FAQ
© Aleksandr Korotun

1. What is the KODAKOne Image Rights Management Platform?

The KODAKOne platform, currently under development, is a blockchain-based image rights management platform created and operated by RYDE Holding, Inc. pursuant to a brand license agreement with Eastman Kodak Company. The backbone of the KODAKOne platform will be blockchain technology designed to help photographers manage their collections by creating permanent, immutable records of ownership. The goal of the KODAKOne platform is to solve a perennial problem for photographers – proving ownership of their images, tracking down copyright violators, and getting compensated when others use their photos. Once developed and operational, photographers will be able to upload their images to the KODAKOne platform, create a blockchain-based license for each image, and benefit from the platform’s web crawling technology that scours the internet looking for copyright violations.

The KODAKOne platform will be a one-stop solution for photographers and image license holders, merging management, protection and distribution services into one protection and monetization platform.

2. What services does the KODAKOne platform offer to its customers?

The KODAKOne platform will offer, among other things, the following services:

  • Blockchain registration of copyrighted images
  • Licensing of images using blockchain-based smart contracts
  • Infringement detection and post-licensing
  • Instant payments through RYDE Holding, Inc.'s own digital tokens, KODAKCoin token
  • A marketplace for buying and selling photography-related equipment, software and services

3. What are the main differences between the KODAKOne platform and similar services?

While there are a great number of service providers that offer either copyright registration, licensing, infringement detection or post-licensing services to photographers and agencies, to our knowledge, an integrated solution that can deliver all of these services holistically does not exist. Since all of these services are typically needed over the commercial lifetime of a photograph, it is highly desirable for photographers and agencies to have them on a single platform and receive them from a single provider. Moreover, the offered services are highly synergetic and build upon each other: our blockchain registration enables us to use smart contracts for licensing, and blockchain registration and licensing make our infringement detection and post-licensing services more efficient.

4. How does blockchain technology make the detection and post-licensing of copyright infringements easier?

One of the most significant problems in the world of photo-licensing today is copyright infringement. The existing process to determine whether an image has been validly licensed or is being misappropriated is very time-consuming and involves many labor-intensive manual steps. Our blockchain registry and our smart licensing and accounting systems will allow us to instantly generate immutable clarification about whether an image is being used under a valid license. Any infringement can then be automatically pursued by our post-licensing service. The high degree of automation in all steps along the process will allow the KODAKOne platform to be more cost-efficient than existing solutions. This will allow us to decrease costs and increase revenue streams for participating photographers and agencies.

5. How does blockchain technology help photographers and agencies?

Blockchain technology can make the lives of both professional photographers and agencies easier in many ways, including the following:

  1. The integrated blockchain accounting system will enable our customers to replace their own inefficient and labor-intensive record-keeping and royalty-accounting systems, freeing them to focus their time on what they do best.
  2. The reporting and insights functionalities will give photographers and agencies a better overview of who is using their photographs, and how they are using them.
  3. The infringement detection and post-licensing service will provide photographers and agencies access to additional revenues and help protect their copyrights.
  4. KODAKCoin tokens will make it possible to send payments on the KODAKOne platform automatically and in real-time. Photographers and agencies will no longer have to wait for weeks to receive payment.

6. How will using the blockchain make it easier for photographers and agencies to get paid?

RYDE Holding, Inc.'s blockchain-based immutable payment and accounting and contracting system will help to ensure that all copyright holders are fairly and swiftly compensated for their work. Photographers and agencies will automatically receive compensation in the form of KODAKCoin tokens the minute an image is sold or licensed. This will be a vast improvement over the current practice, where photographers and agencies generally must wait until the end of the month for an account statement from the seller of the photograph, and then several more weeks until receipt of their royalty payments.

7. Why is it necessary to use blockchain technology?

Photographers and agencies must be able to trust the KODAKOne platform with their sensitive data and their files. The whole system also needs to be transparent so that participants can see for themselves that they are being treated and compensated fairly. We believe that only a decentralized and distributed approach using blockchain technology can guarantee this. Blockchains are immutable, which makes them largely invulnerable to tampering, unlike traditional databases. Blockchains are also in the public domain, which means that everything is transparent and participants will not have to put blind trust in RYDE Holding, Inc. as the creator and operator of the KODAKOne platform. We believe that by using blockchain technology for its most crucial components we will ensure that the KODAKOne platform will become universally trusted by photographers, agencies and license buyers alike.

8. What exactly are KODAKCoin tokens?

KODAKCoin cryptocurrency or tokens will be the proprietary cryptocurrency used for value transfer and payments on the KODAKOne platform offered by RYDE Holding, Inc.. KODAKCoin tokens will initially be issued upon exercise of the options (each, an “Option”) governed by the Simple Agreements for Future Tokens (each, a “SAFT”) that we are offering to investors. Each Option is only exercisable on or after the later of (i) the launch of the KODAKOne platform and (ii) the one year anniversary of the date of the purchase of the relevant SAFT; provided, however, that we may, in our sole discretion, postpone issuance of KODAKCoin tokens in accordance with the terms of each SAFT.

9. Why do you need your own proprietary cryptocurrency?

Having full design control over both the KODAKOne platform and the cryptocurrency that powers it will help us to minimize transaction costs for platform users. Existing cryptocurrencies unfortunately either do not offer this degree of control or have significant transaction costs. That is why KODAKCoin tokens are a crucial part of the KODAKOne platform.

