Chinese Social Network Tianya to Launch Cryptocurrency

Tianya, one of the most popular Internet forums in China has announced to launch its own cryptocurrency. The Chinese social media network is ranked by Alexa as the 24th most visited site in the People’s Republic of China and 60th overall. It was founded on 14 February 1999.

After thorough research and design and communication with its users, the company will launch blockchain technology based cryptocurrency  known as TYT on August 8th for the public.

In its blog post, company said ,

Tianya is divided into Tianya Token (referred to as TYT). TYT is the only accounting vouchers in the blockchain ecosystem, limited to 90 billion, and community users will receive TYT awards based on their contribution to the community. As the medium of value transfer, TYT is mainly used to complete various transactions and payments within the community.

The social media giant provides blog, microblog and photo album services. Politicians have also used its platform to campaign, answer questions from constituents, and gather grassroots support. The blog post further stated that,

Tianya Drill is a privileged prop of Tianya Community. It is a symbol of identity and value digitization. It is used to carry Tianya’s new community governance structure and user value system. The total sales amount is 900 million pieces, 50% for sales and 50% for user incentives. In order to control the circulation of the Tianya drill and ensure the stability and improvement of its value, the Tianya drills consumed in the community will be destroyed.

The community reserves 20% for team incentives, development and other operations purposes. 80% rewards are for of community behavior, rewards for users to participate in original content creation and community moderation, researchers and contributors. It has not yet disclosed on what platform its cryptocurrency is being created.

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