YOYOW, derived from the phrase ‘You Own Your Own Words’ is one the most interesting blockchain based startups from China that are aiming to create a platform for content creators where they could get compensated fairly for their work. The YOYOW token which is going to be the fuel for this platform has already been trading on some of the world’s biggest exchanges like Binance, HitBTC and the OpenLedger Decentralized Exchange. YOYOW just announced their partnership with Bitfinex which is the world’s largest Bitcoin exchange by volume.
Bitfinex Brings More Volume
Since the announcement six days ago about YOYOW launching on Bitfinex, Daily Volume for YOYOW tokens has gone up significantly. This makes sense as Bitfinex is one of the largest Bitcoin exchanges in the world. Following the launch, Bitfinex has accounted for about 30% of the daily trading volume of YOYOW worldwide causing YOYOW to hit its all-time high price of 48 cents on December 6, 2017, before correcting to its current price levels of 27 cents. Before the announcement, the YOYOW token was trading at around 12 cents on Binance, so the addition to Bitfinex nearly quadrupled in price in less than two days after being listed.
YOYOW’s website claims that the biggest social media platforms in the world, like Facebook, Twitter and Reddit benefit from the content that their users generate as that content brings massive traffic to these websites which translates to billions of dollars in annual profits. However, these content generators do not have ownership of their work and are not compensated monetarily for it. This is the problem that it proposes to solve with their model of content-generated income where content creators get paid in “money and shares.”
From their recent Bitfinex announcement the team behind YOYOW claims that “YOYOW is a blockchain based content network that aims to quantify contributions and distribute rewards to participants throughout the content creation sector.” What this means is that they are planning to create a new type of payment model for content creators that will be the basis of the creator’s content-generated income. This will allow for the creation of a value network which is based on the users’ ratings of the content and which is not limited any particular type of content. Their primary focus is going to be websites and applications but creators of text, video, image, audio and live broadcast, etc., are also eligible to take part in the content-generated income model.
To accomplish this feat, YOYOW is constructing its Proof-of-Taste (PoT) algorithm which will serve content based on a user’s likes and dislikes and accordingly compensate the content creator based on the user’s evaluation of their content. The YOYOW token is going to be a crucial part of this model as it will be used to give particular weight to the content based on the rating and will help the platform “achieve value transmission as a medium,” according to the whitepaper. YOYOW’s use of the blockchain technology ensures that YOYOW is equipped all advantages inherent to blockchains including decentralization, security, privacy protection and ultimate ownership by the users.
Content-Generated Income Model
The content-generated income model is at the heart of the YOYOW platform and consists of three main groups of actors: the users, committee and the authorized registrars.
Users are the lifeblood of the platform and can publish, repost, comment, reward and grade content on various platforms quite similar to how comments on Reddit work. The primary task of the Committee is to oversee the management of this network. Committee members are elected by users and have the power to bring forward proposals and vote for resolutions. The Committee appoints authorized registrars. Unlike with BitShares or Steemit where anyone can open an account and start earning money, in YOYOW one must complete registration procedures with an authorized registrar to open an account in YOYOW network. Additionally, the authorized registrar is entitled to grant/withdraw such account holder’s right of posting anything on platforms and verify/take back the account name (alias). This is to ensure that the platform doesn’t get abused by malicious actors and is similar to how most subreddits have moderators who work to ensure that the community rules are being enforced.