Chinese social network, Tianya, a well-renowned community for creating and sharing content across the country, is revamping its ecosystem by employing a blockchain-based framework at its core.
Tianya has announced that it will be launching it own local cryptocurrency for the community members named Tianya Token (TYT). As of now, more than 130 millions users will be able to get the benefits of using cryptocurrency for their convenience. Based on the contributions of the users to the community, Tiyana tokens will be awarded to them accordingly. The total amount of TYTs will be limited to a number of 90 billion as of now. These tokens can be used by the users to perform various transactions and payments within the circle of the community.
Tianya disclosed that it will be launching its new framework on August 8, 2018. It was stated:
After half a year of research and design, after many rounds of communication with users, the Tianya sub-system based on blockchain technology has taken shape, and will be launched on August 8th for the public.
Tianya also boasted the immense growth that it had attained in such a short time frame and expressed its enthusiasm towards employing the blockchain technology in its framework. It was announced that Tianya has been focusing on developing a decentralized peer-to-peer framework for the past six months in order to give its users the self-governance that they deserve.
It was also disclosed that a 80-20 proportion will be kept regarding the community reserves. 20% of the community reserves will be given to the team behind Tianya blockchain network as incentive, and for promoting further development of the ecosystem. The remaining 80% of the reserves will be given to the community on the basis of governance and content contribution to the community. It was also announced that the organization will be reducing release of its tokens over a period of 20 years.
Regarding the Tianya community, it was formed in China during 1999, and as of now, has its wings across the world, including the countries of Singapore and United States. As the blockchain technology erupts more and more on the global level, its incorporation in the industries is happening rapidly around the world. This step taken by the Tianya community is just another example of the advancements that are being made in the world of fintech.
The fintech industry, which combines the IT industry with the world of finance, is growing day by day on a global scale. Previously we have seen the inclinations of various well-renowned organizations, such as Hitachi, Singapore Airline, Korean Telecom, Careem etc., towards the blockchain technology. In an announcement of establishing a fintech innovation research organization in North America, Hitachi stated that:
FinTech, which combines IT and financial services, is attracting attention internationally as a new trend in society with the recent proliferation of mobile devices such as smartphones and the rapid development of technologies such as the cloud, big data and artificial intelligence.
The decentralized framework of operation on the blockchain network offers the users of this community with a structure that is not controlled by any central authority, reducing the risk of cyberattacks and information stealing. Regarding the security provided by the blockchain network, Seo Young-il, Vice President of Korean Telecom stated that:
Today’s internet is no more than a dump pipe unilaterally used by over-the-top content providers. By using blockchain technologies, data will be secured from hackers as transmitted through the unforgeable blockchain network and users will be transmitting their own data with one another based on trust with no need to rely on third-party OTT businesses.
Tianya announcing a cryptocurrency token does not come as a shock at all. We have seen the blockchain technology do wonders in the world of cryptocurrency, owing to the benefits of anonymity and decentralization that it provides, despite having a few loopholes regarding fraudulent and manipulative acts. It is, undoubtedly, the technology of the future. As stated by Seo Young-il:
Blockchain will be among the central technologies for digitalization in the “fourth industrial revolution.”
All in all, Tianya Token is just another use of blockchain technology in the financial sector, and it will surely provide its users with the ease of carrying out their operations within the community through the use of tokens, and will completely revamp the current ecosystem of the Tianya community as a whole.