Xiaomi launches Mi Credit in partnership with KreditBee; Redmi 6 spotted on TENAA listing; Qualcomm launches first Snapdragon 700-series chipset and Xiaomi Mi 8 leaked in live video. Watch more in this episode of Daily Tech Wrap with Danny D’Cruze.

The new system uses its cryptographic currency, the Mili tokens, which can be obtained as a reward for WiFi distribution, daily logging into an account, connecting new IOT devices, a review of Xiaomi products and much more. For Mili, you can buy Xiaomi products and exchange them for other virtual currencies.

In lieu of Xiaomi’s Milutong platform, the electronics bigwig announced the release of 2B (for the enterprise) Milutong platform and the 2C (for the individual) Xiaomi WiFi chain allowing users to earn blockchain reward “Mili”.

Xiaomi’s Wifi Chain, initially launched in April, is a new blockchain-based application which offers the chance to earn ‘mili’. ‘Mili’(rice grain, in translation) can be seen as the token in the Xiaomi ecology with limited supply and fixed daily output. It can be used for consumption and exchange.

The difficulty of earning ‘mili’ will increase as time goes by. Users can obtain it by logging on a daily basis, sharing WiFi network, connecting new IoT devices, experiencing Xiaomi Youpin, inviting friends to join it,using AI features to speed up the network,etc.

The launch of Mi Router allows ‘mili’ to circulate not only among individual customers, but also among institutional customers. Companies can also receive ‘mili’ bonus.

In March, Xiaomi has launched its blockchain game, Crypto Rabbits, which feed on ‘mili’. The game allows users to collect and breed digital rabbits, and with blockchain, every pet is unique in the world, cannot be copied, modified or destroyed by anyone.

Mili is Xiaomi’s new blockcain experiment to lure new users. At present, mili are gradually integrated into Xiaomi’s core products and numerous internet businesses. Prior to this, China’s ecommerce giant JD.com released a blockchain mini-program on Wechat, dubbed “Hash Manor” in which users can earn “Jingxin”, a token in the ecosystem for usage and exchanging gifts.

It remains to see whether Xiao’s blockchain product will spark a new wave of blockchain and cryptocurrency hype in China. But most of China’s internet companies, including Baidu, Alibaba, Tencent and NetEase have rolled out blockchain products.

The launch of the Milutong platform allows “Mili” to circulate not only in the C-end users, but also in the B-end users.

Previously, Xiaomi developed a blockchain game of crypto rabbits. It is a digital pet game developed by the Mi chain team, where users earned carrots or crypto rabbits on finishing the tasks.

Most of China’s internet companies are laying out blockchain products. Baidu Inc. launched its blockchain-based photo service Totem and unveil its Totem rewards, while JD.com Inc. uses the blockchain technology on food traceable system. Alibaba Group Holding Ltd. applied the blockchain technology to its donation platform. And Tencent Holdings Ltd. employed the blockchain technology for copyright, finance, traceability, etc.