After the announcement of the launch of the ‘KodakOne‘ blockchain platform by Eastman Kodak and WENN Digital earlier this week, t0.com (tZERO), the blockchain subsidiary of overstock.com, today announced that it will provide advisory services to WENN Digital to ease the upcoming token offering of KODAKCoin. Moreover, t0.com will advise on secondary trading of KODAKCoin.
tZERO will also provide the platform for the implementation of the services of KODAKCoin. The services offered by the tZERO platform will include encryption of accounts, price quoting, clearing and reconciliation services, anti-money laundering services and know-your-customer verification. KODAKCoin will be the first third-party security token on the tZERO platform.
The KODAKCoin token offering will commence on January 31st, 2018.
Commenting on this partnership, Jan Denecke, co-founder of the KODAKOne platform and KODAKCoin, said: “tZERO’s vision in being able to develop and provide a securities token platform that complies with U.S. federal securities laws is key to the success of the KODAKCoin. The KODAKCoin offering is centered around providing photographers security and peace of mind, and the tZERO platform allows us to provide that same security to our token holders as well.”
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tZERO CEO Patrick Byrne said: “The Crypto Revolution is upon us and to have KODAKCoin on the tZERO platform is a tremendous stepping stone in continuing the mainstream adoption of what, I would assert, may prove to be the most powerful innovation in history. As U.S. regulators seek securities-law compliant applications for companies issuing security tokens, the issuance and trading of KODAKCoin in compliance with securities laws will empower entrepreneurs and protect photographers’ property and licensing rights, while achieving another critical step in defining a new wave of digital capital formation. We welcome the KODAKCoin into the tZERO family and look forward to working with this iconic brand.”
What is KODAKOne?
KODAKOne is a blockchain platform launched by Eastman Kodak in partnership with WENN Digital. This blockchain will act as an encrypted ledger of rights ownership that photographers could potentially use to register and catalogue all of their work, new and old.
The platform will also integrate the smart contract feature to ensure that photographers are receiving fair compensation, empowering them to register and license their work. Also, if any unlicensed use of any photograph is detected in the blockchain, the platform will enact a post-licensing process to ensure that the photographer is compensated. All payments to photographers will be made with KODAKCoin, the cryptocurrency designed for this blockchain platform.
After the announcement of the introduction of the blockchain platform, Eastman Kodak Company’s (NYSE: KODK) stock price soared around 175 percent. Similar jumps in stock prices have been seen before when companies moved towards the blockchain business. According to many market experts, this is very similar to the dot-com bubble in the late 90’s.