The U.S. technology firm Kodak has revealed its plan of launching its cryptocurrency at the Consumer Electronics Show (CES) held in Las Vegas. It has the plans to host one initial coin offering (ICO) at the end January.
The portable camera pioneer is partnering with the Wenn Media Group, the London-based firm to develop its virtual coin for photographers which would assist them in controlling and monitoring their images rights.
The idea behind the plan is that photographers could use the company’s forthcoming blockchain technology to register works, with “KODAKCoin” acting as a mode of exchange on the platform. The users can receive payment in the cryptocurrency and also pay for rights.
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The company has not yet confirmed the cost payable for each token.
The company portrayed a brand new hardware component in addition to the reveal of KodakCoin. The goal of the hardware is to mine for the cryptocurrency bitcoin.
The KashMiner acts a bitcoin furnish that can create new bitcoin. The entire process requires a significant amount of energy along with high-priced hardware to execute intensive mathematical solutions.
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For a 24-month undertaking, the service cost would be 3,400 dollars. As estimated by the U.S. firm, the consumers could produce about 375 dollars per month which sum up to a total of 9,000 dollars. On the contrary, the experts stated that mining of bitcoin gradually proves to be difficult over time and users would hence witness smaller yields per month.
Though the release date of the KashMiner has not yet been revealed, the service has been prebooked to capacity.