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KODAK to launch its own cryptocurrency

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KODAK to launch its own cryptocurrency

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.

 

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Australian Taxation Office warned against crypto retirement funds

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Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

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Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

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“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

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CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

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