On 25th July, the Tianya, a Chinese social network, announced a blockchain based initiative to rebuild its ecosystem. It has a user base of 130 million and is aiming to create China’s most influential platform for content and knowledge creation.
According to the Tianya’s recent notice to the community, the launch of the ecosystem has been scheduled for 8th August and will produce its native blockchain based token ‘TYT’.
The “Tianya Community” is one of the few ventures of Tianya Community Network Technology Co. Ltd., an administration stage established in 1999 in Hainan, China. The company has branches in China, Singapore, and the United States.
The Tianya Community has accomplished quick development in only a couple of years with its “netizen” self-sorting out model, the notice stated. The community group, following a half year of research and configuration, has enabled blockchain innovation to rebuild its community. This enables every user to take part in the network’s self-administration.
TYT, the native token of Tianya, will be accountable vouchers under its ecosystem and will be limited to 90 billion tokens. The outstanding aspect of the token offering is that TYT will be given to users on the basis of their contributions to the community.
Initially, the token will be used to transact statements amongst the users of the community. Around 20% of the TYT tokens will be reserved by the community for incentive purposes and for the promotions of ecological advancement.
About 80% of the TYT tokens will be kept for the distribution to the user community on the basis of their contribution. The users will be rewarded for participation in creating content and providing knowledge to its fellow users. Tianya states to decrease the number of tokens release every year over a period of 20 years. The notice includes an explanation of the rules by which tokens will be released to participants.
In the notice, Tianya also mentioned about a drill to be destroyed in order to stabilize and improvise its value. It stated:
Tianya's Drill | Source: Tianya
Tianya’s Drill | Source: Tianya
Recently, Huobi Labs, a blockchain incubator that is part of the Huobi cryptocurrency exchange, signed an agreement with the Tianya Community. This agreement was to build an international cultural and creative blockchain lab in Hainan Province. Huobi Labs also launched a billion-dollar industry fund to support the blockchain industry globally.
Huobi Labs, a blockchain hatchery that is a part of the Huobi digital money exchange platform, consented to an arrangement with the Tianya Community. The arrangement was to assemble an international cultural and inventive blockchain lab in Hainan Province. Huobi Labs likewise propelled a billion-dollar industry reserve to help the blockchain business grow globally.
The Chinese government under its established mission of “new era of Chinese socialism characteristics” had assisted the Hainan Special Economic Zone with financial transformation. President Xi Jiping of China had planned, executed and promoted this national strategy.