Bitcoin, Cryptocurrency And Blockchain News

China’s Popular Social Network Plans to Launch its Own Crypto Token


Tianya, China’s social network that provides forums, blogs and other products, has announced that it will launch the Tianya Token (TYT) on August 4th, 2018. Tianya has chosen cryptocurrency and blockchain technology because it plans to create an ecosystem where every individual will be allowed to grow and contribute to the platform.

According to the official announcement, Tianya has spent six months researching the new technology. A total of 90 billion TYT tokens have been created; they will be distributed to Tianya users based on the level of their engagement and contribution.

As the medium of value transfer, TYT is mainly used to complete various transactions and payments within the community.

Tianya will set aside 20% of the tokens for “team incentives”, marketing and other operational costs. The rest of the tokens will be distributed to the community evenly.

31% of these tokens will be reserved for content creators, whereby the value will increase by 1% annually over the next five years. After that, the value of the distribution will be fixed at 36%. Users who post content that is voted by the community will get more tokens. The distribution of tokens for voters is the same as content creators.

Moderators, volunteers and other community members will also be rewarded for their work. Tianya plans to improve this system once it launches the TYT tokens.

Tianya, founded in 1999, is famously known as the Reddit of China. The company has offices in Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Xiamen, Qingdao, Singapore, and Silicon Valley, among others. It entertains more than 130 million users, with over 250 million monthly hits.

Meanwhile, China continues to ban cryptocurrency-related activities such as crypto mining, ICOs and crypto exchanges. Even though Tianya is trying to increase its sales by bringing blockchain into its platform, users will have to wait and see how the Chinese authorities will respond to this development.