China may have banned bitcoin, but various companies are still supporting the cryptocurrencies. The recent proof of this can be considered as the declaration of the new crypto token by country's popular social network Tianya Club. The social network is well-known as China's Reddit started way back in 1999. In order to maintain its own decreasing user base, the firm is launching its own token.
Tianya Club declared in an announcement that, it will launch the new token known as Tianyan Token (TYT) on 8th August in order to rewards it's site contributors who share interesting content. The main aim of this token will be to rewards its original content distribution and engage in different community activities which will be meant for exchange and payment.
The hard cap set by the firm is 90 billion tokens. Out of which 20% will be utilized for the company's operational teams and the rest 80% will be distributed among the community. Apart from this, when we talk about blockchain, the firm hasn't made any declaration. We also don't know the Initial value of the coin and whether it will be available for trade on exchanges or not.
The new token launch will also attempt to support the other non-blockchain token which was released by Tianya Club last year. The firm launched Tianya Diamond which can be utilized as a utility token for collectibles and gifting, with the promise that the company will add “more use cases in the future.
Currently, the new TYT tokens will be issued to the community members who take part in several community activities and also hold some amount of Tianya Diamonds. However, the firm has not provided the threshold amount of Tianya Diamond require to get free tokens.
With the launch of the new token, the future of the Tianya Diamond seems to be unpredictable. However, soon users will be able to purchase tokens from WeChat by using Chinese yuan. All the users who want to earn TYT token by sharing original content to the forum, the rewards they get will be solely dependent on votes they get from the other TYT holders.
The new token is specially launched in order to restore its decreasing user base and engage users to perform new tasks. Let's hope that the company is able to earn more popularity by the token.
