Blockchain will mark the end of password epoch

Some specialists are sure that we can find the solution for digital identity in the cryptocurrency system
02 December 2017   1794

There is fundamental forecast due to the digital accounts controlled by different enterprises, government institutes, banks and others who keep all data on a decentralized fiscal accountings and blockchains. They say that cryptocurrency system as Bitcoin, for example, can be applied to Internet identification system without any mediators.

Furthermore, every account owner can chose himself who can have control over his data. It can be just one person or another with special permission.

 

Drummond Reed

The co-founder and director of Evernym

Such system uses cryptography with shared key the same that blockchain websites utilize for transaction control. The technology, however, appeared too difficult for development, but the popularity and new cryptography impulse gave momentum to the idea propagation.

Shared key based on two kinds of key: on public and individual one. Both are used to identify account owners and corroborate encoded transactions. In fact, the users’ blockchain account is their individual regulating system.

Will users be agree to give up their old ligins and passwords? We won’t cope with this issue ourselves, we need support from web designers, social workers and everyone who is inspired by this idea.

 

Meltem Demirors

The director of Digital Currency Group

Government authorities are on the way of accepting this idea. Illinois state has already signed the contract connected with creation the base for newborns. Switzerland also begins to introduce this project for its population.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

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.