At last Wednesday’s press conference in Beijing, Chinese search giant Baidu has announced the launch of Totem — the blockchain-a platform for sharing photos, which will be implemented with token-Totem Point. The new platform will be the first project which is built on the blockchain private network XuperChain developed by Baidu.
Baidu representatives said that initially it is planned to generate 4 billion tokens Totem with annual inflation at 4.5%, which will be issued to companies and individuals for what they will add their own original photos into the system.
In the white paper of the proposal States that the number of tokens issued as remuneration will depend on the quantity and quality of photographs provided by a user.
It is not yet clear whether it will be possible to exchange tokens Totem to other cryptocurrency assets or Fiat money. It is also not clear how exactly these tokens can be used. However, the Baidu assured that in the end, the Totem tokens will be used in other systems based on network XuperChain. Now these systems are under development.
The announcement of the Totem platform took place in April of this year. But then not a word was said about the token, and the whole system has been described as a distributed platform, generating a traceable chain of tamper-proof data to protect intellectual property of people who share their photos.
Now the system knows a bit more: as soon as users upload their photos into the system, they begin to check the nodes that are members of the blockchain network – invited «agents», specializing in stock photos. Also, as nodes may be the organization that protects copyrights. If the photo receives approval node, then it marks all of its important data and keeps the blockchain Baidu. This creates verifiable data that can be used as an important argument in the dispute about intellectual property.
If the project will be in demand, Baidu will add to the platform, and other types of content such as video. The company is so confident in the project that this step has already been scheduled for the first quarter of next year.