Glance at China-based Star Grade Blockchain Project: YOYOW
In March 2017, the YOYOW project was officially launched. It is a blockchain-based content value network on the basis of Graphene. Named from “You Own Your Own Words”, YOYOW brought out the concept of PoF (Proof of Flow): By establishing a fairer and more rational content-generated value distribution mechanism, the content producers and platform developers can be provided with incentives and reciprocal returns.
In a nutshell, it is a platform for content creation and sharing platform based on blockchain technology. Any content platforms, regardless of their themes presented in the format of text, video, image,audio or live broadcast, are eligible to create the corresponding content-oriented value system through the YOYOW network.
YOYOW is a media DAC (Distributed Autonomous Corporation), that uses blockchain technology to record stock equity and assets fluctuation. This process runs automatically on a setting algorithm.
YOYOW is just like other traditional media platform which can be easily accessed. The only difference is the content producers’ profit will be determined by users’ decision making. The construction of the eco-system and the growth of the community are also rely on their users.
YOYOW uses POS+DPOS and users can become a witness and get token rewards either by pledging token into YOYOW network or obtain votes from YOYOW users and then running a node to process transactions for YOYOW.
This mechanism also brings out the issue of incentives distribution. Shareholders may be an option, but there are also few disadvantages: Investors may not be entirely consistent with the specific community users which may lead to lack of impartial judgment. There are also huge gap of weight of shares, however, people’s judgmental ability has little to do with the stock. In doing so, the power rent-seeking behaviour may be hard to be curbed.
In order to reward valuable content and stimulate the producing of more high-value content, YOYOW divides the equity into two parts, yoyo and words:
- Represents stock equity, sharing system revenue
- Free transfer and trading
- Making big decision for the platform through voting, e.g. council elections
- Diluted rights for stock equity- as the release of words, weight of stock right has been diluted gradually
- Represents judgmental right, exercise of approval and objection rights
- Non-transferable, non-transactionable, non-reversible
- Ways to obtain includes gift and air-drop
- Different productions have different ways of distribution
Both yoyo and words have the right of approval, as the number of products and users keep increasing, the voting weight of words is gradually enhanced, which will dilute yoyo’s power.
The distribution mode of Words is determined by the Board of Directors and can be generated by modes such as airdrop, gift, distribution, and purchase.
While most of the blockchain projects have run aground, YOYOW is keep moving on its way of blockchain development. Since the launch of the YOYOW project in March 2017, YOYOW has released the Demo website and operated the DEV network, and YOYOW officially released its mainnet on Github on September 6, 2017.
In the following year, YOYOW released the middleware and platform plugins, officially implemented the first application Biask into the YOYOW public blockchain and released a new “Fan Xing” version with token release feature. In August, Binance supported the YOYOW mainnet swap and YOYOW-WeCenter Special Edition was released.
The work team of YOYOW is contributed of over 10 core members, which includes two underlying technology developers, three front-end developers, product managers, media operations, public relations, and other blockchain industrial leaders as product consultants.
Liu Qiang, founder of YOYOW and HelloBTS, he is also a contributor of BitShares community. Xiaoshan, core developer of YOYOW, has earned a PhD in electronics, is familiar with Graphene-based projects and is in charge of YOYOW system level data modeling and parameter design. The other developers are also well-experienced in technical support in Yoyow and Grapheme.
At present, the YOYOW team is in contact with a number of projects in content industry to accelerate the implementation of the project.