The Tiānyá Club (天涯), literally translated as “End of the World Club” and one of the most popular internet forums in China, has today announced the release of a new user reward token, the Tiānyán Token (TYT).
Tianya, one of China’s largest social networks, has announced the launch of an internal blockchain token (TYT) on its platform.https://t.co/gqEXfIsyhL
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The new token will run alongside the existing reward program, Tiānyán Diamonds, which is non-blockchain based.
According to the platform’s blog post, the token will be “…limited to a 90 billion circulation, and community users will receive TYT awards based on their contribution to the community” and will be “…mainly used to complete various transactions and payments within the community.”
DISTRIBUTION TO EXISTING USER BASE
While the blockchain technology to be used and the exact distribution procedure has yet to be announced – token sales are banned in China – the company have hinted that only holders of the Tiānyán Diamonds, which can be purchased using in Chinese Yuan on WeChat, will be eligible.
Founded in 1999, the Tiānyá Club, provides a bulletin board system (BBS) that allows for blogging, microblogging and photo album services.
In the past, it has exposed slave scandals in Northern China as well as utilising controversial ‘human flesh search’, where users act as keyboard vigilantes, to track down perceived perpetrators of criminal activity.
According to Alexa statistics, the internet forum is currently the 23rd most visited website in China and reportedly has an estimated 250 million monthly users.