YOU OWN YOUR OWN WORDS---YOYOW FAQ

yo-yow (50)in #steemit • 8 years ago

What is YOYOW?

YOYOW is a blockchain based media content producing and sharing platform, named from“You Own Your Own Words”. By rewarding content producers, YOYOW accumulates high quality content and develops its own community.
Simply speaking, YOYOW is a decentralized Question&Anwser plus knowledge sharing platform.

Compared with traditional medial platform, what pain points YOYOW have resolved?

 Users on traditional media platform contribute to the platform but get no monetary reward.
 High quality content on traditional media platform tends to be buried by trash contents over time.
 The expense of managing a traditional platform is high.

Compared with traditional medial platform, what’s special for YOYOW?

 YOYOW rewards content producers
 YOYOW encourages users to select and promote high quality content and rewards these users
 YOYOW gives all the users the power of voting and encourages the whole community to take part in the management.

What are the most innovative features of YOYOW?

 An article can be set as investment mode to encourage good content digging and sharing, and the initial price is determinate by the author. If other users like this article and invest on this article, any potential profits coming from this article will be shared between the author and investors.
 Advertiser can reduce their cost by making high quality advertisement, because even advertisement can be liked and upvoted by users.
 Light applications will add more scenarios for consuming tokens

Why YOYOW is blockchain based?

Blockchain is a distributed database that maintains a continuously-growing list of ordered records called blocks. By design blockchains are inherently resistant to modification of the data — once recorded, the data in a block cannot be altered retroactively. This is what YOYOW needs as a media content producing platform.

What is the business model of YOYOW?

YOYOW can be looked as a media platform, and the tokens are actually the shares of the whole platform. Part of the shares will be distributed to the contributors, who are platform builders, content producers, diggers and promoters, to encourage users to produce more high quality content, thus attracting advertisers and content purchasers. All income of the platform will be distributed to share holders.

How the contribution is evaluated and how the profits are distributed?

A fixed amount of tokens are released daily, and they are distributed among all users according to the contribution. The contribution evaluation mechanism is based on voting, in other words, it’s all decided by shareholders. To note that initial shares owned by developers' team will not participate the voting.

What are the rights and interests of shareholders?

Similar to traditional corporations, shareholders have the right to:
 Share all profits from all kinds of platform income, including advertisement and content selling
 Vote for committee to determine the major change of system parameters
 The difference with traditional corporations is all the operations are transparent and in real time on blockchain, which is much more reliable and efficient.

What are the profit model of YOYOW?

As a decentralized autonomous corporation(DAC), YOYOW is designed to feed itself by the following means:
 Advertisement: Advertisers need to buy and burn YOYOW tokens to post their advertisement.
 Transaction fee: trading, market prediction and internal gaming all produce transaction fee.
 Premium member service: YOYOW will provide value-added service by means of system plug-in. Free users need to buy the service to become premium member.

What about the content regulation?

YOYOW is designed to obey local laws, therefore, the content regulation is necessary. Specifically, YOYOW maintains the display of content by means of:
 Illegal content will be recognized by certain algorithms and be filtered out on front end UI.
 Shareholders can downvote illegal content to make it not displayed on UI.
 Blockchain fork could be exploited for severe violation of rules.

What’s the difference between steemit and YOYOW?

 For bottom layer implementation, both are using Graphene toolkit.
 YOYOW focus on Chinese community where the influence of Steemit is weak.
 For the product logic, steemit is more like a blockchain version reddit, whereas YOYOW is more like a blockchain verison Quora.

How the data of YOYOW are stored?

All text and link information are saved on blockchain.
Pictures, videos, songs are saved on centralized server. Also, IPFS network is another choice for better security and privacy.

Is YOYOW decentralized?

In terms of content regulation, YOYOW is centralized.
In terms of shares distribution and managing, YOYOW is decentralized.
After YOYOW survive the early stage, it will aim to gradually get decentralized to become a DAC.

How the tokens are distributed?

The details of total amount and distribution mechanism will be announced together with ICO plan, please be patient. After all tokens are distributed, the investors, the developers and content rewards will occupy 1/3, respectively.