Chinese Social Network Tianya is Launching a Native Cryptocurrency

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The Tianya Community in China, a social network of 130 million users that seeks to create the country’s most influential platform for content and knowledge creation, has announced a blockchain based initiative to rebuild its ecosystem.

The new ecosystem will launch on Aug. 8 and will make use of a blockchain based token, TYT, according to a recently posted notice to the community.

Redesign Initiative

The Tianya Community has achieved rapid growth in just a few years with its “netizen” self-organizing model, the notice stated. The community, following six months of research and design, has deployed blockchain technology to rebuild its ecosystem to allow each citizen to participate in the community’s self-governance.

The Tianya Community is one of several projects of Tianya Community Network Technology Co., Ltd., a service platform founded in 1999 in Hainan, China, and has branches throughout China and Singapore, as well as the United States.

The Tianya Token (TYT) will be the only accounting vouchers under the new ecosystem. There will be a limit of 90 billion tokens. Users will receive tokens based on their contributions to the community.

The tokens will primarily be used to complete transactions within the community.
The community will reserve 20% of TYT for team incentives, as well as promoting the operation and ecological development.

Eighty percent of the TYT will be allocated for community behavior rewards. Users will be rewarded for participating in governance and creating content. The release of tokens will be reduced every year over a 20-year period.

The notice includes an explanation of the rules by which tokens will be released to participants.

Also read: Chinese crypto giant Huobi launches billion-dollar blockchain fund

Huobi Labs Lends Its Support

Huobi Labs, a blockchain incubator that is part of the Huobi cryptocurrenecy exchange, signed an agreement with the Tianya Community in May to build a “Global Cultural and Creative Blockchain Lab” in Hainan Province. Huobi Labs also launched a billion-dollar industry fund to support the blockchain industry globally.

The Chinese government, meanwhile, under its “new era of Chinese socialism characteristics,” has provided the Hainan Special Economic Zone a mission of economic reformation. The national strategy was planned, deployed and promoted by President Xi Jiping.

Featured image from Shutterstock.

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