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After 3 years of participation in bitstock community, he built a content reward network with blockchain to help small and medium-sized media platforms

Time : 25/04/2022 Author : zyuw51 Click : + -
        In the second half of 2016, bitcoin was at its worst. Liu Qiang (hereinafter referred to as cabbage) chose to start a business at this time, "I have been involved in the blockchain industry for a long time, and I have been preparing to start a business for a long time". He used to be an in-depth participant in the bitstock community. His entrepreneurship is to build a content creation and sharing platform based on blockchain technology. On September 4, 2017, the first three meetings of the party called for the suspension of ICO, causing internal shocks. Cabbage began to rethink its direction: although it can submit products early and explain them to investors, it is of little significance and faces policy risks. After much thinking, he decided to transform the public chain and specialize in the underlying technology. In the plan of cabbage, yoyow will become a public blockchain network with content incentive as the core, attracting third-party developers to build a variety of content incentive platforms on yoyow.
        At the initial stage, yoyow will provide necessary help to platform builders in all aspects. Bitcoin soared to $128, compared with $13 at the beginning of the year. What is bitcoin? Why did it soar? A series of question marks haunted cabbage's mind. In the next three years, he plunged into the research of blockchain and bitcoin, and joined the bitstock community. This is a vertical application project created by applying graphene underlying technology, and a number of technology bulls have gathered in the community, "bitstock has always been the best product in technology". In 2016, cabbage's heart moved. "In 2015, there were already people working on blockchain projects in China. There are so many talents in our community, why not start a new project?".
        He doesn't want to do integral circulation, and feels that logic is not great. "Blockchain can make points flow, but merchants themselves don't want users to exchange points for things, so they can't push it from the merchant side.". He also considered voting, but gave up because the market was too small. "Although voting can be done and is one of the most suitable scenarios for blockchain, the global market is only $56 billion and will be affected by the policy environment.". Another project, steemit, has attracted interest in cabbages. This is a decentralized reddit. Content producers will receive a token reward from steemit, and participants who praise and forward high-quality content will also receive a certain amount of token rewards.
        Why not make a Chinese version of steemit? Cabbage asked himself. At that time, the life of domestic content creators was difficult, and they lacked corresponding ways to realize. For example, Zhihu users have written more than 23million answers and 1.51 million articles (2016), but these high-quality content producers have no substantive return, excluding respect. On the other hand, articles aimed at marketing, such as soft articles, can be realized, but these soft articles are heavily dependent on high-quality original content in the community. All this makes it difficult for producers of original high-quality content to maintain sufficient creative momentum. Technology geeks were provoked: on May 14, gatecoin, the Hong Kong digital currency exchange, was stolen, losing Ethereum related assets worth more than $2million; On August 4, bitfinex, a well-known exchange, was stolen, losing 120000 BTCs worth more than $72million.
        After a short carnival, the circle suddenly became very cold. "When you talk to others, everyone thinks it's unreliable. All project financing is difficult, and even the exchange has no idea.". Cabbage is stubborn, "I firmly believe that it can be done". He felt that others could not understand it because of the problem of his own language expression. "It's too technical. I haven't made a public speech before. Maybe there is a deficiency in this aspect.". In July 2016, the reward for digging coins in blocks was halved for the second time, and the reward for digging coins in each block was reduced from 25 to 12.5. Supply decreased and prices began to stop falling. In September 2017, the team launched the first version of blockchain network.
        This is a blockchain based content creation and sharing platform, which uses tokens to motivate content creators and forwarders. "The network will give rewards according to the number of likes / votes of the article. The higher the popularity of the article, the more revenue the forwarder will earn.". On September 14, bitcoin China, the first bitcoin exchange in China, announced that the bitcoin China digital asset trading platform would stop new user registration from now on and would stop all trading businesses on September 30. At 19:00 on the same day, the price of bitcoin on fire coin network was reported at 21100 yuan, a decrease of about 15%. The price of bitcoin in China was reported at 19100 yuan, a decrease of more than 20%.
        This makes cabbage rethink its business direction. Being a Chinese version of steeit faces great risks, and it is of little significance if it only serves content creators. He didn't want to quit. "I have been in this industry for a long time, and doing this project is more about completing my own account than the accumulation of wealth.". It's better to transform the public chain and provide a set of underlying technologies for small and medium-sized content platforms. For the plight of small and medium-sized content platforms, cabbage has deep feelings. "I have worked as a community myself. It is very difficult for small and medium-sized media platforms to access wechat payment and Alipay, which involves a lot of review processes. At present, they lack a financial payment system.
        ”。 In the idea of cabbage, yoyow designs a set of assessment mechanisms for small and medium-sized platforms, according to which small and medium-sized platforms can obtain yoyo tokens of YOYO network rewards. How to allocate tokens for small and medium-sized platforms? They can use the general template provided by yoyow or design their own reward mechanism. However, the transformation of public chain requires high technology. For example, under the leadership of Ethereum's talented young V God and bitstock God BM, together with a large number of technicians, they have maintained the current scale for several years. Some reports show that only fourorfive teams in China have such strength. But cabbage is not afraid.
        In his opinion, many of his team members are early builders of bitstock. They know the underlying technology of graphene, and they also have early participants in Ethereum, which can be regarded as strong. In the plan of cabbage, what he wants to do in the future is a content ecosystem. Small and medium-sized platforms will use yoyow underlying technology to build boutique communities. "A person's focus is very limited. He may be interested in threeorfour fields and can study in depth, which is already very good. It is impossible to know everything. But if there is everything on a large platform, it is difficult to do well.". How to attract more people to join the platform? Yoyow has designed a free transfer function, "now in the industry, for example, bitcoin has to pay 100 yuan for each transfer, and free transfer will become the mainstream and attract more people".
        In addition to free transfer, yoyow also has an account system. For existing blockchain products, the private key is often lost and cannot be retrieved. However, yoyow platform has a set of separation system. The first level is called master private key, the second level is called transfer private key, and the third level is called change private key. When users register, the master private key is not saved in their wallet, but needs to be copied or photographed. If the account is stolen, the user can recover with the master private key. Small change is like a quick payment in a bank. The user authorizes a certain amount of payment authority to the cooperative institution. The platform can easily operate some small funds, while ensuring that the master private key will not be disclosed. In the future, a yoyow account can also log in to all content platforms of the yoyow platform, just like basically all platforms now have wechat login, and all content platforms use a complete set of payment system, which can facilitate transactions and settlement.
        In addition, yoyow also has a witness mechanism. It is a share authorization certification mechanism, that is, you authorize rights to people you trust. Under the dpos mechanism, there can be a blockchain governance mechanism. The Council is elected to adjust parameters, so that the blockchain can better keep pace with the times, and there will be no hard bifurcation. In this way, yoyow does not need to compete for the bookkeeping right, so this part of the network expenditure is saved, and the saved money can also be distributed to the token holder, who becomes the witness through mortgage, and then mining can be done. At the same time, in order to verify the feasibility of the model, cabbage made a model: coin asked. "It has two functions: first, to prove that the mode is feasible; second, to explore and accumulate operation experience.
        We find out what problems a content platform may encounter and will make targeted modifications. " In one month, the coin asked about 10000 PV, "we are an invitation system, not registration". At present, the yoyow team has more than 30 people, more than half of whom are technical. In the future, content platforms with text, video, pictures, audio and even live broadcast themes (including but not limited to websites, apps and other forms of expression) can use yoyow network to build content incentive platforms with corresponding themes.
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