Natural Barcodes (GSoC Project)

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Hi! I'm applying for Natural Barcodes project mentioned in the suggested projects list on OpenCV GSoC'14 page. Copied here for reference:

Natural barcodes:
Mentor: Gary Bradski
    OpenCV can read calibration patterns.
        Calibrate a camera,
        rectify it's output.
        Put a picture next to a calibration pattern in a scene.
        Find 2D interest points with features2D.
        Measure them in the image using the calibration pattern.
        Use the pattern of interest points and their measures to turn the picture into a calibration pattern/barcode so that the computer recognizes the picture and knows where it is in relation to the image.
    Stretch goal, embeded and retrieve watermarks in the image.

I am planning to solve it as follows:

1. Compute homography between object image and the scene, using 2d-2d correspondences
2. Compute camera pose (using something like in the answer here)

The obtained camera matrix can then be used to add objects to the scene, with respect to the camera. It can be quite useful for AR applications.

Am I correct in my understanding of the problem and solution. Also, can someone please clarify a bit on the embedding watermarks part? Thanks!