoption will be driven over the coming years by relentless improvements in the customer experience of blockchain gaming in casino. These improvements in customer experience will be driven by innovations made possible by dramatic increases in available avatars and our token usages, all of which are getting ready as we speak in the signed official partnership with major casino operators and gaming manufacturers globally.
While there are no foregone conclusions, and we still have much to prove, Alphaslot today is a unique asset. We have the brand in the casino gaming market, the solid relationships with the casinos, the blockchain technology developing with the world class university, the people, and the determination to extend our leadership in this casino industry and to build an important and lasting company. Also, we are in a highly-regulated casino gaming business where standards and expectations are more stringent than other industries. One incident in the past where we caught a suspicious investor and we reported immediately to the authorities reminds us the importance of our investment on our security standards, and we will continue our investment to upgrade in that area to protect our company, our partners, and our customers.
The year 2019 will be an important one in our development. Like 2018, this year will be a year of focus and execution. As a first step, we’ve set the goal of achieving an operating product in the fourth quarter, in line with our original plan since day one. While we have a tremendous amount of work to do and there can be no guarantees, we have a plan to get there, it’s our top priority, and every person in this company is committed to helping with that goal.
We at Alphaslot remain grateful to our business partners for their trust, to each other for our hard work, and to our token holders for their support. I look forward to reporting to you our progress in the coming quarter and the token deployment status with the casinos and gaming manufacturers as well as the new exchange listing arrangements in the future.
CEO of Alphaslot Foundation