Yoyow.org – A New Chinese Blockchain-Based Social Media Platform To Rival Steemit?
Steemit's Chinese dragon?
Some of members of the Chinese Bitshares community have started up a Chinese rival to Steemit in: http://yoyow.org/
The ICO took place last May 2016 and the group now aims to have a release version out within a few months.
Yoyow believes it can become the blockchain version of Facebook and Quora in China, and has high expectations for its own internal and external market share.
The platform is built on the Graphene framework that allows super-fast block times and an excellent consensus algorithm. The proof of flow (PoF) allows a greater rewards system for both content creators and curators. The annual inflation of their coins is said to be under 10%.
Compliance for content
Like the witness system on Steemit, Yoyow will a similar council based system, where they are elected by the stakeholders of the platform. With the exeception of removing blocks from the blockchain, the council will have every right to remove content from the site that violates the law.
Proof of flow (PoF)
All blockchain social media platforms need traffic, and this traffic brings advertisements and profits to the platform. The traffic that each user brings to the platform is a great indicator of how valuable that person is to the platform, thus they are rewarded with a higher reputation and higher payouts.
It'll be very interesting to see where Yoyow goes in the next few months, but at the moment it looks like a very niche blockchain exclusively for the Chinese market, but our own marketing guys could do well to keep an eye on them.
Steem on guys!
This is interesting
Thanks for sharing
Knowing China, 1 day if it becomes popular or used as a platform to express views against the Chinese Government. They could possibly ban it from the Chinese using it.
Who knows
They didn't embrace Bitcoin too well, so these guys will be heavily regulated too if things get out of hand. Who needs witnesses??!!
Yes I think you. I always worry about Chinesse goverment policy who to sentralize watch their people conduct. :)
Hello @mindhunter, why you say that ICO took place last May 2016 ? where is the source ?
The source is my mind, as I remember it happening being a blockchain enthusiast ... several of my Chinese friends are in on it too ... as well as me! ;)