Chinese Social Forum to Launch Native Cryptocurrency
July 30, 2018
The Chinese Internet forum Tianya Club, one of the top 25 most visited sites in China, announced the launch of its native cryptocurrency dubbed Tianyan Tokens (TYT), which will be utilized for rewarding users of the platform.
According to a post in the official blog of the company, the total amount of TYT tokens will be 90 billion, 80% of which will be distributed among users, while 20% will remain in the company for its operational financial needs.
It is also reported, that the company will issue another token, Tianya Diamond, but it will not be a crypto one. Users of Tianya Club will be able to receive TYT only if they have enough Tianya Diamond tokens.
The post says:
"After half a year of research and design, after many rounds of communication with users, the Tianya sub-system based on blockchain technology has taken shape, and will be launched on August 8th for the public."
Other details of the new cryptocurrency remain undisclosed at the moment, however TYT will be related to forthcoming Tinaya's ICO. It is still unclear, how the company will conduct an ICO, since this type of fundraising is prohibited in China.