Bitmark is an open source blockchain to record titles of ownership called bitmarks for digital assets and properties such as songs, videos, photographs, graphic designs and similar. It is a Taiwan based startup initiated in 2016 that aims to give the users their due. People create content, post them on social media, blogs, and other platforms but are not remunerated for their efforts.
The idea is to create a system where everyone has the authority to own the affluence of the data they produce. This power can be generated by restoring the freedom to allow the product creators to assert ownership over their data and digital assets. BTM is the symbol being used by the cryptocurrency can be purchased in many exchanges.
With bitmarks, individuals can claim rights to the contents they create. In the traditional form, people were claiming rights through deeds and title, which now they do in the content industry through the issuance of bitmarks. Bitmarks are well-defined, protected and a property document for its users in the digital world. Users can sell and exchange bitmarks with other users creating a contract or record of the transactions. It gives the users more control over their properties. Bitmarks consist of 4 fundamentals:
1. A cryptographic hash function is applied to the digital property which creates an asset fingerprint in the form of an alphanumeric value. This value identifies the assert to the owner.
2. Asset metadata details about the property, its features.
3. It identifies the current owner’s Bitmark account number (public key). The owner can choose to keep it secret in case they want it to be a private transaction.
4. A digital signature which verifies and authenticates the bitmark when they are issued or transferred to a new owner.
For a proper recording of the property titles and display across the web, Bitmark enhances the prevalent methodology with a worldwide accessible property ledger through the Bitmark blockchain. Every single transaction is recorded, authenticated, and maintained. Bitmark blockchain is decentralized, open, and ensured by a P2P network of volunteers. It runs on a Bitmark software node called bitmark. They are driven to participate, verify Bitmark transactions with incentives and rewards. The system runs on the Proof of Work (PoW) computation.
Bitmark is ranked 375 and has a market cap of 1.52 billion coins. It protects the data ownership rights of a person. It is developed on a voluntary basis and they meet every 6 months to decide on latest and future developments.
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