We create a unique fingerprint (also known as a cryptographic hash) for each copyright record on Binded. The record contains the image file as well as the copyright owner's name and email.

To reduce transaction fees, instead of recording each individual fingerprint on the blockchain, we fingerprint a batch of fingerprints (technically, a Merkle tree) once a day and record it on the blockchain. This effectively timestamps all the fingerprints that were part of the batch.

In the near future we will release an open source tool that allows you to decode your record and verify your registration using the blockchain. 

Why not write an individual record for each copyright? 

The cost of transaction fees makes it infeasible. It's not economical to pay a transaction fee for every individual copyright in the world. 

A few startups tried before and quickly realized it was unrealistic. Then they created private blockchains. 

Why not use a private blockchain? 

Most things private blockchains do could be performed by a regular database with no added benefit. There's no need to add extra complexity. 

Bitcoin has a significant network effect. Because of all the people holding and using bitcoin, the mining incentive works well to insure that transaction go through without a central authority. Private blockchains don't have any method to make that work.  

We believe that the bitcoin blockchain will be the leading blockchain for the future and that it's best to support a single distributed protocol. 

However, long-term we're open minded. If it ever makes sense we will consider using a private blockchain. We're also open to using Ethereum. Especially when we start doing smart contracts.

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