10. Why would photographers and agencies want to use KODAKCoin tokens?

RYDE Holding, Inc. anticipates that KODAKCoin tokens will offer many benefits to KODAKOne platform users. For example, KODAKCoin tokens will allow for instant and automated payments. In addition, platform users won’t need a separate accounting system any longer, since every payment and all accounting-related information will be saved on the blockchain. All sensitive information will be secured through encryption and permission-based access restrictions. In addition, we intend for KODAKCoin tokenholders to be able to use KODAKCoin tokens to purchase photography-related products, software and services on the KODAKOne platform’s marketplace.

11. When will the launch of the KODAKOne platform be?

We are planning for a private beta launch of the KODAKOne platform in Q4 2018, which will allow select agencies and existing customers full access to the KODAKOne platform. The public beta launch of the KODAKOne platform is expected to occur in June 2019 and will provide photographers and agencies worldwide full access to the KODAKOne platform.

12. Is RYDE Holding, Inc. offering KODAKCoin tokens for sale?

Yes, but currently only pursuant to SAFTs, which represent rights to receive KODAKCoin tokens upon exercise of an Option. In order to comply with applicable U.S. securities laws, we are offering the SAFTs and the underlying KODAKCoin tokens only in exempt transactions to “accredited investors” (as defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933 (the “Securities Act”)) pursuant to Rule 506(c) of Regulation D under the Securities Act.

13. How will RYDE Holding, Inc. use the proceeds received from the sale of SAFTs and KODAKCoin tokens issuable thereunder?

The purpose of the SAFT offering is to raise capital to fund the development of the KODAKOne platform. The proceeds we receive in the offering will also be used to make strategic acquisitions and for marketing and licensing, general working capital and expenses relating to the offering.

14. How exactly will investors receive KODAKCoin tokens from purchasing a SAFT?

Each SAFT requires the relevant purchaser to submit payment to RYDE Holding, Inc. or our authorized agents in exchange for the right, upon exercise of the Option, to receive KODAKCoin tokens in the future. The Option is only exercisable on or after the later of (i) the launch of the KODAKOne platform and (ii) the one-year anniversary of the date of the purchase of the relevant SAFT; provided, however, that RYDE Holding, Inc. may, in our sole discretion, postpone issuance of KODAKCoin tokens upon the exercise of any Option until such date on which, in the opinion of our legal counsel, KODAKCoin tokens will not be deemed to be “securities” within the meaning of Section 2(a)(1) of the Securities Act.

If no such legal opinion is issued by July 1, 2019 and the relevant purchaser has exercised his, her or its Option under the terms of the SAFT, we will immediately issue KODAKCoin tokens to such purchaser.

15. Why are you selling SAFTs instead of only KODAKCoin tokens in the offerings?

The use of SAFTs is a common financing arrangement in ICOs. The SAFT structure allows us to develop the KODAKOne platform and analyze any changes or developments in applicable law prior to the issuance of KODAKCoin tokens.

16. Who is eligible to purchase SAFTs?

Neither the SAFTs nor KODAKCoin token issuable thereunder have been registered under the Securities Act, under the laws of any U.S. states, or under the laws of any non-U.S. jurisdictions. Accordingly, RYDE Holding, Inc. is offering the SAFTs and the underlying KODAKCoin token only in exempt transactions to “accredited investors” (as defined in Rule 501(a) of Regulation D under the Securities Act) pursuant to Rule 506(c) of Regulation D under the Securities Act. Offers and sales of the SAFTs and KODAKCoin tokens issuable thereunder outside the United States will also be made in accordance with the laws and regulations of the relevant jurisdictions.

17. Why is the offering process taking so long?

In light of the increased worldwide regulatory interest in ICOs, RYDE Holding, Inc. is taking the necessary measures to ensure that our offerings comply with all applicable securities and other laws. As a result, the first step of the process is to ensure that any potential SAFT purchaser satisfies the investor qualification requirements of the applicable jurisdictions in which offers and sales will be made. This phase will last for a few weeks after which we intend to sell SAFTs to eligible purchasers.

18. What are the main differences between your SAFT offering and a typical ICO?

The ICO process is still relatively new and there is limited guidance from a regulatory perspective. Many ICOs sell cryptocurrencies marketed as “utility tokens,” which are clearly securities from a regulatory perspective and should be treated as such. The resulting regulatory uncertainty poses a threat to the business conducting the ICO and ultimately to the investors participating in it. That is why we have currently decided to structure our “ICO” as a SAFT offering limited only to accredited investors. RYDE Holding, Inc. expects to conduct a public KODAKCoin token offering open to all investors once the KODAKOne platform is fully functional and KODAKCoin tokens have been issued.

19. How can photographers and others acquire KODAKCoin tokens?

Our goal is for photographers and other members of KODAKOne platform’s community that are not accredited investors to be able to buy KODAKCoin tokens in the public ICO that we anticipate will take place after the KODAKOne platform is fully functional and KODAKCoin tokens have been issued.

After the platform is operational and open to the public, we also anticipate that community members will be able to acquire KODAKCoin tokens through various other means, including the following:

  1. Users will be able to upload their high-quality images and earn KODAKCoin tokens in the form of licensing and post-licensing payments.
  2. Users will be able to acquire KODAKCoin tokens by selling products and services on our marketplace.
  3. Users will be able to earn KODAKCoin tokens by participating in our big data and artificial intelligence programs for corporate clients.

20. How can photographers and agencies receive more information on the KODAKOne platform?

To receive more information please send us an email at [email protected]