Parallels between cryptocurrency adoption now and internet adoption in the nineties are becoming more apparent every day. Even companies with storied pasts and friction-filled relationships with the digital age are beginning to look into how cryptocurrencies can benefit them. The most recent example of this involves Kodak and its ICO. That’s right, the photography company founded in 1888 is going to hold an ICO.
Say “I want to adopt cryptocurrencies into my business model!” *SNAP*
While that’s a bit of a mouthful, the sentiment is the same – it leaves smiles on many faces, particularly those of Kodak shareholders. Upon the announcement, the price per share skyrocketed to crypto-esque levels. It was an enormous 44% move for the under-10 dollar stock.
This is part of an overall trend we are seeing in today’s markets. We just cannot get enough of all things crypto. Small companies that add “blockchain” to their names see huge spikes in their prices, and well-established companies see a price increase giving life back to their – to this point – mostly dwindling share value.
No one could have guessed that 2017 and 2018 would be the years that cryptocurrencies and blockchains would see this kind of uptick in their adoption.
So, what is KodakCoin?
Apart from being a fairly uninspired name, the concept is rather interesting. The coin will be paired with its platform, KODAKOne. Their press release outlines – in somewhat vague terms – how the platform and coin will help “empower photographers” when it comes to their intellectual property and photography rights.
It is actually a really clever idea, and one that most blockchain advocates saw coming. Using the blockchain to secure, track, and prove rights over photographs and other IP is one of the best use cases for blockchain technology. KODAKCoin, the native cryptocurrency on the platform, will be a security token to stay in compliance with SEC regulation, meaning that the ICO will only be open to accredited investors.
Currently, there is not too much information out there apart from this press release, but I will be interested to see the company’s whitepaper once it is released. The ICO starts on January 31.
For Photographers, or speculators?
Like anything in the crypto space, or really anything that can make money, it is going to attract a fair amount of speculators. Considering that the platform is going to be very useful, I hope that its token has similar utility outside of speculation.
Other reasons why I am excited for the technical details to come out include seeing which blockchain it will record the data on, or if it will create a new one. Will it be secured by PoW, PoS, or something else entirely? Regardless, there are many reasons to be curious, and they have piqued my interest.
Moreover, this could be just the first of many established companies choosing an ICO format to raise funds for new and innovative products in their lines.