Kodak announces its own cryptocurrency

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Once dismal Kodak shares are now soaring after the company announced plans to get into the cryptocurrency business during the 2018 CES tech event in Las Vegas.

BBC reports that Kodak is launching an image rights platform with its own blockchain. Photographers register their images and instantly get paid per use with the company's own virtual currency, called Kodak coins.

To guard against copyright infringement, Kodak software will continuously search the web for violations and take care of licensing.

The company is set to host an initial coin offering on January 31.

Kodak's other initiative is the Kash Miner, a bitcoin mining rig box equipped with processors and a fan, that uses the same amount of electricity as a continuously-running hair dryer.

The machines will be rented out to customers for two years, with an upfront payment of $3,400, plus 50% of all proceeds generated by the machine from mining Bitcoin.

According to the company, customers should be able to earn more than $300 a month, or $9,000 overall.

Still, many are skeptical. Some critics believe Kodak is merely getting into cryptocurrency to raise stock prices.


RUNDOWN SHOWS:
1. Kodak to have own blockchain and cryptocurrency for photographers
2. Kodak software will be used to search the web for copyright violations
3. Kodak Kash Miner components and electricity usage
4. Kodak Kash Miner rented out for bitcoin mining

VOICEOVER (in English):

"Kodak is launching an image rights platform with its own blockchain. Photographers register their images and instantly get paid per use with Kodak coins, the company's own virtual currency."

"To guard against copyright infringement, Kodak software will continuously search the web for violations and take care of licensing."

"Kodak's other initiative is the Kash Miner, a bitcoin mining rig box equipped with processors and a fan, that uses the same amount of electricity as a continuously-running hair dryer."

"The machines will be rented out to customers for two years, with an upfront payment of $3,400, plus 50% of all proceeds generated by the machine from mining Bitcoin."


SOURCES:
BBC, Business Wire, Business Insider
http://www.bbc.com/news/technology-42630136
https://www.businesswire.com/news/home/20180109006183/en/KODAK-WENN-Digital-Partner-Launch-Major-Blockchain
http://www.businessinsider.com/kashminer-kodak-bitcoin-mining-2018-1