Intro to KodakCoin Cryptocurrency
Kodak, an iconic film-based company in partnership with WENN Digital, has come up with a photo-centric cryptocurrency called KodakCoin. The duo has utilized the Blockchain technology to bring KodakOne and KodakCoin. The crypto is aimed at protecting and empowering photographers, image makers, and artists. They will be capable of registering their work, licensing it and receiving instant payment (upon sale) on the new platform of KodakOne. In addition to this, as a photographer, if you invest in Kodakcoin (via the ICO), you will be part of the new platform and you’ll be entitled to receive a share of the income.
Will it solve the current challenges faced by photographers?
Perhaps, KodakOne platform calls all photographers to take part in the new economy where they can practically register new and archive work then license it. Upon the sale of their work, they will receive money instantly. Both amateur and advanced photography professionals can participate and enjoy the convenience offered by the new platform.
The move to embrace cryptocurrency will solve a variety of challenges you face as a photographer. If you’ve struggled for long to take full control of their work, then this will give you an easy way to democratize and enjoy fair licensing. Besides, the assurance that your work and payments are securely handled will bring trust. For long, most photographers have suffered the pain of having to wait for hours on end to get paid.
How will it operate?
Kodak has clarified that the new platform of KodakOne will utilize a constant web crawling technique to identify images that are currently used without any encryption or rights. Upon the identification of such images, the system shall try to obtain their licensing for photographers. This shall be very fair particularly for the photographers whose work has been misused for long.
KodakCoins will act like tokens in the new Blockchain-powered platform. It will devise a digital ledger that will be used by all photographers to license and register all their work. However, different thoughts have emerged on why the company decided to immerse itself in the Blockchain platform instead of creating a social media platform to help achieve its goals. The abrupt leap into the Blockchain world has excited most photographers from around the globe. Despite the growing number of warnings regarding the untraceable nature of transactions and riskiness of virtual currencies, the photography company is going ahead to launch its initial coin offering on January 31st, 2018.
ICO issue and Guidelines
The KodakCoin ICO will be open to all accredited investors from the U.K., U.S. and Canada and other selected countries. It will be issued as an exempt offering and under Securities and Exchange Commission guidelines. It will operate as a security token under the set Regulation 506 section C.
The Future of Kodakcoin
You might be as speculative as possible to know the fate of this photography company after embracing the Blockchain platform. The move is quite appreciating but amidst the speculations, consider the case of Long Island Iced Tea that embraced Bitcoin mining but later had their offering plunge significantly. However, stats show that the case of Kodak shall be unique and won’t suffer the same consequences. In fact, Kodak stock price doubled and increased to 60% after they announced the launching of the new KodakCoin cryptocurrency. This is a surprise meaning Kodak will not suffer the same case as other companies that embraced Blockchain. It also shows that there is a lot of future for Kodak and others who plan to embrace cryptocurrency with expectations of creating more revenue.
However, the big challenge that still lingers is how you can tell that the move will be a long-term strategy and not just a significant endeavor to capitalize on the cryptocurrency trend. All in all, the move will be of great significance to you if you are a photographer, artist or photo maker who’ve battled for long with challenges regarding copyright violations and more. The unsolvable problem will now come to a halt. The initiative is worth praising by any photographer basing the fact that it is going to be a new revenue stream with instant and secure payment and maximum protection to both new and old work.
FYI The ico is now open to investors: https://kodakcoin.com/
CaliCrypto last edited by
One thing I do not understand is what is the difference between a coin and a token? Can anyone help clarify this topic?
Hi @CaliCrypto - welcome to the forum.
Excellent question. In my view, coins are part of a currency. When you own a coin, you simply own a piece of the currency. A token on the other hand represents a partial ownership of a business, company or idea. Most of the tokens come from ICO's which are businesses funded by token sales. Most of the tokens are ERC20 (backed by the Ethereum blockchain).
There is a nice list of the popular tokens on coinmarketcap.
@joes How would one buy/sell tokens? Is it usually complicated?