Tianya, a Chinese social network boasting a base of 130 million users, and indeed a dominant platform in the country for the creation of content and knowledge, has made an announcement that it will now be looking into blockchain technology to restructure its ecosystem. The refurbished ecosystem will also host its own crypto-token named TYT, according to a recent notice.
The notice explains that the Tianya Community has grown exponentially in a very short time, thanks to its “netizen” self-organising model. After about 6 months of R&D, the community has launched the new crypto-technology to reconstruct its ecosystem and let everyone participate in its self-governance.
Tianya Community Network Technology, the service platform whose project the Tianya Community is, was founded at Hainan, China in 1999. It has branches all over Singapore and China, and the US as well.
The new TYT, or Tianya Token, will be the new accounting tender in the new system, and the limitations imposed will be 90 billion coins. Based on their contributions to the platform and the community, the tokens will be handed to the users, to primarily be used to make transactions within the Tianya community.
The platform plans to stock at least 20% of the tokens for team incentives, as well as work for the development of operations and the ecology. The remaining 80% of the TYT will be issued for the community. Participation in governance and content creation will earn the users rewards in the form of TYT. The release of the coins is scheduled to be decreased year by year, for a 20-year period.
Blockchain incubator and section of the Huobi crypto-exchange, Huobi Labs partnered up with Tianya back in May to build in the Hainan Province a “Global Cultural and Creative Blockchain Lab”. In order to support the crypto-industry globally, Huobi Labs has also started a billion-dollar industry.
Going by its “new era of Chinese socialism characteristics,” the Chinese government has also put forth the aim of economic reformation to the Hainan Special Economic Zone. The strategy has been created and promoted by President Xi Jinping himself.