KodakCoin- the new cryptocurrency?
US technology company Kodak announced that it will launch its own Kodak Coin cryptocurrency and plans to hold the initial coin-operated product (ICO) at the end of January. Kodak said in an official announcement that the cryptocurrency will support “the photographer’s Encrypted Rights Ownership Digital Ledger.” Kodak is working with a company called WENN Digital.
KodakCoin- the new cryptocurrency – Purpose
The idea is that photographers can use Kodak’s upcoming blockchain to register their work and “KODAKCoin” as a platform for communication. According to the company, users can receive payments by encrypting the currency, as well as pay for the rights.
This opening marks the first time that Kodak has publicly expressed its interest in this technology. The company may be known for its photography-related products, but bankruptcies and subsequent recovery in 2013 made the company more focused on print and digital cinema.
Jeff Clarke, chief executive of Kodak, said in a statement:
“Blockchain” and “cryptocurrency” are popular buzzwords for many in the tech industry, but for builders who have been struggling to control their own work and how to use them, The Keys to Solved Kodak has been dedicated to democratizing photography and empowering artists with the art that provides an innovative and simple way for photography.
It is unclear how much Kodak intends to seek through the ICO, but the company said the January 31 token sales will be open to approved investors in countries such as the United States and Canada.
Kodak Company said: “Under section 506 (c) of the Ordinance, this initial coinage is issued as a security under the guidelines of the Securities and Exchange Commission as a waiver.
Market data show that at least Kodak Company is enjoying some unexpected investment returns due to its announcement. As of press time, according to Google data, as of press time, Kodak shares rose about 37% the day, rose from 3.10 US dollars opened up to 5.50 US dollars, and finally fell to 4.30 US dollars. Before the market opens today, the stock has jumped up more than 80% to more than 12.00 per share.
The original curated post is from Safe Harbor on Cyber.com
For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem. Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.
Token-holders will be able to upload new images, archive older work, and manage rights for their images on the platform. Users will be able to license work directly from the platform and, presumably, there will be other products offered in the KodakOne ecosystem.
The company will also integrate AI in the form of image recognition software. Using AI, Kodak will continuously scour the web for instances of images registered within its platform providing built-in protection for images registered on KodakOne.
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