KodakOne Allegedly Owes $125,000 to Former Development Team

Nuno Teodoro

KodakOne, the recent cryptocurrency project from Kodak, allegedly owes over $125,000 to developers contracted to work on the project.

 

In a series of emails reviewed by Hard Fork, recruiting agency iFindTech accuses KodakOne of not honoring the payments in the scheduled time frame. According to an email sent by the iFindTech's legal advisor, the European recruitment agency is seeking over $125,000 in accumulated invoices:

 

“Unfortunately apologies and unfulfilled promises of a payment proposal are not enabling my client to pay the people that did the work for [KodakOne] (...) Time is short and in the absence of any meaningful payment proposal, court proceedings will be commencing in [seven] days.”

 

The email exchanges further showed how iFindTech was forced to cease their work on KodakOne project due to lack of payment.

Other Alleged Owings

But the story doesn’t end here however. It was discovered that there are at least two other contractors that accuse KodakOne of similar wrongdoing. Contractor Armel Nene states that KodakOne owes him $36,000 while another unidentified contractor is asking for over $19,000 in unpaid services.

Armel Nene went on to write a detailed LinkedIn post explaining his stay as an employee for KodakOne. Nene explains that KodakOne’s development team resigned in October and that the company is currently hiring on social media. He also states that the company is publishing fake information regarding the beta launch of their platform, as one of the developers working on the platform is keeping the code as a ransom until he gets paid.

KodakOne’s response to the situation indicates that they are not interested in settling the debts outside of court: “All claims are in dispute and these legal matters will only be solved in front of the courts”. Regarding Nene’s situation, a KodakOne spokesperson denied the claims:

“This is a false statement (..) We will reserve all rights to take the necessary legal steps to stop Mr. Nene for making more wrong claims and further damaging our company.”

 

KodakOne

KodakOne is a photograph-oriented blockchain project. Promising to bring photographers a better financial incentive, the platform aims to use KodakCoin for payments for licensing photographs.

The project was first announced back in January, creating a stir and leading to Kodak’s stock price to rise from $3.15 to $10.70 in a matter of days. An ICO was scheduled for January 31 but after some delays a Simple Agreement for Future Tokens (SAFT) was created in May. In a SAFT investors only receive the tokens when the final product is complete.

Owning licensing rights over the Kodak brand, Wenn Digital and RYDE Holdings are reportedly behind the project. Although it’s unclear how far in development KodakOne has progressed, the team is still updating social media frequently, while the CEO joins a panel of prominent speakers today at the Blockchain New Economy Hangzhou Summit 2018.

'Bitcoin Type' Privacy Enhancing UTXO Transactions Now Available on EOS

Omar Faridi

The developers of pEOS, a project focused on enabling private and “untraceable” transactions on EOS, one of the largest platforms for building decentralized applications (dApps), have noted that they intend to provide tools which will allow users to conduct efficient token transfer transactions while maintaining their financial privacy.

“Accelerating Any Aspect of EOS” in Direction of Providing Greater Privacy

As explained in pEOS team’s Medium blog post, published on May 16, 2019, the privacy-enhancing crypto project is "much larger than just delivering pEOS.” The development team wrote:

We consider part of our mission to help educate, provide support, provide tools, and accelerate any aspect of the EOS blockchain in the direction of providing privacy enabled features and technologies. We strongly believe in the multiplicative effect this can have to every aspect of the EOS ecosystem.

Bitcoin Type UTXOs for EOS

In order to add more functionality to the EOS blockchain, while promoting economic privacy, the developers of pEOS have introduced a new smart contract which “implements bitcoin type” unspent transaction outputs (UTXOs) for EOS-based tokens.

As mentioned in pEOS team’s blog, UTXO was first used by the developers of the Bitcoin protocol, and it is “one type of output which can be either unspent (UTXO) or spent.” The outstanding balance of a UTXO-enabled wallet can be calculated by adding up all its spendable UTXOs, pEOS’ blog noted.

A UTXO Needs to Be Spent “as a Whole”

Transactions are processed by spending a certain number of UTXOs while producing new UTXOs for the recipient (of a transfer) and for any change that is returned to the sender, pEOS’ blog explained. The pEOS team clarified that “amounts in UTXOs don’t mutate.” This means users cannot “spend only some part of a UTXO.” In order to conduct such transactions, users must spend the UTXO “as a whole.”

According to pEOS’ team, these “constraints on what a UTXO is and how it is immutable, is what allows for privacy algorithms to be built on top of them.” For instance, the privacy-centric CoinJoin algorithm can be used with the smart contract-based UTXO code released for EOS, pEOS’ developers revealed.

On May 17, 2019, Block.one, the Cayman Islands-registered developer of EOS, released new software development kits (SDKs) for both Swift and Java developers. The latest SDKs for EOS aim to provide more support for native smartphone applications in order to offer “richer, more engaging experiences.”