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Kodak Soars 77% on News it Will Launch "KodakCoin" Cryptocurrency

Kodak wants in on the hype. It announced its own cryptocurrency today, the KodakCoin.

Today Kodak hopped aboard the Crypto Bandwagon with a “major blockchain initiative.”

The company and WENN Digital announced Tuesday the launch of the KODAKOne image rights management platform and KODAKCoin, a photo-centric cryptocurrency.

For its part, Kodak acknowledged in its press release that blockchain, like cryptocurrency, is a “hot buzzword” right now, but CEO Jeff Clarke said that the technology will actually prove useful in the company’s case. “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,” he said in the release.

Asserting Control Over Work

What does the KodakCoin have to do with the unsolvable problem of photographers "who’ve long struggled to assert control over their work"?

Absolutely nothing!

It's a digital coin stupid. It's possible that blockchain technology will be of some use in regards to the stated mission, but the coin is pure nonsense.

Companies needing to resort to hype to boost share price are more than likely solid long-term shorts. Kodak went bankrupt once. It's share price looks as if it may have been headed there again.

I have not followed the company for years, and have no position, but this is nothing more than a clear gimmick to boost share price, and an obvious one at that.

Mike "Mish" Shedlock

Red this in the Atlantic and it seemed so appropriate

It is officially silly season in the land of cryptocurrency. To borrow a reference from the show Portlandia, this is the “put a bird on it” stage of crypto, where seemingly every multinational company, small business, and fledgling entrepreneur is desperately slapping blockchain onto press releases and venture-capital pitches.

What does the KodakCoin have to do with the unsolvable problem of photographers "who’ve long struggled to assert control over their work"?

I like the occasional brain teaser, so I will take a W.A.G at answering this question. This is only a guess:

  1. Kodakcoin might use the non-fungible Etherium token standard #721, similar to CryptoKitties. Since “currency” must be fungible, “Kodakcoin” would technically be a token and not a cryptocoin or cryptocurrency.
  1. The press release states the “KODAKOne platform provides continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOne system.”

Presumably this means any registered, licensed image would contain an imbedded code that ties it to a sale or lease recorded in the KODAKOne blockchain and the registered purchaser of said work would need to keep its use of the material updated on the KOKAKOne blockchain. If a registered image discovered on the Web did not contain a code corresponding to the registered IP address where it is found online by a web crawler, then a copyright violation would be recorded and the registered owner of the unauthorized IP address would be notified.

My head spins thinking about how much activity this would add to the Ethereum network. Considering the trouble with “birthing” CryptoKitties, I would expect this to bring Ethereum to its knees if it were implemented today. Also, since the press release refers to this as the “KodakCoin cryptocurrency” and not the “KodakCoin token,” I agree the story does read like just another instance of dead weight being hitched to the crypto bubble.

(Obviously the numbered list above was meant to read 1, 2...)

Cautious Observer, here is Mish as he read your comment ...https://youtu.be/acI12jO0HSQ.

Just as internet speeds have increased by many orders of magnitude over the last 30 years, transaction speeds for cryptos will do the same. Look at how much faster Litecoin is over Bitcoin (150 times faster) - https://www.cnbc.com/2017/12/14/bitcoin-ether-litecoin-ripple-differences-between-cryptocurrencies.html

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