Tianya club, one of China’s top twenty-five social networking site with 130 million users has recently announced an initiative to rebuild its eco-system by blockchain. It is believed to create the most influential platform for knowledge creation and content.
According to a recently posted notice to the community, the eco-system will make use of the blockchain based token, TYT, that will be launched on August 8. With its ‘netizen’ self-organizing model, the community has faced rapid growth in a few years. In six months, the company deployed a blockchain technology allowing each citizen to take part in its community’s self-governance.
A post confirmed, “After half a year of research and design, after many rounds of communication with users, the Tianya sub-system based on blockchain technology has taken shape, and will be launched on August 8th for the public.”
Moreover, Tianya revealed that its 90 bln Tianyan Tokens (TYT) will function as a rewards system and will run parallel to its existing Tianya Diamond token, which is not cryptographic. Also, these tokens will be received as per the contributions made to the community by the users. And their primary use will be to complete transactions within the community itself.
While 80 percent will be supplied to the members on the basis of community behaviour reward. The remaining 20 percent will be for team incentives, promoting the operation and ecological development.
The technical specifications are yet to be disclosed. However, the release comes as Initial Coin Offerings remain locked down in China.
Established in 1999, Tianya Club is one of the most popular internet forums in China. Till 2015, it was ranked as the 11th most popular website by Alexa rankings in the Republic of China. After which, it saw a steady decline in its popularity due to growth in other social media platforms. In a bid to attract its lost customers, Tianya had announced the launch of its own cryptocurrency named TYT.