YOYOW – “You Own Your Own Words”, is a social media platform built on the same Graphene (MIT) framework as BitShares and STEEM. YOYOW uses a new cryptocurrency to support social interaction on the platform. A transparent accounting system is employed to recognize users contributions.
To evaluate users efforts on the YOYOW blockchain, there is a standard method for everyone. Platform builders, content producers, and participants are measured in value from the amount of web traffic they bring to the platform. According to these criteria and resulting assessment, YOYOW blockchain offers monetary and equity stake rewards.
YOYOW is built upon its own blockchain to employ unique features of decentralization. A high level of security and privacy protection is thereby assured. Combined with decentralized peer-to-peer technology, YOYOW sets out to create a new paradigm in online media.
YOYOW is designed for establishing a rational content-generated value distribution mechanism.
What this means is that YOYOW is a value network. Traffic to specific content, combined with user ratings, determine rewards. Regardless of themes, any content by format of text, image, video, audio, broadcast and more can be submitted to the network. All are eligible towards creating value on the YOYOW network. Content producers, supporters, curators and eco-system builders will all be recognized and rewarded according the the YOYOW eco-system, and user ratings of the content.
In the past few years, active users, quality content producers and spreaders brought massive traffic and huge profits to social networks. Think Facebook, Twitter, Reddit, Weibo, Zhihu, or other user-generated content (UGC) platforms. However, these users never have absolute control over the content. They weren’t paid for any of it either! Neither do they enjoy the generated profits and advantages …
Powered by Graphene blockchain technology, YOYOW came up with a solution to the problem. Specifically, a blockchain-based decentralized public ledger and a set of consensus algorithms have been developed to establish a reasonable recognition system for the UGC sector—which enables automatic value distribution using specific algorithms and according to users’ ratings.
In addition to content rating and power allocation, YOYOW also makes other creative attempts. In structural terms, YOYOW is a blockchain based decentralized public network. YOYOW provides equity stake to users, based on algorithms to assess content-oriented contributions. All this is made possible using the Graphene (MIT) toolkit.
YOYO token is the only basic token in circulation in YOYOW network. Therefore, it is applied to rating weight and returns in different content platforms. Meanwhile, according to the medium-term development plan, YOYOW network will allow content community platforms to release their own smart tokens on the basis of YOYO token.
The advertising system plays an important role in stimulating token circulation in YOYOW network. With the token, merchants can announce products and services by launching campaigns. Platform builders can achieve good returns. As stated in their medium-term roadmap plan, YOYOW will be provided with a self-service advertising platform.
The bottom layer consists of a modified Graphene toolkit to provide underlying blockchain services. Block format, consensus algorithm, network, database, user and permissions are here.
YOYOW Core is the core layer in charge of the core business logic. Rating logic implementation, permission and login management, rewards distribution algorithms, community platforms and the advertising system.
The universal application programming interface (UAPI). Provides third-party developers with APIs for content production, rating and user management. Enables integration to any platforms with capable APIs for in-depth development.
Software development kits (SDKs), plug-ins, sample applications and development documentation. Giving assistance to developers and users who have built 3rd party content platforms. In particular, users can employ a series of plug-ins to integrate YOYOW blockchain features on forums, blogs and CMS.
Content platforms based on YOYOW network are on the top. Any platforms theming on texts, videos, images, audios and live broadcast can be provided. Thus powering any content oriented recognition platforms ‘powered by YOYOW’.
YOYOW balances the relationships between creators, curators, and consumers in UGC. Bringing along the most rational incentive algorithm and system for lower operational cost. YOYOW aims to become more competitive and attractive than traditional UGC.
“The POT (Proof of Taste) content rating algorithm based on the principle of value distribution, dependent on net positive rating weight is applied to YOYOW network.” (from the YOYOW whitepaper)