Tianya Community of China To Launch Revamped Blockchain Platform
China’s Tianya Community, a social network of 130 million users, aims to establish the country’s most instrumental platform for quality content and valuable knowledge creation. In this regard, Tianya is planning to reconstruct its ecosystem based on blockchain.
The blockchain based platform is planned to be launched on Aug. 8. Furthermore, the platform will make use of a native token, named TYT for various purposes within the ecosystem. The information was revealed through a notice issued by Tianya to the community.
Blockchain based platform
The Tianya Community has realized breakneck growth in a span of few years with its “netizen” self-managing model. Following six months of research and design, the Tianya community is on the verge of completing its blockchain based platform that will allow each citizen to take part in the community’s self-governance.
Tianya Community Network Technology Co., Ltd., is a service platform established in 1999 in Hainan, China. The Tianya Community is one of the several projects of the company that has branches throughout Singapore, China and the United States.
The new ecosystem will not accept any other token other that Tianya (TYT) within its blockchain based ecosystem. Overall, 90 billion TYT will be available for distribution. The platform users will receive TYT based on their assistance to the community.
The TYT tokens will mainly be used to perform transactions within the community. 20% of TYT will be reserved for team incentives, as well as publicizing the operation and overall ecological improvement. Furthermore, 80% of the TYT will be set aside for community behavior rewards. Tianya community members will be appropriately rewarded for taking part in the governance and creating content. The token release will continue for 20 years, with a progressive decrease in the number of tokens being released. The notice issued by the community describes the rules that will be followed for the release of the tokens.
Huobi Inks Deal
Huobi Labs, a subsidiary of Huobi cryptocurrenecy exchange, inked a deal with the Tianya Community in May to create a “Global Cultural and Creative Blockchain Lab” in China’s Hainan Province. The blockchain incubator also launched a billion-dollar fund to support the blockchain industry globally.