SMILE FOR THE KODAKCOIN
KODAK CREATES ITS OWN CRYPTOCURRENCY FOR PHOTOGRAPHERS
In some bizarre effort to stay on top of media and cryptocurrency stocks, Kodak has partnered with WENN Digital to create its own digital coin: KodakCoin. After the announcement, Kodak’s shares have skyrocketed but not much is known about this new venture.
The measure behind BitCoin’s rapid growth is the ability of a computer to process payments between a vendor and a customer. The faster the transaction is, the more transactions the computer can make, thus ensuring vendors getting their money. As to how the computer’s actions translates into spendable money is still not clear (but nobody seems to care). As with any technology, something smaller and faster always arises and BitCoin was no exception. Now Etherium and LiteCoin have become prominent alternate forms of cryptocurrency (at this point think of it like exchanging money from different countries but worth a lot more).
According to Kodak, the KodakCoin acts as a safer way for photographers to receive payment for their work, similar to getting paid through any other coin, however, the KodakCoin acts a media licensing platform as well. Photographers will be able to register any work they’ve done as a way of copyrighting it. The piece will then be logged into a database that prevents the piece from being used without payment. The assumption is that this database will also act as a portfolio that accepts the KodakCoin as payment for immediate usage of the piece.
Kodak will handle the marketing and licensing of the platform while WENN Digital will maintain the block-chain functionality and any technical issues that may arise. While KodakCoin is still vague, Kodak will actually submit an ICO (IPO for crypto coins) for KodakCoin on January 31st. Companies and individuals will be able to invest with the full backing of the SEC.
Hopefully the price for one KodakCoin will be more reasonable than the other crypto coins, that way it becomes a more reasonable way to barter services.