KodakCoin

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KODAKCoin
Development
Development statusInitial coin offering
Websitekodakcoin.com

KodakCoin (stylized KODAKCoin) is a photographer-oriented blockchain cryptocurrency that is planned for payments for licensing photographs. The cryptocurrency is being developed under a brand licensee agreement between Kodak and RYDE Holding Inc. (formerly WENN digital)

The initial coin offering (ICO) was initially scheduled for January 31, 2018.[1]

Background[edit]

KodakCoin SAFTs were made available to accredited investors in the United States, United Kingdom, and some other countries.[2][3] Working in conjunction with the KodakOne digital rights management platform, KodakCoin was intended serve as the currency for an encrypted ledger of intellectual property rights ownership.[4] KodakCoin will use the Ethereum blockchain platform.

KodakCoin was created by WENN Digital, using the Kodak trademark under license.[3] KodakCoin may be a rebranding of an abandoned initial coin offering (ICO) known as RYDE, a cryptocurrency developed by WENN Digital.[5] WENN Digital is a company formed by investments from Wenn Media Group and Ryde GmbH, a German company.[3]

WENN Digital[edit]

In the initial press release about the KodakOne project published by Kodak on January 9, 2018[6] WENN Digital is described as having a "live operational copyright infringement management system" that "is delivering revenues to photographers worldwide today" and leveraging "the market position of its 30-year old subsidiary WENN Media, which works with approximately 2,500 professional photographers". German media reported on March 21, after a conversation with WENN Digital CEO Jan Denecke, that his Berlin-based startup RYDE GmbH, which according to the White Paper released by WENN Digital (dated April 24, 2018)[7] builds a technological core of the KodakOne platform, was "meanwhile majority-owned by WENN Digital".[8]

KodakOne[edit]

KodakCoin is designed to work with Kodak's KodakOne platform, to facilitate image licensing for photographers.[9] The KodakOne platform uses web crawlers to identify intellectual property licensed to the KodakOne platform, with payments for licensed photographs to be made using KodakCoin cryptocurrency.[10]

Reception[edit]

Following the January 9 announcement of the new platform at the 2018 CES in Las Vegas, Kodak's stock price tripled in two days, as its market valuation increased to US$565 million, an increase of more than 300 percent.[11][12][13][14] By the end of January, one third of Kodak's shares were trading short.[1]

BBC News "Tech Tent" declared KodakCoin/KodakOne and the (unrelated) Kodak KashMiner "Worst Idea" at CES 2018.[15]

References[edit]

  1. ^ a b Lahman, Sean (January 31, 2018). "Kodak delays launch of cryptocurrency KodakCoin after questions arise over vetting process". The Coloradoan. Retrieved January 31, 2018.
  2. ^ Reynolds, Matthew (January 10, 2018). "Well done, Kodak. Now everyone stop pivoting to the blockchain". Wired. Retrieved January 11, 2018.
  3. ^ a b c Ray, Tiernan (January 9, 2018). "Kodak CEO: Blockchain Significant, Though Not a Doubling in Stock Price". Barron's. Retrieved January 11, 2018.
  4. ^ Kodak Corporate Release (January 10, 2018). "KodakOne platform and KodakCoin Cryptocurrency". Kodak. Retrieved January 26, 2018.
  5. ^ Lee, Timothy (January 10, 2018). "We found a deleted page that reveals the paparazzi roots of Kodak Coin". Ars Technica. Retrieved January 11, 2018.
  6. ^ "Kodak and WENN Digital Partner to Launch Major Blockchain Initiative and Cryptocurrency". Retrieved June 2, 2018.
  7. ^ "White Paper" (PDF). kodakone.com. WENN Digital.
  8. ^ Max, Borowski. "Berliner Startup erlebt Hype und Häme". n-tv.de. Retrieved June 2, 2018.
  9. ^ Yakowicz, Will (January 10, 2018). "KodakCoin and 3 Other Ridiculous Cryptocurrencies People Are Going Nuts Over". Inc. Retrieved January 11, 2018.
  10. ^ Grigonis, Hillary (January 9, 2018). "KodakOne uses a blockchain and web crawlers to spot stolen images". Digital Trends. Retrieved January 26, 2018.
  11. ^ Shen, Lucinda (January 10, 2018). "Bitcoin Mania Just Made Kodak $431 Million More Valuable". Fortune. Retrieved January 11, 2018.
  12. ^ Moyer, Liz (January 10, 2018). "Kodak shares have more than tripled since company announced its new cryptocurrency 'KodakCoin'". CNBC. Retrieved January 11, 2018.
  13. ^ Kawa, Luke (January 10, 2018). "Kodak's Coin Propels Trading Volume Past Biggest Index ETFs". Bloomberg News. Retrieved January 11, 2018.
  14. ^ Fiegerman, Seth (January 9, 2018). "Kodak to launch cryptocurrency, stock pops 125%". CNN. Retrieved January 11, 2018.
  15. ^ Cellan-Jones, Rory (January 12, 2018). "Tech Tent: The CES 2018 Techie Awards". BBC News. Retrieved July 18, 2018.

External links[edit]