yo-yow (OP)
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September 21, 2016, 05:03:33 PM
Last edit: September 08, 2017, 04:10:09 PM by yo-yow |
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DESCRIPTION YOYOW is a blockchain based DAC incentivizing user generated content(UGC) , named from “You Own Your Own Words”. By rewarding content creators, YOYOW generates high quality content and develops community of knowledge.
On YOYOW, the standard to evaluate the contributions of users (including platform builders, content producers and participants) is the value of bringing traffic to YOYOW platform. According to this criteria of assessment, YOYOW offers monetary and equity stake rewards.
The first product of YOYOW will be a question-and-answer platform. MISSION The vision of YOYOW is to make the knowledge worth more, thus to inspire people to create high quality content. BACKGROUND Active users, premium content providers and spreaders brings massive traffic and billions of dollars of profit to social media platforms such as Facebook, Twitter and Reddit. However, users on those platforms have no monetary reward, and the contribution to the platforms made by these users is neglected by shareholders. users on those platforms don’t own the content they produced---neither the control nor the profit.
YOYOW takes advantage of blockchain technology to build a transparent and highly effective evaluating system. Furthermore, YOYOW fairly quantify the contribution of users and pay them by money and shares. Additionally, by giving users the rights of control, management, and dividends, YOYOW redefines the community ecosystem and economic model to create a new social media platform.
Introduction The market position of YOYOW - YOYOW is a media platform
- YOYOW builds its own community by rewarding high quality content
- YOYOW encourage users to add value to platform by giving away shares for their contribution
- The reward mechanism is based on an algorithm called PoF(Proof of Flow)
- YOYOW is a media DAC(Distributed Autonomous Corporation)
- YOYOW runs on blockchain where all transactions are recorded
- YOYOW needs to make profits for its shareholders
- YOYOW will be focus on Chinese community
- As it is a media platform, language will be a huge obstacle to prevent different people from communicating smoothly. Although it is not unconquerable, the cost to maintain a multi-language platform at the early stage will be high. Therefore, YOYOW will only focus on Chinese community at the beginning.
Product usage The use of YOYOW is simple, you wouldn’t find any difficulty if you are familiar with traditional social media platform.Wechat account can be used as authorization method to register accounts on YOYOW.The difference of YOYOW with traditional platform is that every vote of a user might affect the benefits of content producers, thus affect the evolution of the whole ecosystem and the growth of community.- Every shareholder can upvote or downvote the content published on YOYOW.
- Content contributor will get profits and shares of platform according to the votes they get from other users.
- High quality content diggers and promoters also share the profits of content
Equity allocation We realize the mechanism of equity allocation is the key point for a platform to survive in long term. Shareholders may do the job, but there are a few obvious disadvantages:- Investors may not overlap with active community users, therefore investors may lack the most accurate sense of judgment.
- There could be conflict of interests.
The vision of YOYOW is to make the valuable content worth more, and encourage users to create more high quality content. Therefore, to assure a fair mechanism for judgment of content is a critical point.YOYOW splits the equity into two parts---YOYO and WORDS.Both YOYO and WORDS represent the power of voting. As YOYOW is evolving and attracting more and more users, WORDS will take a higher portion thus dilute the voting power of YOYO.
The possible distribution ways of WORDS include sharedrop, giveaway, transfer, purchase, etc..The regulation of content Considering the high risk of media content in China, by design YOYOW has a hierarchical content regulation system to guarantee the compliance.- The front-end and bottom layer database are separated, thus only the filtered content can be displayed.
- The illegal content can be edited by administrators on the level of blockchain.
- Reputation system will gradually be exploited, thus the behavior of common users can be guided.
Centralized V.S. Decentralized From the perspective of the management architecture, some kind of centralization can be traced. It is a dilemma but certain degree of centralization is very necessary: - Under the current circumstance, the regulation of content determines the survival or extinction of media platform.
- Blockchain is just a tool to make this product better. The more critical issue that YOYOW needs to resolve is the feasibility and profitability of the whole ecosystem.
- If YOYOW is proven to be able to survive and profit, then gradually YOYOW will evolve to exploit more intelligent algorithm instead of manual intervention for operation. For example, the judgment of copyright and following operation.
Product model： - YOYOW Community
YOYOW focuses on the high quality content production, and it is highly adaptive with many types of media platform, such as reddit, twitter and quora. One of the main focuses of YOYOW is developing blockchain version Quora.
- Third party Communities
Third party communities can take advantage of YOYOW’s by transfer their content to YOYOW and accept upvoting.
Accounts settings Accounts: the YOYO made from PoF has a freezing period for observation to avoid piracy and patent infringement. Token days: To improve the user experience, the concept of “token days” will be exploited. Reputation system： Reputation system is brought up to protect the compliance of YOYOW platform.- If a user breaked the rule, his/her honor point on YOYOW will be affected, thus the power of voting is degraded.
- If the reputation of a user is at a very low level, he will lose the ability to profit from YOYOW, unless he spends much time on recovering his reputation points.
Distribution of Shares There is a maximum dilution rate for shares distribution but there is no minimum value. The dilution rate could be adjusted flexibly by shareholders, as well as many others parameters like the maximum income of each post. Also, the committee will take part in the system administration.WHITEPAPER FAQ What is YOYOW? YOYOW is a blockchain-based question-and-answer platform , named from “You Own Your Own Words”. By rewarding content creators, YOYOW generates high quality content and develops community of knowledge.Compares to traditional platforms, why YOYOW is better? - 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.
What are the most innovative features of YOYOW? - 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
Why YOYOW is blockchain based? 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 .
What is the profit model of YOYOW?
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.
What about the content regulation?
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.
What’s the difference between steemit and YOYOW? ● 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.
How the data of YOYOW are saved? 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.
Is YOYOW decentralized? 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.
How the tokens are distributed?
The total 1,000 million tokens will be distributed among :
Investors: 500 million
developers team: 300 million
Reserved for promotion foundation: 200 million
More details will be coming out with the ICO Announcement.
YOYOW team Currently there are more than 10 prime members in YOYOW team including two underlying developers, two front end developers, product managers, media operation, public relations and blockchain seniors as product consultant.
Two underlying developers were former Bitshares developers and they are very familiar with Graphene platform. Front-end developers include leading developer familiar with Bitshares front-end architecture, and professional App developer.
Most of our members are from Bitshares community, where they proved themselves in community development (build function, bug fixs, set up ecology, media operation). They are volunteers to work in Bitshares and keep for a long time.
Last but not least There are chances that investors might worry: these details should be published after product launch, especially considering other platforms based on blockchain do not have a clear product plan and business model.
The reason we are doing this is because:
1. YOYOW team would like to share some thoughts, just like our inspiration comes from exploration of other pioneers.
2. YOYOW team would like to provide enough information for investors to decide its feasibility and welcome any comments and discussions.
DEVELOP PLAN step 1. Develop YOYOW bottom and version Qura+.step 2. Add the reality prediction function.http://olj8u567a.bkt.clouddn.com/cover_2.jpgstep 3. API open to third party developers.http://olj8u567a.bkt.clouddn.com/cover_3.jpgstep 4. Hierarchical incentives：step 5. Content sharing：step 6. Finally,http://olj8u567a.bkt.clouddn.com/cover_4.jpg
YOYOW as a bottom platform provide service for UGC communities, such as：
● Content evaluating and rewarding
● General accounts
● Value circulation
Latest Announcement Media information |
