|Creator||Qiang Liu, Jialing Liu, ZiCen|
|Creation Date||Q4 2017|
What is YoYow?
YoYow means “you own your own words”. Yoyow is aimed at helping content creators be fairly rewarded and monetized for the quality of their content. The more users’ content is liked, the more they are rewarded. This can all be done transparently by it being on the blockchain – all activity can be seen on the blockchain rather than just being censored or controlled by a centralized party.
On YoYow, only YoYow token holders are able to vote on content. The more YoYow tokens one holds, the more that vote counts for. There are however some limit in place to prevent users being able to buy tokens to overly influence on the platform– 1) regardless of how many tokens you hold, your influence cannot be greater than 35 times than other token holders and 2) you can’t vote as soon as you’ve bought the YoYow tokens, you have to have held them for a period before being able to vote on content.
Every token holder gets a YoYow wallet and every positive vote they earn for their content will earn them YoYow, which is sent automatically to their wallet. One can then send these tokens to an exchange and trade them for Bitcoin and thus fiat. It isn’t clear yet if content creators will get the full amount of YoYow rewarded, or if some are kept for the platform – for example, in Steem, the income is shared between the content creator and the platform and it’s not known if or to what degree this will be the case with Yoyow. The official site does not contain much information in English and the white-paper does not go into this level of detail.
The YoYow blockchain is built on Graphene, which means that its confirmations will be lighning fast, which is essential for such a fast moving social platform. They have also based it on PoF – proof of flow – a new consensus algorithm, aimed at better rewarding content creators.
One benefit of YoYow, over other decentralized content platforms, is that they have a Council, which will be elected by stakeholders of the platform – this council will have the right to remove any content from the blockchain that violates the law – providing that a majority vote is reached by the council. Whilst this removal from the blockchain goes against some of the principles of having content on the blockchain, it does also help ensure the longevity of the platform in a society governed by law enforcement, and can also help protect against some harmful or dangerous content.
YoYow’s own platform is already active (http://demo.yoyow.org). However, it is only in beta as now, and is in Chinese.
The YoYow token can also be used outside of the YoYow platform – YoYow provides a universal application programming interface (UAPI) to third-party developers and it is possible to add YoYow support to other forums. For example, one can create a WordPress site, for example, and still be able to monetize your content through YoYow.
The team behind YoYow bring a lot of experience from Chinese BitShares – the founders of the project being former BitShares China community representatives. On account of this, YoYow has several similarities Steemit, which is founded by same founders also behind Bitshares (and EOS ) – Dan Larimer – although YoYow only has one token.
The YoYow team are active on social media, but all of the platforms they use and pretty much all of the content are in Chinese. YoYow is aimed mostly at the Chinese market, and so mainly use WeChat and QQ to communicate with the community. All communication on these channels is in Chinese, currently, information in English is shared only through the official website and the Telegram group. Western crypto-communities seem to see it as a clone of Steem, but because of the population in China, it has good potential to grow substantially – purely because of the large potential Chinese userbase- although this is heavily dependent on the outcomes of Chinese crypto regulations. For the developers, it seems the Western market is not a priority, and YoYow would need a lot of marketing and translation to break into the West.
|ICO Date / ICO Price||May 21, 2017 / 1 YOYOW = 0.02 USD|
|Is The Coin/Token Live?||Yes|
|Current Value (Total)||$ 33.398.262|
|Available In||Can be used on all platforms / can be traded into other crypto-currencies and Fiat currencies via exchanges|
|Can Be Traded In||Binance, OKEx, Ethfinex, Open Ledger DEX, LBank, HitBTC|
|Can You Buy It With Fiat Money?||Yes|