NEW BRUNSWICK, NJ - DatChat, Inc. (NASDAQ: DATS), a company specializing in secure messaging and social media, announced today that it has been granted a Notice of Allowance for a U.S. patent pertaining to blockchain-based communication systems and methods. This development is part of the company's initiative to enhance its Myseum platform, which aims to provide users with a secure method to preserve and access digital content for future generations.
The patent, U.S. Patent Application No. 17/716,185, describes a proprietary method that utilizes blockchain technology to offer a private and secure way for users to share and store digital content, including messages, photos, videos, and documents. The Myseum platform, which is currently being developed by DatChat, intends to allow users to curate their digital legacy, making it easily accessible to family and associates in the future.
Darin Myman, Chief Executive Officer of DatChat, emphasized the importance of this patent to the company's vision, stating that it is a significant step in establishing a foundation for the Myseum platform. He highlighted the challenge of organizing and sharing the increasing volume of digital media on personal devices and expressed his belief that Myseum will address this issue effectively.
DatChat is known for its secure messaging service, which offers features such as message lifespan control, screenshot prevention, and the ability to hide encrypted photos. The company's patented technology is designed to provide users with a traditional texting experience while ensuring control and security over their messages.
This announcement contains forward-looking statements, which are based on current expectations and projections about future events. Investors are cautioned that these statements are subject to risks and uncertainties and that actual results may differ materially from those projected.
The information provided in this article is based on a press release statement from DatChat, Inc.
In other recent news, DatChat, Inc. has made a strategic move in acquiring an AI-driven media organization tool. This acquisition is set to enhance DatChat's digital legacy management offerings, with the AI technology being integrated into the company's Myseum platform, expected to launch in Fall 2024. The platform aims to provide users with a secure network for storing and sharing digital content, and the new AI tool will facilitate the intelligent tagging and renaming of images and media files.
DatChat's CEO, Darin Myman, has expressed that this technology represents a significant advancement in helping users manage their digital legacies. The transaction involved 8,000,000 restricted shares of Dragon Interact, Inc., a majority-owned subsidiary of DatChat, highlighting the company's commitment to enhancing its core services and technological capabilities. These developments are part of DatChat's ongoing efforts to provide secure and intuitive sharing solutions in response to the growing need for innovative personal media management.
InvestingPro Insights
As DatChat, Inc. (NASDAQ: DATS) continues to innovate with its Myseum platform, leveraging blockchain technology for secure digital content sharing, investors may be interested in the company's financial metrics and market performance. According to InvestingPro, DatChat holds a Market Cap of approximately $3.49 million USD, reflecting its position as a niche player in the secure messaging and social media industry.
InvestingPro Tips highlight that DatChat is trading at a low Price / Book multiple of 0.57, which could indicate the stock is undervalued relative to the company's book value. However, analysts have raised concerns about the company's cash burn rate, and the latest data shows that the company's Revenue Growth has declined by a significant 91.93% over the last twelve months as of Q2 2024.
Additionally, the stock has experienced high price volatility, with a 1 Month Price Total Return of -16.55%, emphasizing the stock's fluctuating nature. Investors should also note that DatChat does not pay a dividend, which could be a consideration for those seeking regular income from their investments.
For those considering a deeper analysis, there are over 15 additional InvestingPro Tips available at https://www.investing.com/pro/DATS, offering further insights into DatChat’s financial health and market performance.
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