I am back after 2 months hiatus. I am back to share a piece of great news regarding a new cryptocurrency! And I see great potential in this cryptocurrency!
YOYOW is not only a new cryptocurrency but is also the main currency used to pay content creators at its very own a paid-to-post platform. In some aspects, it is quite similar to steemit, a paid to post platform and pay bloggers in steem dollar and steem but again not quite. Let’s look at some similarities and the differences.
1. Hosting of the content
The content is stored on the YOYOW blockchain and the multimedia content such as images and videos will be stored on the InterPlanetary File System (IPFS) network. The underlying technnology is Graphene which is also the same as steemit and gives confirmation speed similar to to lightning.
2. Main revenue stream
YOYOW explores a more efficient mechanism than steemit to reward original content creators. You might recall a previous article which i wrote on steemit.
In particular, i quote myself
Bringing this discussion back to the payouts of content, it seems that there is no consensus on how much content should be paid at steemit. When no consensus can be reached, people disagree with one another reaching individual’s conclusion that “this post should be paid so much” or “this post got too low payout”. This is inevitable because it is difficult to gain consensus among such a big group of community members on how much payout is reasonable. Sometimes, emotions even run high when some whales proceeded to downvote/flagged posts which, in their eyes, do not deserve such high payouts or they simply do not agree with the content. (Downvotes/flags from whales reduce the payouts significantly) In particular, even when you invested in the platform and upvoted your favorite author, your favorite author might not win votes from other whales. This greatly deters any investment in this platform.
In short, the gamification aspect is missing from current steemit platform due to the high stakes of whales choosing who to get the most rewards. And this is making a very skewed trending page for steemit. Currently, steemit is also currently doing some sort of “no whales upvoting” experiment. It has some success to some extend but i am afraid that it is not a long term solution for steemit as a sustainable paid-to-post platform. Steemit is only dependent on investors buying steem power. If investors don’t buy the game, it is unlikely for steemit to stay as the current state unless there is a drastic change in their voting algorithm. On the other hand, YOYOW plans to depend on advertisement and companies who want to put up advertisements has to buy YOYOW.
3. Content type
At steemit, it is mainly casual blogging – lots of content on different subjects ranging from life, science, cryptocurrencies, politics, travel, etc. YOYOW aims to establish itself as a blockchain Quora. IMHO, a Q & A platform is valuable than a casual blogging platform because someone need to know an answer to his/her question (which is unlikely an answer hard to google for) and someone who has the specific knowledge and experience can provide the best answer and also the most valuable answer. Both parties participate in such a platform, interact, one get their answer, another show off his/her knowledge and expertise, and both get to earn YOYOW.
4. Virtual proof of Work (vPoW)
Its coin distribution scheme is based on virtual Proof of Work (vPoW). What does this mean?
First, there is no ninja or secret mining like what happened in steemit’s case where the early miners have a huge advantage and hence have a huge say on who to get most blogging rewards.
In this new mechanism, a certain amount of tokens are created everyday in a curve that calculated from a specific algorithm. All of these tokens will be distributed to investors according to the proportion of shares. However, to get these tokens, investors need to send a certain amount of fund to a designated account which belongs to the developers’ team. The newly created tokens will be released to the investors according to their proportion of their shares linearly.
This means there is more fairness in obtaining the first few coins being created. Anyone with no technical knowledge in mining or running a script is able to obtain some of these coins via ICO.
The initial coin offering (ICO) where you can be the first few investors in this platform will be somewhere in the middle of April at yunbi. So do watch out for YOYOW and yunbi space.
To understand more about YOYOW, you can go to the following links.
YOYOW white paper in english: YOYOW white paper in english
If you are proficient in Chinese mandarin, this is the white paper in chinese: YOYOW white paper in chinese
YOYOW has already started trading at btsabc, so watch out for YOYOW volume moving next month too!
If you are interested in joining YOYOW as an early content creator, email me at firstname.lastname@example.org and indicate your interest 🙂
And there are more reasons to join YOYOW. Will release Part 2 next week. Watch out for my blog if you are interested in knowing more about YOYOW.