Crypto-location leader XYO acquired Proof-of-Location startup GEO

Crypto-based location technology is growing as a much safer and reliable alternative to GPS
17 March 2018   842

The leading provider of the crypto-based location technology XYO Network with its office in San-Diego has recently acquired a Proof-of-Location protocol developing startup GEO. GEO is a unique small company in the sense that 3 students with the renowned hacker Jack Cable have been able to develop a location providing protocol that makes sharing anybody's location easy in a decentralized network without the cost of an overhead.

We're excited about the addition of GEO to our crypto-location portfolio. GEO adds an additional feature set to XYO by trustlessly notifying a device that an object was there with absolute certainty, and without having to communicate private data with the network.

 

Markus Levin

Co-Founder, XYO Network

GEO relies on a network of physically fixed devices called Nodes. Users may connect via Bluetooth to a Node and get a Proof-of-Location signature. User device ID and timestamp are used to generate the signature, basically answering the questions "WHo, when and where?". The protocol is built on Ionic platform and utilizes Bluetooth which combined makes it cross-compatible with any mobile system. Probabilistic Proof-of-Location is essential for applications in e-commerce (shipment tracking), automated drones communication and hospitals (communication failure and record keeping). Therefore, GEO offers a special smart contract model for such use-cases.

XYO Network and GEO have already granted free access to some of the libraries so that developers can develop and test software of GEO platform. XYO Network developed world's first decentralized location verification system for Ethereum, and it seems open ecosystem of geospatial blockchain applications pose a formidable alternative to GPS.

'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.