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Recently, Beijing Baofeng Xinying Technology Co., Ltd., a subsidiary of domestic video portal giant Baofeng Video, reached a blockchain technology cooperation agreement with Qtum Quantum Chain. This is the first BCN (Blockchain) signed in the world.
Consensus
Network) network service agreement. Baofeng Xinying and Qtum Quantum Chain will conduct a series of cooperation in the deployment of full nodes in the blockchain network, the integration of blockchain and the video industry, and the construction of blockchain open source communities to jointly promote the commercial implementation of China's blockchain technology. and technological development.

Since its establishment in January 2007, Baofeng has been committed to providing Internet users with the simplest and most convenient Internet audio and video playback solutions. Its video decoder and audio decoder technology is in a leading position in the world. Currently, Baofeng Video has more than 200 million users and is a veritable video portal giant. Since Baofeng Group Co., Ltd. was listed in March 2015, its total market value has exceeded RMB 8 billion. As the vanguard of Baofeng Group’s entry into the blockchain field, BFC Boku Cloud launched by Beijing Baofeng Xinying Technology Co., Ltd. has received great attention since its launch, with more than 500,000 reservations. Its BCN service is the first in the world and can help regional Blockchain business quickly deploys massive full nodes.

In the future, Baofeng BFC Boku Cloud hardware equipment will support Qtum quantum chain and run more than 50,000 Qtum
PoS full node. With a large number of Baofeng BFC becoming full nodes of Qtum Quantum Chain, Qtum Quantum Chain will be built into a blockchain distributed network with the largest number of full nodes. Currently, the Bitcoin network and Ethereum network have approximately 10,000 nodes worldwide. Full nodes, this move will enable Qtum to have the most full nodes in the entire blockchain industry, providing a good infrastructure for Qtum’s technology upgrades and iterations in the future. Since Qtum is currently PoS (Proof
of Stake), the later network scalability will be much better than the existing POW network (Bitcoin and Ethereum), laying a solid foundation for the commercial implementation of blockchain.

In addition, the rapid development of blockchain has also made Baofeng aware of the huge potential contained in the combination of the video industry and blockchain technology. This time Baofeng Video will work with the Qtum Quantum Chain team to study the distribution, copyright protection, payment system, etc. of Internet videos based on blockchain technology, hoping to use blockchain technology to transform the creation of existing videos (movies, short videos) and distribution system, through new file formats and with the help of smart contract technology, the distribution and payment of videos can be unified, and video copyright protection and point-to-point transactions can be realized, promoting the transformation of the Internet from the information Internet to the value Internet in the content field. , reconstruct the existing Internet content distribution system.

Baofeng New Film CEO Cui Tianlong (former COO of Baofeng Group)

Regarding why Qtum was chosen as the first blockchain technology partner, Baofeng New Film CEO Cui Tianlong (former COO of Baofeng Group) explained: In fact, the basis of blockchain is the P2P network, and Baofeng itself is a P2P platform. Therefore, we pay more attention to the architecture. As the first PoS smart contract platform based on the UTXO model, Qtum Chain is very impressed by the security of the underlying layer and the flexibility of the upper layer. After communicating with the Qtum team, we found that the current ecosystem of Quantum Chain It is developing rapidly. There are already more than 50 distributed applications around the world, with an overall market value of more than 4 billion US dollars. We are very happy to have reached a cooperation with one of the best blockchain technology teams in this field. Both parties can complement each other's advantages and learn from each other. Promote the development of value Internet in China.

Regarding this cooperation, Shuai Chu, founder of Qtum Quantum Chain, said, "We are very happy to reach a cooperation with Baofeng. This is the first time that a listed company has cooperated with an excellent blockchain open source community. The rapid development of blockchain marks a change in social business models. , the information Internet has led the business model and wave in the past 30 years. We believe that blockchain technology will lead the business model and wave in the next 30 years. It is still in the early application and platform stages of the blockchain industry. We believe The value created by the Internet based on blockchain technology will be greater than the value created in the Internet era. I am very happy to see this happening.