China’s Reddit Tianya Club To Launch Its Owm Crypto Token Next Monthbr>
Chinese social network Tianya Club is creating its own cryptocurrency to expand the reach of its platform.
Tianya Club is one of China’s oldest and most popular online communities. It provides BBS, blog, microblog and photo album services. Politicians have used the platform to campaign, answer questions from constituents, and gather grassroots support. The forum was the progenitor of the Hanxin hoax and was involved in the exposure of the 2007 Chinese slave scandal.
On Wednesday, the company announced that on August 8, it will be launching a blockchain token, called Tianyan Token (TYT), which will be used to reward original content contributions and participation in community activities. The tokens will also serve as a means of exchange and payments.
Tianya Club is planning to create 90 billion tokens, 80 percent of which will be distributed to community members, while the remaining 20 percent will be reserved for its operational teams. The company, however, did not disclose what platform its crypto token is being built on. It is also not clear whether the tokens will be available for trading on third-party exchanges.
The decision to create its own crypto was due largely to the forum’s declining user activity. According to data traffic site Alexa, Tianya Club’s site ranking has dropped from China’s 11th most visited website in 2015 to the 24th currently.