Bosch is a 131-year-old company, yet it’s on the cutting edge of crypto and IOTA’s tangle-style platform. Clearly, the firm desires to go deeper into data rather than stick to its old business model and profit from hardware. Selling data is the future and Bosch views IOTA and autonomous cars as a great way to collect micropayments and information. Add this to the fact the city of Taipai, South Korea is set to use IOTA to turn the city into an app-driven smart city. Its obvious IOTA is really making some waves. IOTA’s data marketplace has been in the making since 2015. Around the same time, IBM spent $2 billion to acquire the Weather Company. The sole reason for the purchase was to get access to data.
Developer Jack Mallers has announced that Lightning Network wallet Zap is ready for testnet use with its Beta release on Monday. The project has been open-source since its inception, but the release of Zap aims to make transacting on the Lightning Network easier for the average user. Proceed with caution. For now Mallers maintains the Beta solution isn’t ready for a mainnet launch just yet. Any attempt to transfer cryptocurrency through the Beta app can result in a loss of funds and backlog the apps developers in continuing to make progress.
It may surprise some people to learn that JPMorgan Chase is invested in the blockchain. Umar Farooq, a banker turned blockchain leader at JPMorgan, discussed how the bank is using the blockchain and didn’t shy away from bitcoin. He was speaking at the Yahoo Finance All Markets Summit for Crypto in New York earlier this week. He spoke of “active engagement” with blockchain internally, as teams from across the bank’s operations are increasingly looking to distributed ledger technology as a possible solution to problems. Farooq’s at the head of that business, and he’s more open-minded about bitcoin than you might think. He said that while the industry may say blockchain’s good and bitcoin’s bad, that’s now how JPMorgan, the top US bank based on assets, sees the world. “We all believe in blockchain good. I wouldn’t go as far to say cryptocurrencies bad. I would say and cryptocurrencies have issues.”
At CCN we have been following the Kodak story – a once monolithic print photography company that has struggled to adapt to the digital world. The announcement that the brand was turning to blockchain with KODAKCoin, which aims to protect photographers’ digital rights utilizing immutable distributed ledger technology, swept through the crypto space. Despite the ICO’s early wobbles,
when the coin finally launched it tripled from its ICO price, leaving initial investors pleased and observers optimistic regarding the company’s transformed future. However, investment research firm Kerrisdale Capital this week has released a crippling 22-page indictment on the project. Referring to the company as a “dying relic of American manufacturing”, (KODAK went bankrupt in 2013),
Kerrisdale sees the $300m ICO as a cash grab that “will never deliver promised benefits”.
The activist investor won’t go near bitcoin for three reasons. Carl Icahn in an interview with CNBC expressed his distaste for cryptocurrencies, calling them “ridiculous,” but unlike others who were quick to write digital coins off, he admitted that in this case, the problem may lie with him. In true curmudgeon style coupled with a dose of self-deprecation, he pointed to limited understanding and old age as two of the key reasons he’s on the sidelines.
“Maybe I’m too old for them, but I wouldn’t touch that stuff,” he quipped. Separately, Warren Buffett, who similarly will only invest in companies whose business models he understands, doesn’t predict a happy ending for cryptocurrencies. Though these baby boomers aren’t buying, the millennial generation would increasingly choose bitcoin over other asset classes.