China Sees Tianya Crypto Launch
Among the earliest and famous social networks in China, Tianya Club is attempting to reverse a dropping user base activity by creating and launching its own cryptocurrency. Created in 1999, the online forum is deploying the TYT in August. The new token is meant to provide original content suppliers with incentives like a reward system and joining the community services and operations.
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In addition to all the services and bonuses it provides its users with, Tianya Club will also be an exchange and pay service. 20% of the 90B token hard cap will be put aside for the company’s team and 80% will go to the community. No official reports or announcements have revealed whether the token can be traded and what blockchain the company will be developing on.
The Tianya Diamond, the company’s non-blockchain coin seems to have benefited from the launch and was deployed in 2017 following China’s anti-solicitation ban towards tokens. As the company stated, a required amount of TD is needed in order to acquire TYT through various activities within the community.
The company’s Diamond was released at the end of last year, acting as a user token for gifts and other purchase services. TD’s hard cap is set to 900M in total. TYT is awarded through voting and handed over to any original content providers with the highest votes. Ask the forum struggled and has been seeing continuous drops in activity and revenue, the reward system may provide a way back.