Tokyo to create blockchain startup accelerator

Tokyo, Japan, is organizing a new blockchain-focused startup which is to officially start in January
26 October 2017   948

The Tokyo Metropolitan Government (TMG) is to hold the "Blockchain Business Camp Tokyo" accelerator program for foreign companies that possess advanced blockchain technology in such areas as transactions, securities, IoT, supply chains and the sharing economy. As reported, the TMG aims at this intensive three-month program to generate groundbreaking innovation.

    In general, the development is a great milestone for Japan as this spring, lawmakers finalized and passed a law recognizing Bitcoin as a kind of payment method, setting the stage for a number of companies in the country to trial accepting it in stores. In addition, last month, regulators issued licenses to 11 Bitcoin exchanges.

    As detailed, the application period for the accelerator will last until November 24. Five companies are expected to join, and those selected will be notified in December ahead of the program's commencement the following month.

    The technologies and services of the foreign companies participating in the program (about five companies) will be advertised for an extended period using digital signage located around Shinjuku and Tokyo stations in the heart of Tokyo, and support will be extended to foreign companies that decide to establish their business in Tokyo.
     

    Tokyo Metropolitan Government

    The accelerator will last until March, according to statements.

    • October 20, 2017: Begin accepting applications
    • November 24, 2017: Application deadline
    • December 2017: Announcement of companies selected for the program (about five companies)
    • January 2018: Introductory seminar
    • January - March 2018: Blockchain Business Camp Tokyo (mentoring, creating a business plan, networking event(s), connecting with businesses in Tokyo)
    • March 2018: Presentation of business plans (open to the public)

    '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.