Popular Blockchain Photo App Embarks on Cryptocurrency Venture with New Token
Baidu, a Chinese photo app and search engine, has decided to break into the crypto industry with a token. Their goal is to create an incentive for users on their sharing service, which includes the use of blockchain already.
The announcement came on Wednesday, though they first announced their desire to set up the platform back in April. During a press conference, Baidu told the public that their photo-sharing platform, which is called Totem, presently is available for consumers wanting to trade on it. Their token is called Totem Point, and this will be the first launch on their XuperChain network blockchain application. The platform is designed to help create a clear record of data for photographs, preventing other companies or individuals from claiming the creator’s intellectual property. The intent to develop a token was not announced until later.
Initially, there will be 4 billion Totem tokens available, though they have already planned 4.5% inflation over each year. The goal is to get more consumers to submit original images to the platform. Furthermore, the whitepaper indicates that tokens will be issued according to specific factors, like how many images users submit and their quality. It is not clear if the Totem tokens will have the capability for trading with fiat or crypto monies, nor is it clear what scenarios the tokens can be used. However, Baidu commented that the token should be available for use with applications that are based out of the XuperChain network.
When a user provides their images to the platform, the various nodes will validate the originality. These nodes include third-party photo stock agents that have specifically been invited to the platform, along with copywrite protection companies. If these entities verify that the user’s content is original, the nodes will issue a time stamp with the original creator’s information before logging it on the blockchain. This classification will help to fight any copyright dispute that made develop later.
Now that Baidu has both a cryptocurrency token and a trading platform, their next goal is to elaborate on the current blockchain rights protection system. This will expand coverage to videos, though the additional support is not expected to be complete and active until the beginning of 2019.