Native Cryptocurrency Being Launched by Chinese Social Network Tianya

The Chinese social network The Tianya Community, with 130 million users and aims to create the country’s most influential content and knowledge platform, has announced a blockchain-based initiative to rebuild its ecosystem.

The Tianya Community has grown rapidly over the last few years with a “netizen” self-organizing model. Following 6 months of research and design, the community has utilized blockchain to allow each citizen (“netizen”) to participate in the community’s self-governance.

Launching on August 8, the new ecosystem will use the token TYT. The Tianya Token will be the only accounting voucher under the new ecosystem and tokens will be primarily used to complete transactions within the community. 80% of the tokens will be allocated for community awards. Users will receive tokens based on their individual contributions to the community including governance and content creation. The community will reserve 20% of TYT for team incentives and development. The tokens are limited to 90 billion tokens.

The Tianya Community is one of several projects of Tianya Community Network Technology Co., Ltd., a service platform founded in 1999 in Hainan, China. TCNT has branches in China, Singapore, and the United States.

The Tianya Community has signed an agreement with Huobi Labs, a blockchain incubator that is part of the Huobi cryptocurrency exchange. The agreement will lead to the creation of a “Global Cultural and Creative Blockchain Lab” in Hainan Province.

Huobi Labs also launched a billion-dollar fund to support global blockchain industry growth.

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