Aruba to use blockchain against travel monopolies

Aruba has partnered with Winding Tree to explore blockchain and keep tourism revenue from world travel companies
04 December 2017   830

Aruba is a tiny Dutch Caribbean island off the coast of Venezuela which is largely dependent on tourism. But with the travel industry dominated by the companies like Expedia and Priceline - a significant amount of Aruba's tourism revenue gets shipped offshore.

The ATECH Foundation, the organization responsible for fostering the island's technical development, is looking for a way to solve the problem by working with Swiss startup Winding Tree on a blockchain marketplace for travel booking. The ATECH Foundation intends to use Winding Tree's platform, built on ethereum's public blockchain, to connect tourists directly with travel suppliers without all the middlemen.

However, It is not the first blockchain project of Aruba. Now the island is exploring its own digital fiat with cryptocurrency startup Bitt, and Aruba’s Central Bank believes this could boost the island’s GDP.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   143

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.