KodakCoin tokens – a new cryptocurrency designed for protecting users digital rights will soon go live. The organizers behind the Kodak’s blockchain-based image rights management system disclosed that its Initial Coin Offering (ICO) is set to begin May 21, after a four-month delay.
The ICO, which would only be offered to registered investors was created by WENN Digital, the team which previously created the KodakOne platform. WENN Digital will also operate the new ICO under the Kodak long-established brand seeking to raise $50 million when the ICO is officially launched on May 21st.
Kodak licensed its brand‘s identity in a SAFT-contract which will be sold at one dollar per coin and was first revealed in a paper WENN Digital published back in March. In the document, the company disclosed its intentions to sell the SAFT-contracts instead of the tokens themselves. SAFT–Simple Agreements for Future Tokens–contracts are investments which can be sold to registered and trusted investors as a means of funding projects. In SAFT sale, tokens are not exchanged, offered or even sold rather, traditional means of payment is used so as to guarantee access to future products.
In line with the agreement between WENN and Kodak, the SAFT-sale would be carried out through the platform which is managed by Pickwick Capital Partners and Exemplar Capital both of whom are registered with the Security Exchange Commission (SEC) and FINRA as broker-dealers.
“We are excited to offer the SAFTs and the rights to the underlying KODAKCoin in a manner structured to fully comply with an exemption to the SEC’s registration requirements,” said Jan Denecke, WENN’s CEO. He further added that the main goal of the ICO is to improve the security and transparency while working to make digital tokens available to investors by following the best practices available in the industry.
Interest in blockchain technology for protecting image copyright data on the internet has become pronounced. As Cam Chell, co-founder and co-architect of KODAKOne noted, “An estimated 1.2 trillion photos were uploaded to the web in 2017 alone – the majority without copyright holders’ permission. And as a result, today’s photographers have been left with more work to do, and less compensation to show for it.”