Baidu, the Chinese developer of the search engine of the same name, launched the Totem photo service on the basis of the private blocker Baidu XuperChain, and also released its own Totem Point tokens.
The initial issue will be 4 billion tokens. The expected annual inflation rate due to the network parameters will be 4.5%. According to the idea of the creators, Totem Point tokens should encourage users to upload original images to the database. According to the Whitepaper of the project, the final number of tokens will depend on the volume and quality of the user content placed on the platform.
It is reported that Totem Point can be used in various applications built on the network XuperChain, but there’s no full description of the functionality of the coins yet. In addition, it is not known whether the possibility of exchanging Totem Point for fiat or other cryptocurrency will be realized.
Recall that the photo service Totem was first announced in April. The platform uses a blockchain to store the data needed to protect copyrights to user content: when a new image is uploaded, participants in the blockchain are companies dealing with stock photos and organizations specializing in copyright protection check the image for uniqueness. If the photo is approved, a timestamp is added to it and the data is written to the blockchain.
In the future, Baidu plans to expand the system of protection of rights with distributed registry technology and add support for other types of content, for example, video. The update is expected in the first quarter of next year.
We note that the company already has a successful experience in the release of tokenized assets. So, in June, Baidu introduced the blockchain-based game Du Yuzhou, the game elements of which, in fact, are tokens.