Baidu the renowned Chinese Search engine giant, has come out with a proprietary token. It is aimed at stirring up the interest of users as regards its all-new service. This service is a blockchain hinged photo sharing and validating service which seeks to cause a revolution in the way we handle photos.
This announcement was made by the firm on Wednesday at a press conference held in Beijing. The company made it known that the platform which will be known as Totem is now online and live. It also comes with a dedicated token that will be known as Totem Point, this is based upon a report.
The announcement of the launch marks the very first application based upon blockchain that will be launched using the Private XuperChain network of Baidu.
A statement by Baidu indicates that it will first of all seek to come up with about four billion Tokens. These tokens are hinged upon a projected yearly inflation rate of about 4.5 percent with a view to stir up interest and encourage groups and persons as far as submitting photographs is concerned.
Based upon the info gotten from a white paper, the number of tokens which would be awarded will be based upon the process of validation. This process includes but is not limited to the image quality as well as quantity as submitted by the user.
A token of unlimited possibilities?
The exchangeability of the Totem token for other cryptos or cash has however not yet been made known. In a similar vein, its full range applications have not yet been fully disclosed. However, Baidu has made it quite clear that it could be made use of eventually upon a number of applications (such as been used as an edit photo app) which are designed and built upon the XuperChain network.
The initial announcement of the Totem Initiative was made by Baidu in the month of April without any mention of the token been made. The information given created the picture of a distributed platform which helps in coming up with data which is both traceable as well as immune to tampering. All this is with a view to ensuring the protection of the photo sharer, especially as regards his or her intellectual property.
How does it all work?
Upon the original images been uploaded by the users of the platform using the said application, the participating nodes of the blockchain will proceed to ascertain the authenticity and originality of the photographs. This includes copyright protection organizations as well as photo stock agents who are invited to the event that they are approved. There is a time stamping of the critical information of the images upon which they are stored on the blockchain of Baidu. This leads to the production of data that is quite verifiable and could well be important in the case of a dispute as regards the violation of copyright as time goes on.
What does the future hold?
Looking ahead, Baidu has its sights set upon broadening the rights protection system of the blockchain. This is with a view to adding some other digital media asset types which include but not limited to videos. This is certainly one inclusion that should arrive within the first three months of the next year.