130-year previous Eastman Kodak noticed shares soar 60% following the announcement that it’s creating its personal cryptocurrency, referred to as KodakCoin.

Kodak Joins the Crypto Revolution with KodakCoin
Numerous corporations have rushed to leap aboard the cryptocurrency and blockchain bandwagon as curiosity within the applied sciences continues to extend. Kodak Eastman Co. is the newest firm to enterprise into this new, retail territory with the announcement of KodakCoin: a cryptocurrency supposed for the wants of photographers.
KodakCoin cryptocurrency can be launched together with the KodakOne Platform and can create an “encrypted, digital ledger of rights possession for photographers”, permitting artists to license new and previous work on the platform. Kodak hopes the coin will curb the usage of unlicensed photographs and permit artists to obtain the cost they deserve for his or her work.
Other initiatives, corresponding to Stream Token, have tried to handle the shortcomings artists and entertainers face economically, however KodakCoin is the primary blockchain mission designed particularly for photographers. Jeff Clarke, CEO of Kodak, hopes to unravel the issue utilizing the decentralized nature of blockchain.
“For many within the tech business, ‘blockchain’ and ‘cryptocurrency’ are scorching buzzwords, however for photographers who’ve lengthy struggled to say management over their work and the way it’s used, these buzzwords are the keys to fixing what felt like an unsolvable downside.”
Kodak additionally plans to mine Bitcoins this yr and has partnered with firm Spotlite, a licensee of Kodak, so as to take action. The corporations have already ordered mining rigs, with extra anticipated to reach within the coming weeks. The plan makes use of Kodak’s on-site energy producing plant, which has not been used to its full potential since Kodak’s prime. The rigs will use as a lot energy as if a hairdryer had been left on twenty-four hours a day, costing the corporate about 4 cents per kilowatt per hour.
Halston Mikali, a spokesperson for Spotlite, additionally hinted at utilizing the rigs to mine for different cryptocurrencies if Bitcoin falters, stating:
Bitcoin could very nicely be a bubble, however the blockchain commerce is simply not a bubble.
Kodak Stock Surges
Although it’s nonetheless unsure whether or not KodakCoin will truly resolve this downside, buyers had been despatched right into a frenzy following the announcement, inflicting the corporate’s inventory costs surge.

The firm confronted chapter simply years in the past because of the digital age however has discovered its footing because of the identical purpose. Kodak’s shares soared to as excessive as 130% above opening value at present, earlier than closing at round 119% above opening value. If the thought is successful it presents thrilling prospects for different inventive fields, corresponding to music.
Initial coin choices start on January 31st to buyers within the U.S., U.Okay., Canada, together with chosen different international locations.
Do you assume KodakCoin can be successful? Will it’s helpful in serving to artists earn their rightful inc0me? Let us know within the feedback beneath!

Images courtesy of Pixabay and Market Insider
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