KODAK has declared the launch of a ‘photo-centric’ digital currency (cryptocurrency) to allow photographers to take back control of their image rights.
The formation of KodakCoin is a piece of an offer to construct a worldwide record of picture rights proprietorship for photographers and photograph agencies.
Stock prices for Eastman Kodak Co climbed more than 100 % on Tuesday evening on the back of the cryptographic money news.
Kodak is joining the cryptographic money upheaval after it was broadly brought down by its inability to abandon film and grasp advanced photography.
At CES 2018 in the USA, Kodak anounced that it was collaborating with WENN Digital to make KodakCoin and a picture rights management platform called KodakOne
The anouncement stated: “Using blockchain innovation, the KODAKOne platform will make an encoded, digital ledger of rights proprietorship for photographers to enlist both new and chronicle work that they would then be able to license inside the platform.
“With KODAKCoin, part taking photographers are welcome to take part in another economy for photography, get installment for authorizing their work instantly upon sale, and for both professional and amateur photographers, bid their work confidently on a protected blockchain platform.
“KODAKOne platform provides nonstop web crawling in order to monitor and secure the IP of the images registered in the KODAKOne framework.
“Where unlicensed utilization of images is recognized, the KODAKOne platform can proficiently deal with the post-licensing process keeping in mind the end goal to compensate photographers.”
Riding the flood of bitcoin’s fame, the Kodak’s crypto platform will permit photographers register to work and permit it for crypto payments.
The American innovation organization sees blockchain technology as a useful method to help take care of a long-standing issues confronting photographers.
Jeff Clarke Kodak CEO said:
“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but 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.
“Kodak has constantly sought to democratize photography and make licensing reasonable for the artist. These advancements give the photography group an inventive and simple approach to do only that.”
“Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin.” said Jan Denecke CEO WENN Digital.
Subject to the most noteworthy measures of compliance, KODAKCoin is tied in with paying photographers reasonably and giving them a chance to get in on the ground floor of another economy customized for them, with secure resource or asset rights management built right in.
Take a Crypto Pill
Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.
Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.
First South Korea and now US
First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.
HODLers will take over market soon
Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.
Venezuela is the cheapest country to mine Bitcoin
Cost of mining one Bitcoin in Venezuela is just $531
Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170
After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.
Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.
Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland
Crypto trading volumes are dropping
Volumes in crypto market are dropping, indicating an alarming situation. Crypto market started this year on a good note but later on crashed to low levels, apart from Ethereum, all other major crypto currencies are down for 2018, but one of the most alarming situations in this matter is that trading volumes on different exchanges are dropping to lowest levels in recent months.
For example, on Bitfinex current trading volume of Bitcoin is at around 25000 which at one point of time was as high as 160000 , which means this volume is not even 20% of its peak volume. Similarly in the case of Ripple, current trading volume is 8 Million which at one point of time was 50 million, so there is an alarming situation in that regards because not only price is dropping but crypto trading volume is also dropping dramatically.
Lack of interest?
One of the key questions that analysts are asking these days is that, is it lack of interest from investors that volumes are so low? may be they have found new investment opportunity in the form of S&P 500 and Gold. Most of the analyst think that this low activity is due to the reason that market speculators are currently out of the market and in wait and watch situation to make an entry point.
Calm before the storm?
Such low volumes and price movement in a tight range suggest that this is the calm before the storm, many regulatory authorities around the world are trying to stop crypto trading by either putting complete ban or by introducing tight laws, so speculators and institutional investors are just waiting for a clear picture so that they can make their bet on it, but one thing is for sure that sooner or later market is due for heavy movement in either direction, so day traders need to watch out.
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