Xiaomi Files Patent To Create Its Blockchain-Powered Virtual Characters
[TL; DR]
Xiaomi Corporation is a Chinese designer and manufacturer of consumer electronics, mobile devices, and home appliances.
Founded in April 2010, Xiaomi is the second largest smartphone manufacturer in the world.
Xiaomi has its headquarters in Beijing, China.
Xiaomi’s revenue is about $50.9 billion, with a net income of $2.99 billion and an operating income of $4.04 billion.
Xiaomi has 33,427 employees and two subsidiaries; ZMI and Black Shark.
In January 2022, Xiaomi announced its patent to create its blockchain-powered virtual character.
The patent is titled “ Virtual Character Processing Method, Device and Storage Medium.”
In the patent, the virtual characters will be generated using different gene sequences, and the genes will be used to determine the images that will identify the virtual characters.
The patent says each character will have a unique and unpredictable feature.
The patent has a blockchain section that will entail the storage of the created characters.
Xiaomi has been trying to become a stakeholder in blockchain technology since 2017.
It established a joint venture with three local Chinese companies and named the JV Chongqing Port Industrial Finance Big Data Industry Development Co. Ltd.
Xiaomi has a 49% stake in the joint venture.
In 2018, Xiaomi launched another Blockchain application called Xiaomi WiFi chain mobile application.
The blockchain app allows users to earn virtual rewards connected to a wireless network.
The mobile phone manufacturer has a native token launched on the Ethereum mainnet.
The token is called XCT and is implemented as an ERC20 smart contract.
Keywords: Xiaomi, patent, blockchain, virtual characters, Chinese, mobile phone, stakeholder.
[Full Article]
The blockchain ecosystem keeps attracting giants and multinationals from all sectors. Being regarded as the future of the internet, a lot of big brands are deciding ways to become stakeholders in blockchain technology and web3.
On this premise, Xiaomi, a multinational mobile phone developer and tech giant, seeks to dive into blockchain technology.
This article will highlight how Xiaomi seeks to explore blockchain technology.
Let's begin!
What Is Xiaomi?
Image: Wikipedia
Xiaomi Corporation, popularly called Xiaomi, is a Chinese designer and manufacturer of consumer electronics, mobile devices, home appliances, related software and household items.
Xiaomi, founded in April 2010, is the second largest smartphone manufacturer in the world (Samsung being the first). Xiaomi is headquartered in Beijing, China, with a revenue of $50.9 billion (CNY 328.31 billion), net income of $2.99 billion (CNY 19.28 billion) and operating income of $4.04 billion (CNY 26.03 billion) in 2021.
With about 33,427 employees worldwide, Xiaomi has two subsidiaries, the ZMI and Black Shark. The company was founded by Lei Jun and six other associates, and Xiaomi currently has the largest market share of smartphones sold in China. Xiaomi has produced household items and appliances, including televisions, flashlights, unmanned aerial vehicles, and air purifiers.
Xiaomi's Patent For Blockchain-Powered Virtual Characters
Image: The Coin Republic
Xiaomi announced that in January 2022, it filed a patent to create its blockchain-powered virtual character. The Chinese mobile phone maker and tech company titled the patent “Virtual Character Processing Method, Device and Storage Medium.”
According to the details of the patent released by Xiaomi, their virtual characters will be generated using different gene sequences.
These genes will be used to determine the images that will identify the virtual characters. The method will give each of the characters a unique and unpredictable feature. Xiaomi intends to use this method to create its metaverse experience in future.
According to the “Virtual Character Processing Method, Device and Storage Medium,” the patent's blockchain entails the created character's storage. These virtual characters will use the decentralized ledger technology to store their gene sequences and preserve their unique combination against destruction.
It is worthy of note that Xiaomi released only the patent filing details while the concept application is still pending. Experts have speculated that even though the patent did not mention Non-fungible tokens (NFTs), some de_script_ions of blockchain usage hint at the utilization of NFTs.
Similarly, Xiaomi has an NFT collection that it launched in 2018. The NFT collection was named Crypto Rabbits and was abandoned in March.
Some other speculation is that Xiaomi might launch its metaverse platform with these virtual characters as the main attraction and bring back its NFT collection that was abruptly halted in 2018.
Xiaomi’s Foray Into Blockchain Technology
Image: Gearbest
It would be recalled that Xiaomi glanced at blockchain technology as far back as 2017. Experts consider it a race between Xiaomi, Alibaba and Tencent.
In an endless pursuit to become a blockchain stakeholder, the Hong Kong-listed Chinese giant established a business scope for its new entity in Chongqing.
The newly established entity in the Southwest of China entails blockchain-related software and services, as well as Artificial Intelligence (AI), a powered data platform, and a data processing and storage device.
Similarly, a joint venture was established with Xiaomi holding a 49% stake. The joint venture named Chongqing Port Industrial Finance Big Data Industry Development Co. Ltd is Jointly owned by Xiaomi, Chongqing International Logistics Hub Park Construction Co. Ltd, Chongqing Hanhua Fuhui Technology Co. Ltd and Chongqing Welxi Smart IoT Co Ltd. The joint venture has a registered capital of CNY 66 million ( equivalent to $9.5 million). Xiaomi’s Vice President of Strategy is the CEO of the joint venture.
In 2018, Xiaomi launched a blockchain application called Xiaomi WiFi Chain mobile application. The application allows users to earn virtual rewards connected to a wireless network.
In November 2019, the head of Xiaomi fintech, Jiang Yogchiang, said at an event in Beijing that “blockchain is a workable solution for solving the pain points in supply chain finance that includes tracking payments and orders.” Experts opine that this statement hints at the area in which Xiaomi might apply its next blockchain-based solution.
Finally, Xiaomi has its crypto token launched on the Ethereum mainnet. It is called XCT and is implemented as an ERC20 smart contract.
Conclusion
Xiaomi is a tech company and mobile device manufacturing company that has continued to seek ways to explore the blockchain ecosystem. One of those ways is its patent filing that will power virtual characters.
Although there are few details about Xiaomi’s recently announced patent, industry players and enthusiasts have been speculating how Xiaomi might deploy blockchain technology in its products and services.
Author: Valentine. A, Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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