Kodak is a legendary photography company is set to launch its own cryptocurrency, Kodakcoin.
Eastman Kodak stated that it was set to tie up with London-based Wenn Media group to execute the Initial Coin Offering (ICO).
Kodak’s plan is to install rows of Bitcoin minig rigs ath their headquarters in Rochester, NewYork.
A second scheme, branded by KashMiner, will be run by Spotlite, a licensee that had teamed up with Kodak prior to market led lights.
Mining will involve, processor-intensive tasks to decode mathematical problems to verify cryptocurrency transactions. Bitcoins generated by the Kodak KashMiner will be distributed between the customers and the business.
Kodak’s own cryptocyrrency, will be “photo-centric cryptocurrency”. It is being developed as a part of an effot to buil the global ledger of picture rights and ownership which photographers can add their work to. The company stated that they will work on the licensing process, so photographers can be paid using KodakCoin. This scheme is similar to the services offered by Blockai. Blockai uses the bitcoin blockchain to create copyright records. Kodak decide to create it’s own instead if building upon an existing chain.
“Kodak has always sought to democratise photography and make licensing fair to artists,” said Kodak chief executive Jeff Clarke.
Kodak also realeased that KashMiners will be rented out to bitcoin miners and to the public. Miners who are interested to lease the said hardware will be expected to pay upfront for the mining capacity.
However, there are doubters and naysayers that think this is a poor attempt for Kodak’s reinvention.
“This is getting ridiculous,” Dennis Dick, a trader at Bright Trading LLC, told Reuters.
KodakOne will be a new service thtat is going to be an encrypted digital ledger of rights ownership. Photographers will have the freedon to register old and new photos to the blockchain and will be able to license them using the said platform. All transactions will be done using KodakCoin.
“With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform,” Kodak says.
It will also scrounge the web for copyright infringement to protect works of registered photographers. Infringements found by the system will help facilitate the post-licensing process.
“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,” says Kodak CEO Jeff Clarke. “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.”
KODAKOne will be launching this week, and the KODAKCoin initial coin offering will be opening on January 31st, 2018.