Kakao, the service provider for major South Korean mobile messaging app KakaoTalk, will be establishing a Blockchain subsidiary tentatively named “Kakao Blockchain” and is considering launching an Initial Coin Offering (ICO), Huffington Post Korea reported today, March 5. Jae-sun Han, a partner and Chief Development Officer of tech startup incubator Future Play, will be the representative of the new organization. The concrete business plan for the Kakao Blockchain subsidiary will be introduced on March 20, according to Huffington Post Korea. Since it is currently illegal to run an ICO based in South Korea, Huffington Post Korea writes that the ICO for Kakao would be located abroad, most likely in Singapore or Hong Kong. The hypothetical “Kakao Coin” could then be used as a native currency on various Kakao-provided apps, like KakaoTalk, Kakao Driver, and Kakao Games.
Waltonchain, a China-based blockchain company that’s set to provide the Internet of Things (IoT) a commercial ecosystem, recently ran a promotional campaign for Valentine’s Day, that allowed lucky users to win a part of a 565 WTC (roughly $10,700) prize pool just for following the project on social media. The company released a list of over 200 winners on Twitter. These, according to a blog post, will receive 2.14 WTC tokens, while another 5 lucky winners will receive an extra 21.4 tokens. Accidentally, a Waltonchain employee revealed he was among the 200 lucky winners, while still posting from the company’s official Twitter account. To explain what happened, Waltonchain revealed through a video on Instagram that the selection process wasn’t spoofed so an employee would win the tokens. The video suggests the script selects winners at random, and merely happened to select one of the company’s employees. Many have argued the footage does little to explain the actions of Waltonchain’s employees. On Ttwitter, the company issued an apology statement to its 46,000 followers. It reads that the situation will be dealt with in a “serious and responsible way,” and that the team member’s prize has been canceled.
Lynx International, a subsidiary of the Chinese e-commerce monolith Alibaba, recently announced that it has successfully integrated blockchain technology into the company’s cross-border logistics business. According to the company, its blockchain-based system keeps track of all relevant information regarding an imported shipment, including details about production, transport method, customs, inspection and third party verification.
As is typical for any blockchain-based system, once the data is recorded, it can be retrieved and scrutinized, but not modified under any circumstance. Blockchain’s immutability is one of the primary reasons it has seen overwhelming use in cryptocurrencies. Thus, by extension, any system employing the technology can enjoy the security benefits and trustless nature.
Alibaba’s foray into blockchain technology does not necessarily indicate that the company has any soft spot for cryptocurrencies though. Not too long ago, in December 2017, the company’s founder, Jack Ma, said that while he had no personal or business interest in the asset class at the time, his company was making significant headways in blockchain technology. Lynx’s announcement is likely one of the few early results of Alibaba’s foray into the field.
New Delhi: On February 21st, more than 250 global participants gathered in Le Meridien Hotel for BlockDelhi – the first
international blockchain conference in India’s capital.
Featured speakers included political leader Sir Shri Ajay Singh, who delivered government keynote on the future of blockchain in India as well as professionals from local and international businesses discussing various opportunities and challenges associated with the technology.
Yale ReiSoleil, CEO of IOB Fund LLC spoke about investments in blockchain and how the emerging technologies are changing the future of finance. “We believe in balance of innovation and regulation” – said Mr. ReiSoleil. IOB is bringing together an international regulated exchange network by investing in regulated, licensed, and legal entities.
Companies in the blockchain space are currently facing challenges of integrating accounting and legal aspects of business such as compliance and taxation into the platform. Mr. Reisoleil emphasized that being able to provide substantial technological solutions to these challenges is one of the major factors to consider when looking at investment options.
IOB has abolished the annual management fee and is confident that commission-based transactions should be eliminated. The CEO
highlighted that the term “blockchain” might become obsolete as there is a necessity to implement a multidimensional transactional structure or “mesh”.
and https://www.blackarrowconferences.com/blockdelhi.html for more information.
Twitter link: https://twitter.com/IOBFund
Dagong Global Credit Rating, one of China’s biggest credit rating agencies, recently published a report commenting on Venezuela’s oil-backed cryptocurrency, the Petro (PTR). Per the report, the cryptocurrency “may help the global currency system return to its basic value.”
While the agency doesn’t assert whether the Petro can help Venezuela’s economy, it points out the issuance of an oil-backed cryptocurrency is significant as it differentiates it from other cryptocurrencies like bitcoin that aren’t backed by any assets.
Venezuela’s effort, the agency wrote, can “generate useful lessons on how defects of the international currency system can be mended so that the system can return to its basic value.” Being backed by the country’s oil reserves means the Petro is protected from speculation and volatility, Dagong reports.
The report further points out that since the collapse of the Bretton Woods system, the international currency system has been dominated by the US dollar. The currency’s credit foundation, Dagong continues, has been weakened by the country’s “issuance of currency in excess of its wealth creation ability.”