Chinese search giant Baidu released its own token, serving as a reward for users of its blockchain-platform verification and sharing of photographic content. This is written by CoinDesk.
On Wednesday at a press conference in Beijing, Baidu announced the launch of its Totem photo sharing platform, as well as the fact that its work will be carried out using the Totem Point token. This is the first project based on the private blockchain-network Baidu called XuperChain.
According to Baidu, 4 billion Totems will be generated initially – their annual inflation will be 4.5% – which should serve as an incentive for companies and individuals to add original photos to the system.
According to the white paper platform, the number of tokens given out as a reward will depend on the verification process, as well as on the number and quality of photos provided by users.
Whether it will be possible to exchange the Totem token for fiat or other cryptocurrencies is unclear. In addition, Baidu did not show any examples of using its system, but noted that the Totem token could eventually be used in other systems developed on the basis of the XuperChain network.
Baidu announced Totem back in April, without saying a word about the token and describing the system as a distributed platform that generates a tracked chain of data-protected data to protect the intellectual property of people sharing their photos.
After users upload their photos to the system, they begin to check the nodes that are members of the blockchain-network – like invited agents specializing in stock photos, or organizations that protect copyrights. If the photo receives approval, the node marks its important data with a timestamp, and then saves it in Baidu’s block. As a result, the system creates verifiable data that, as Baidu declares, can prove to be extremely important in the process of intellectual property disputes.
In the near future Baidu plans to expand the blockchain-system of copyright protection, adding to it other types of content (for example, video) – this step is planned for the first quarter of next year.