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YOYOW FAQ
YOYOW is a blockchain based media content producing and sharing platform , named from “You Own Your Own Words”. By rewarding content creators, YOYOW generates high quality content and develops community of knowledge.
The first product of YOYOW will be a question-and-answer platform.
- Users on traditional platform get no monetary reward but in YOYOW, high quality content creators can earn from what they created
- High quality content on traditional content platform tends to be buried by trash contents over time.
- The cost of managing a centralized traditional platform is high.
- YOYOW encourages users to upvote and promote high quality contents and YOYOW rewards not only users that create contents but also users that upvote and promote contents.
- YOYOW gives all users the power of voting and encourages the entire community to take part in management.
- Articles can be set as investment mode to encourage high quality content upvote and sharing, and the initial price is determinated by authors. If other users like the article and invest on the article, any potential profits coming from this article will be shared between author and investors.
- Advertisers can reduce their cost by making high quality advertisement - if advertisement upvoted by users, the cost will be reduced.
- Light applications will add more scenarios for consuming tokens
Blockchain is a distributed database that maintains a continuously-growing list of ordered records — once recorded, the data in a block cannot be altered retroactively. This is what YOYOW needs as a content platform.
###The business model of YOYOW YOYOW can be looked as a media platform, and the tokens are actually the shares of the platform. A part of shares will be distributed to 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 their contributions. The contribution evaluation mechanism is based on voting. 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 platform income, including advertisement and content selling
- The difference with traditional corporations is all the operations are transparent and in real time on blockchain, which is much more reliable .
- As a decentralized autonomous corporation(DAC), YOYOW is designed to feed itself by:
- Advertisements: Advertisers need to buy and burn YOYOW tokens to post their advertisement.
- Transaction fees: trading, market prediction and internal gaming etc. will generates transaction fees.
- Premium member service: YOYOW will provide value-added service such as system plug-ins.
YOYOW is designed to obey 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.
- Shareholders can downvote illegal content to make it not to be displayed on front-end.
- Like witness system used by bitshares, yoyow has a similar system called "Council".The members of Council are elected by stakeholders of the platform. Except for generate blocks, etc. the Council also has the right of removing content from the blockchain if it violates the law. BUT the removal right can only be used when majority reached in the Council.
- For bottom layer implementation, both use Graphene toolkit.
- YOYOW focus on Chinese community where the influence of Steemit is weak.
- steemit is more like a blockchain version reddit, whereas YOYOW is more like a blockchain verison Quora.
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.
In terms of content Compliance, YOYOW is centralized. In terms of shares distribution and managing, YOYOW is decentralized. After early stage, it will aim to gradually get decentralized to become a DAC.
The details of total amount and distribution mechanism will be announced together with the ICO plan. After all tokens are distributed, the investors, developers and content rewards will occupy 1/3, respectively.