Chinese internet search Baidu has launched a proprietary token to boost clients of its new blockchain-based photo validating and sharing administration.
The photo-sharing platform — called Totem — is presently live and includes a dedicated token called Totem Point, as declared by the firm on Wednesday during a press conference in Beijing. The launch denotes the first blockchain application to be launched on Baidu’s private XuperChain organize.
Baidu said it will at first create 4 billion Totem tokens with a yearly expansion rate of 4.5 percent to urge people and organizations to submit unique photos.
As per a white paper additionally uncovered today, the number of tokens awarded will rely upon the validation process, including the quality and quantity of pictures uploaded by a user.
Whether the Totem token can be exchanged for cash or other cryptocurrencies has not been uncovered so far. Correspondingly, its full use case situations have not been illuminated, in spite of the fact that Baidu said the token could atlast be used across various applications based on the XuperChain network.
Baidu first declared the Totem activity in April – without saying the token – depicting it as a disseminated stage that makes a traceable chain of carefully designed information to ensure photograph sharers’ protected innovation.
As reported by Coindesk, after stage clients transfer their unique pictures through the application, the blockchain’s participating hubs, for example, welcomed third-party photograph stock operators and copyright protection associations, will approve the originality of the pictures. On the off chance that affirmed, the hubs timestamp the pictures’ basic data and store it on Baidu’s blockchain, creating undeniable information that could be essential in case of a copyright dispute, later on, the organization said.
As the following stage, Baidu means to extend the blockchain rights protection system to incorporate different kinds of the digital media resource, for example, videos, an expansion expected by the primary quarter of one year from now.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]