What is KODAKCoin?
Back at the beginning of the year, there had been plenty of hype surrounding cryptocurrencies, in particular, Bitcoin, the Blockchain technology and initial coin offerings.
Kodak was amongst the first looking to cross the divide and certainly, the oldest, established in 1888, with a 31st January Initial Coin Offering having been delayed, but not canceled, the advantages of raising funds through an ICO and the benefits of blockchain technology too great to ignore for the Kodak team.
For Kodak, a shift in direction has been needed for some time, with the evolution of the industry into digital imagery having led to Kodak to filing for bankruptcy protection back in 2012. The move into blockchain making more sense than initially meets the eye.
Back in January, when the ICO was announced, Kodak shares rallied by 197% in a single weak as the prospects of a move into the virtual world have been seen as a positive, one that could take Kodak back to the pinnacle of the industry. Kodak’s share price that had hit a high of $13.28 is back down at $3.7, but success in the development of KODAKOne could see more traditional stockholders cash in alongside those grabbing KODAKCoin tokens, once they are available.
Kodak’s initial coin offering is to fund and develop the KODAKOne blockchain technology in partnership with Wenn Digital.
KODAKCoin is described as an ERC-20 token that works on the Ethereum network and could become a mainstream means of payment in the world of digital imagery.
At present, KODAKOne is not offering and selling KODAKCoin tokens directly, with all offers and sales being made pursuant to SAFTs (Simple Agreements for Future Tokens), priced at $1.00 during the initial funding round. No KODAKCoin tokens will be issued immediately.
The KODAKCoin SAFT Offering is live and to subscribe, investors can subscribe via the KODAKOne website.
Each SAFT requires the relevant purchaser to submit payment to WENN Digital, Inc. or authorized agents in exchange for the right, upon exercise of the option, to receive KODAKCoin tokens in the future. The Option is only exercisable on or after the later of (i) the launch of the KODAKOne platform and (ii) the one-year anniversary of the date of the purchase of the relevant SAFT; provided, however, that WENN Digital, Inc. may, in KODAKOne’s sole discretion, postpone issuance of KODAKCoin tokens upon the exercise of any Option until such date on which, in the opinion of KODAKOne’s legal counsel, KODAKCoin tokens will not be deemed to be “securities” under the SEC’s Securities Act.
In the event that no legal opinion is issued by 1st July 2019 and the relevant purchase has exercised the option under the terms of the SAFT, KODAKOne will immediately issue KODAKCoin tokens to such purchaser.
The SAFT structure is being used to allow the KODAKOne team to develop the KODAKOne platform and analyze any changes or developments in applicable law prior to the issuance of KODAKCoin tokens.
At present, the purchase of KODAKCoin tokens by way of SAFTs is only possible for accredited investors, as per SEC regulations.
WENN Digital, Inc. anticipates conducting a public KODAKCoin token offering, open to all investors, once the KODAKOne platform is fully functional and KODAKCoin tokens have been issued.
The launch of the beta phase with agencies is anticipated to take place in the 4th quarter of this year, with the KODAKOne platform expected to go live in June 2019.
How to Buy KODAKCoin?
While accredited investors are able to purchase SAFTs by subscribing via the KODAKOne website, actual KODAKOne tokens will not be available for sale until the KODAKOne platform goes live, currently scheduled for June 2019.
Upon ‘Go-Live Date,’ WENN Digital, Inc. anticipates conducting a public KODAKCoin token offering open to all investors once the KODAKOne platform is fully functional and KODAKCoin tokens have been issued.
For Photographers and other members of the KODAKOne platform’s community, who are not accredited investors, alternative methods of acquiring KODAKCoin tokens will include:
- Users will be able to upload their high-quality images and earn KODAKCoin tokens in the form of licensing and post-licensing payments.
- Users will be able to acquire KODAKCoin tokens by selling products and services on the KODAKOne marketplace.
- Users will be able to earn KODAKCoin tokens by participating in KODAKOne’s big data and artificial intelligence programs for corporate clients.
Once KODAKCoin tokens have been issued, a number of exchanges are also anticipated to offer KODAKCoin tokens for trading.
The Usage and Benefits of KODAKCoin
With the rollout of KODAKOne, KODAKCoin will be the token of choice for professional and amateur photographers the world over and even more so if KODAKOne takes the digital imagery world by storm and there’s certainly no reason for it to fail.
On the one side, photographers who have registered their digital works on KODAKOne will receive royalties and payments for works in the form of KODAKCoin tokens, with photographers, both professional and amateur, able to place works on KODAKOne, with prospective customers able to make payment for both services and registered digital imagery under defined copyright laws, protecting both the photographers and the users of the digital images made available on KODAKOne.
The benefits are all too clear, with the World Wide Web as we know it today failing to identify copyright infringements and provide revenue streams to the owners of digital imagery as a result of frequent infringements.
When considering the volume of digital imagery already found on the World Wide Web, estimated to be in excess of 1.2tn, KODAKOne’s target of 10m images to be on the KODAKOne platform by the 2nd quarter of 2019 certainly looks achievable, the incentive for copyright owners clear with the prospect of increased revenue streams from the appropriate licensing of digital imagery under copyright.
KODAKOne has three key areas of focus to address in order to level out the playing field:
- Money: Amid the proliferation of content on the web, many images are invariably used without a license; it’s also inefficient and costly for photographers to administer image licensing, infringement detection and reporting. As a result, photographers leave a lot of money on the table.
