Microsoft and EY set Blockchain Royalty Payment Platform

Microsoft is to run a blockchain platform that will keep track of collecting and disbursing royalty payments for software developers, musicians and authors
22 June 2018   809

The system will successfully cut out third-party, ‘middleman’ services that gather a premium for their services, gaining profits away from creators. Microsoft claimed that the platform, that has been stated in cooperation with Ernst & Young (EY), is going to establish its online gaming system. Microsoft has also collaborated with companies like Ubisoft to implement the system.

EY and Microsoft designed the solution to serve any industry where intellectual property or assets are licensed to other parties and where the creators are paid royalties based on royalty agreements.
Microsoft and EY,
Both Companies in a Statement 

Following the efficient deveopment, the platform is admitted to be susceptible of operation millions of transactions per day. Currently, getting a sing royalty payout can take as long as 45 days. Blockchain has long been referred as a perfect match for royalty payments - its transparency and immutability makes it impossible to forge or alter transactions; smart contract capabilities make it able to automatically collect and disburse payments.

Microsoft is the biggest leading firm to take the public dive into blockchain. Large entities across the tech and financial spheres, including IBM, JPMorgan, and Apple; in fact, Microsoft’s new platform was created using Quorum, a blockchain alloted by JPMorgan, along with Microsoft’s Azure cloud technology. 

As claimed in a statement issued by both companies, EY participates in a number of other blockchain initiatives, including the development of blockchain products for automotive services, a marine insurance blockchain platform, and a suit of blockchain audit technologies.

Old Korean Social Network to Close After Tokensale

Cyworld platform started operating back in 1999 and it conducted an IEO at CoinZest this year
14 October 2019   49

Investors who acquired the clink cryptocurrency issued by the South Korean social network Cyworld are worried about the status of their investments due to the company's sudden closure, reports Korea Times. Some of them are ready to go to court.

The Cyworld platform was launched in 1999 and was especially popular among the country's population until the mid-2000s. The company, however, failed to see the trend towards the development of mobile solutions on time and as a result lost its position in the market. On October 1, it closed her platform without posting any warnings to users.

At the same time, the Clink site was unavailable, and Cyworld management continues to ignore the numerous requests of investors. The Korean exchanges CoinZest and BitSonic, where Clink is still being traded, are considering delisting the asset. Industry officials say Clink's investor losses will be at least 1 billion won ($ 845,000).

Clink's primary distribution was through IEO through the CoinZest platform earlier this year and, according to the Korea Times, it was the company's attempt to bring a fading social network back to life. A total of 24 million Clink tokens were sold for a total of 480 million won ($ 400,000).

In the second half of 2019, employees who have not received salaries since the end of 2018 began to leave the company en masse. Since the start of trading, the Clink price has fallen from 26 won to 0.19 won. According to the Coingecko portal, Clink's current capitalization and revolving volume are unknown, while the marginal issue volume is 10 billion units.