YOYOW, derived from the phrase ‘You Own Your Own Words’ is one the most interesting blockchain based startups from China that are aiming to create a podium for content creators where they could get compensated fairly for their work. The YOYOW token which is going to be the fuel for this podium has already bot trading on some of the world’s largest exchanges like Binance, HitBTC and the OpenLedger Decentralized Exchange. YOYOW just announced their partnership with Bitfinex which is the world’s largest Bitcoin exchange by volume.
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Bitfinex Brings More Volume
Since the announcement six days ago about YOYOW launching on Bitfinex, Daily Volume for YOYOW tokens has gone up significantly. This makes sense spil Bitfinex is one of the largest Bitcoin exchanges ter the world. Following the launch, Bitfinex has accounted for about 30% of the daily trading volume of YOYOW worldwide causing YOYOW to klapper its all-time high price of 48 cents on December 6, , before correcting to its current price levels of 27 cents. Before the announcement, the YOYOW token wasgoed trading at around 12 cents on Binance, so the addition to Bitfinex almost quadrupled te price te less than two days after being listed.
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YOYOW’s webstek claims that the largest social media platforms ter the world, like Facebook, Twitter and Reddit benefit from the content that their users generate spil that content brings massive traffic to thesis websites which translates to billions of dollars te annual profits. However, thesis content generators do not have ownership of their work and are not compensated monetarily for it. This is the problem that it proposes to solve with their prototype of content-generated income where content creators get paid te “money and shares.”
From their latest Bitfinex announcement the team behind YOYOW claims that “YOYOW is a blockchain based content network that aims to quantify contributions and distribute prizes to participants via the content creation sector.” What this means is that they are programma to create a fresh type of payment prototype for content creators that will be the onderstel of the creator’s content-generated income. This will permit for the creation of a value network which is based on the users’ ratings of the content and which is not limited any particular type of content. Their primary concentrate is going to be websites and applications but creators of text, movie, photo, audio and live broadcast, etc., are also eligible to take part ter the content-generated income prototype.
To accomplish this feat, YOYOW is constructing its Proof-of-Taste (PoT) algorithm which will serve content based on a user’s likes and dislikes and accordingly compensate the content creator based on the user’s evaluation of their content. The YOYOW token is going to be a crucial part of this monster spil it will be used to give particular weight to the content based on the rating and will help the podium “achieve value transmission spil a medium,” according to the whitepaper. YOYOW’s use of the blockchain technology ensures that YOYOW is tooled all advantages inherent to blockchains including decentralization, security, privacy protection and ultimate ownership by the users.
Content-Generated Income Prototype
The content-generated income monster is at the heart of the YOYOW toneel and consists of three main groups of actors: the users, committee and the authorized registrars.
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Users are the lifeblood of the podium and can publish, repost, comment, prize and grade content on various platforms quiebro similar to how comments on Reddit work. The primary task of the Committee is to oversee the management of this network. Committee members are elected by users and have the power to bring forward proposals and vote for resolutions. The Committee appoints authorized registrars. Unlike with BitShares or Steemit where anyone can open an account and commence earning money, ter YOYOW one vereiste finish registration procedures with an authorized registrar to open an account te YOYOW network. Additionally, the authorized registrar is entitled to grant/withdraw such account holder’s right of posting anything on platforms and verify/take back the account name (apelativo). This is to ensure that the toneelpodium doesn’t get manhandled by malicious actors and is similar to how most subreddits have moderators who work to ensure that the community rules are being enforced.