Chinese Reddit counterpart to release its own cryptocurrency token
One of the oldest and most famous social platforms in China is launching its own cryptocurrency token, hoping in this way to restore the fallen user activity, writes CoinDesk.
Founded in 1999, the Tianya Club Forum on Wednesday announced that it will launch the Tianyan Token (TYT) on August 8, which will honor creators of original content and active community members. It will also serve as a medium of exchange and settlement..
The volume of emission of the new token will amount to 90 billion TYT. 20% of them will be taken away by operational teams, and 80% will go to reward users.
So far, the project has not announced which blockchain its token will be based on. In addition, it is unknown if TYT will be available for trading on third-party platforms and how its value will be determined..
With the launch of TYT, the company also hopes to increase interest in its other token, Tianya Diamond, which does not use the blockchain. It was launched at the end of 2017 just a few months after restricting cryptocurrency trading in China..
According to today’s announcement, only those users who already hold Tianya Diamonds tokens will be able to earn TYT by engaging in certain activities on the platform, such as moderating topics..
Tianya Diamond is a centrally issued token that can be used to create collectibles or gifts. In the future, the company promises to expand its applications. Tianya Diamond’s emission volume is limited to 900 million units, and it can be purchased via WeChat for Chinese yuan.
The company’s decision to issue a token on the blockchain appears to be an attempt to revive interest in its platform in light of the decline in revenues caused by the decline in popularity..
According to Alexa, Tianya Club is currently the 24th most visited website in China, while it was ranked 11th in 2015.
Opinion: The problems of Chinese miners contribute to the rise in the price of bitcoin…
Bitmain plans to release new flagship miner ahead of Bitcoin halving Bitmain mining company finds itself in financial trouble…
Bitwise Asset Manager Applied For Cryptocurrency ETF The American company Bitwise Asset Management has filed with the SEC and…