Tianyan Club Social Platform Launches Blockchain Tianyan Token (TYT)
Tianyan Club is one of the oldest, and formerly one of the most popular, platforms for social interaction online in China. They were founded in 1999, and they decided to expand the reach of their forum by adding a new cryptocurrency of their own.
The crypto platform is based in blockchain technology, where consumers will have access to the Tianyan Token (TYT) by August 8th. Users of the social network will receive the tokens as a reward for submitting original content, but also for participating in activities on the platform. These tokens can be used in exchanges or payments.
At the moment, the company is planning on creating 90 billion tokens (hard cap). Though 80% will be distributed to the community, the other 20% will remain with the operational teams. At the moment, Tianya still seems reserved about telling their users what the blockchain is built on, which means there is no way to tell if the tokens can be traded with other exchanges. Furthermore, there is no way to measure its value yet.
Along with the launch of the cryptocurrency token, the announcement seems to be garnering interest in the existing non-blockchain token on their platform, which is Tianya Diamond. This token has been around since late last year, which was seemingly in response to the ban on blockchain-based solicitation by the Chinese government.
In the announcement today, the only users that have access to the TYT tokens are those with a certain number of Tianya Diamonds already. Additionally, those token holders have to play a role in specific activities in the community, like moderating the threads.
When Tianya Diamond was promoted back in December, it was meant to function as a utility token that is intertwined with collectibles and gifting. However, back then, the company promised that the token would have “more use cases in the future.” The hard cap for Tianya Diamond is much smaller than that of the TYT, only offering 900 million right now. However, it is available for purchase on WeChat, for users that can exchange Chinese yuan for it.
The only way to earn TYTs with original content is with votes from the community. The number of tokens awarded is directly correlated with the votes from other TYT holders. This new release seems to be an effort to gauge more interest from the online community, following a recent loss of popularity a revenue. Though the site recently ranked at #11 as the most visited website in 2015, the most recent ranking shows that it is now at the #24 position, losing out to bigger social networks like Baidu Tieba.