Kodak Launched Its Own Cryptocurrency: Everyone is aware of cryptocurrency nowadays. The remarkable boom in the cryptocurrency can be seen in the year 2017, The are many cryptocurrencies after the Bitcoin. Many companies are also creating their own cryptocurrency in the world. Now there is another news that the most popular photography firm Kodak is also launched its own cryptocurrency.
Kodak has rolled out its own cryptocurrency known as KodakCoin. The New York-based company is currently collaborating with UK tech company “WENN Digital” on the project. The WENN Digital specialises in proprietary blockchain development and post-licensing monetisation system as well. The Kodakcoin will work as token inside the new blockchain, that will be powered by the KodakOne rights management platform.
Kodak Launched Its Own Cryptocurrency
The legendary camera maker Kodak has just decided to launch its own cryptocurrency which is especially for photographers. It is the initial coin offering (ICO) of the currency named KODAKCoin that will open at the end of the month. The currency will be launched in partnership with “WENN Digital” will be a part of KODAKOne, the image rights management company. It will be a joint project between these two company.
The tokens will be made available to accredited investors basically from the US, UK, Canada, & other selected countries. The Initial Coin Offering(ICO) is issued under SEC guidelines as a security token which is under Regulation 506(c) as an exempt offering, the company added. But it is not clear how much Kodak seeks through this ICO.
KodakOne will be the platform simply based on the blockchain, It will allow users to register their ownership of photos for both new and archive work so that they can license within the platform by utilising the blockchain technology. The blockchain is the technology that powers digital currency such as bitcoin and other currencies.
With this platform, the authors will be able to license their work and it will generate a good and valid response to the genuine works of a photographer.
The idea is very nice for the professional and amateur photographer who can sell his/her work in a genuine and safe way. After the work, the payments can be made with the KodakCoin cryptocurrency. The platform will also detect, if there any unlicensed usage of images, it will manage the post-licensing process in order to pay photographers.
After the announcement, the shares price of the Eastman Kodak Company boom to post 117 percent rise in Tuesday’s trade. After the New York Stock Exchange closed on Tuesday, the shares remained at USD 6.80, up from USD 3.10 just in the morning.
So, what do you think about this latest cryptocurrency announced by the legendary photography company? Simply share all your views and thoughts in the comment section below.