http://www.cbc.ca/news/business/what-is ... -1.4440845
The biggest challenge to a digital currency is what's called double-spending.
Without a bank or credit card or other intermediary acting as a trusted third party, confirming that the same number of dollars come out of one person's account and go into another, it's hard to make sure people aren't spending the same digital money in multiple places or multiple times.
Bitcoin solves this with a public digital ledger that records every transaction, and which forms the basis of the blockchain. Specialized computers around the world crunch complex mathematical problems that incorporate information from a transaction, then once solved, other computers verify the math. The solved equation, with the transaction incorporated, is then added to the blockchain as a permanent record.
The energy being used to power the network is enormous. Bitcoin-focused website Digiconomist calculates that bitcoin uses more than 32 terawatt hours of power a year, or about the same power as Denmark uses in a year. Digiconomist says that with much of the network powered by cheap coal electricity in China, each transaction has a footprint of about 122 kilograms of carbon.
Once its value started to rise, it's now a self-feeding frenzy with investors from around the world able to buy into it with few barriers to entry.
http://www.cbc.ca/news/business/kodak-c ... -1.4479481
Kodak shares surge 117% after company announces new KodakCoin cryptocurrency.
Shares in iconic film company Eastman Kodak rose by 117 per cent on Tuesday as the company announced plans to put out a cryptocurrency built on blockchain technology that will help photographers share and licence their work in exchange for payment.
Kodak announced a partnership with technology firm Wenn Digital to create KodakOne, an image rights management platform that will make it easier to distribute images across the network in exchange for payment, via a new cryptocurrency called KodakCoin.
The coin will come into being via an Initial Coin Offering or ICO on January 18 for accredited investors in Canada, the U.S. and elsewhere, but shares in the company immediately shot up on the news. Shares more than doubled after word of the plan came out, hitting a peak of $7.65 US on the NYSE before finishing the day at $6.80, up $3.70.
Yesterday, those same shares were at $3.15 when stock markets closed.
For many in the tech industry, 'blockchain' and 'cryptocurrency' are hot buzzwords..
http://www.cbc.ca/news/business/long-is ... -1.4460502
Long Island Iced Tea changing name to Long Blockchain, stock up 183%
Company says it will continue to operate its drinks business
Long Island Iced Tea Corp. is changing its name to Long Blockchain Corp., as it wants to focus more on blockchain technology.
Blockchain is a ledger sheet where cryptocurrency transactions are recorded.
The company said Thursday that it plans to ask the Nasdaq to change its trading symbol from its current "LTEA," but didn't disclose what it wants the symbol changed to. It will continue to run Long Island Brand Beverages LLC, which concentrates on the ready-to-drink segment of the beverage industry.
Shares of the company shot up more than 183 per cent to $6.91 on Thursday. Over the past year, shares have traded between $1.70 and $9.49.
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