Baidu announced in a press conference held Wednesday that their photo sharing platform Totem has gone live and also features a dedicated token, called Totem Point. Totem is the first blockchain app released on the firm’s private blockchain, the XuperChain network.
Baidu says it will initially create 4 billion Totem tokens, and the inflation rate of 4.5 percent was set to encourage users to submit original images.
Baidu Gets Into The Token Game
Baidu’s white paper reveals that the number of tokens awarded to each user will depend on their validation process, which includes looking at the quantity and quality of images submitted by each user.
The question of whether or not the token can be traded for cash or other cryptocurrencies, however, has not been answered as yet. Similarly, full use case scenarios have not been revealed, although Baidu has said the token can be used across different apps built on the XuperChain.
How Baidu Makes It Work
Baidu announced their Totem project in April of this year. Curiously, the firm made no mention of the token and described Totem as a distributed platform that creates a traceable chain of data that is tamper-proof, protecting the user’s intellectual property.
How does the Totem platform work? Well, we start with the user, uploading their images via the Totem app. The blockchain’s participating nodes, namely invited third-party photo stock agents and copyright protection organizations, will then validate the image for originality. Once approved and validated, the nodes add a timestamp to the image’s critical information and store it on the blockchain. This produces verifiable data that can become the next step in the event of a copyright dispute.
With the launch of its new app, Baidu looks to grab the lead in blockchain development in China. Where the firm goes from is up to them.