- Trust: Industry-wide lack of transparency means that photographers are unable to verify royalty statements.
- Time: Considerable effort goes into managing, protecting and distributing photographers’ images; it’s fragmented across multiple parties and platforms and demands an unnecessary amount of attention and care from photographers.
The team believes that blockchain technology provides the most optimum way for photographers and agencies to store digital image assets and associated metadata in a way that can track ownership, rights and license transactions regardless of where those images are used and by whom.
The combination of the KODAKOne platform and KODAKCoin tokens deliver a licensing platform that tracks usage, gives creators more control over licensing, while also enforcing copyright, not to mention create a marketplace to meet all of the needs of photographers.
The key aspirations of KODAKOne and KODAKCoin can be summarised as follows:
Cryptocurrency: KODAKCoin tokens simplify and speed up payments, with all stakeholders involved in the licensing process receiving their share simultaneously according to the terms of the smart contract saved on the KODAKOne licensing platform. Additionally, it is the driving force behind the KODAKOne marketplace, where photographers can purchase almost everything needed in orders to succeed in their professional careers.
Post-Licensing: The KODAKOne platform acts as a “police officer,” enabling any infringements to be quickly discovered; the platform identifies violations and provides simplified legal proceedings and preservation of evidence; with a friendly approach, the team aims to recover license fees and convert infringers into customers.
Artificial Intelligence: The KODAKOne platform will categorize and enrich images in multiple ways – helping collect and tag valuable information associated with a certain image to help photographers and agencies to effortlessly organize imagery. The KODAKOne platform will also support copyright holders to legally clear their images and make the process as simple as possible.
Big Data: With the use of AI Tech, KODAKOne will collect and process everything there is to know about an image, including how people are using it digitally. This provides photographers and agencies with real-time data to assist them with content plans, refining distribution and marketing strategies.
Blockchain: The digitized, decentralized blockchain ledger will make it easier to store and access information without the need to go through a central authority such as a distributor. Photographers will have much more control over licensing and most importantly, can earn a much higher share of the license fee. It establishes proof of ownership and enables the platform to process license fees in real time using smart contracts – lending both trust and ultimate control to copyright holders worldwide.
Web Crawling: KODAKOne’s web crawlers search millions of websites globally in order to collect active data about the usage of a photograph and to check for a valid license. By using AI, the more information the web crawlers collect, the more intelligent and efficient they become in data collection and infringement identification over time.
KODAKOne Platform and KODAKCoin Cryptocurrency
KODAKOne is described as an image rights management platform that delivers an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they will then be able to license on the platform.
For photographers, the world of photography may get a lot simpler should KODAKOne take off, with KODAKCoin tokens allowing participating photographers to take part in a new economy for photography that facilitates payments for licensing work immediately upon sale and to sell works confidently on KODAKOne’s secure blockchain platform.
KODAKOne’s platform will provide continual web crawling to monitor and protect the IP of the images that are registered in the KODAKOne system. Where unlicensed usage of images is detected, the platform will efficiently manage the post-licensing process, with photographers then rewarded with KODAKCoin tokens.
The KODAKOne platform not only widens the net for the more established professional photographers but also gives amateur photographers a platform to display works and possibly become paid photographers, with the virtual world of blockchain breaking down boundaries to bring photography to the far reaches of the globe.
KODAK’s move back into the digital imaging space could not have been timelier with there being any single, global rights management platform for image licensing.
The KODAKOne platform eliminates problems that most, if not all photographers face with the publishing of works on the World Wide Web, where images are frequently used without the permission of the photographer despite being protected by copyright, leaving the owners of the work to miss out on sizeable income streams.
With the lack of a rights management platform today, photographers are just unable to license their images and identify copyright breaches, let alone benefit from the royalties that would come from such a platform.
The KODAKOne platform essentially removes all of the obstacles that photographers face, by delivering a platform that uses Ethereum smart contracts, with the owners of the rights to images receiving payment instantly with KODAKCoin tokens.
The platform is an end to end management system that handles the registration, protection, and distribution of imaging to deliver income streams that are absent for photographers today.
While photographers will receive royalties with KODAKCoin tokens, holders of KODAKCoin tokens will, not only be able to buy digital images online, but also services including flights, hotels, and apartments, while also being able to make payments for venues and studios and hire models for shoots.
The added benefit for photographers who join the KODAKOne community, is the web crawling functionality that will detect the usage of the images that they have registered on the KODAKOne platform, with any copyright breaches leading to users being charged for usage or for damages stemming from the illegal use of the works, giving photographers the prospect of being back paid for work as well as opening revenue streams that were not accessible before.
Features of the KODAKOne platform can be summarised as follows:
- Image Registration: Provides immutable proof of ownership of images and enables members to take advantage of the platform’s wider services.
- Rights Management: Every license will be documented by a smart contract on the blockchain confirming copyrights, licensing terms and conditions to the associated image or images.
- Transparent Accounting: Royalty payments will be able to be received instantly via the KODAKOne platform’s smart accounting and reporting system; community members don’t need a separate accounting system, as all payment and accounting related information is saved on the blockchain.
- Community Marketplace: The KODAKOne platform marketplace will enable KODAKCoin token holders to buy, sell and book products and services.
There’s a long way to go before the KODAKOne platform hits the public domain and for non-accredited investors to be able to get in on the action, but the structured approach to rolling out the platform and KODAKCoin tokens may set new standards for the broader ICO market.