Introduction to YOYOW¶
YOYOW is named from “You Own Your Own Words”. Its goal is to build a network that applies the blockchain technology and uses decentralized consensus method to price contribution and provide equity returns for the content area, and to build a reasonable content value distribution mechanism, which enables content producers, content investors, content filterers and eco-builders to get reasonable incentives and rewards while building a value network based on users’ content ratings.
Unlike other blockchain systems, YOYOW has designed more user roles, unique key systems and rich asset types by using DPoS consensus mechanism in order to adapt to the ecology of content production.
YOYOW Role Conception¶
In the system ecology, in order to balance efficiency and fairness, YOYOW has designed a complete user system, including common users, platforms, committees, and witnesses.
Common users are the main participants of the YOYOW network. In the YOYOW network, common users share a unified account system on each platform, and have the rights of transfer, election, etc.
Common user that deposits a collateral of a certain amount of YOYO tokens can be called a platform. Common users can authorize the platform through the YOYOW wallet, and the authorized platform uses its tipping authority for cross-site login, content rating, content posting, comments, etc., and common users can also revoke authorization at any time.
The committee is the governing body of the YOYOW network，voted in by the YOYOW users and is responsible for initiating and voting on the proposals. The content of the proposals is mainly to adjust the adjustable parameters of the system, such as the rate of various transactions, the highest scoring weight, etc., including as well the block production interval, block rewards, etc.
The witness is the producer of the block, responsible for collecting the various transactions of the broadcast and packing them into the blocks, so the witnesses producing blocks can also get the corresponding YOYO token as returns.
Private Key System¶
In the blockchain project, the private key is the top priority of the account. However, when a user does any operation and uses the account private key to sign, it will undoubtedly greatly increase the risk of the account. Considering the different security levels of different authorities, the three-level key system is set in the YOYOW system: the Owner Key, the Active Key, and the Secondary Key.
- The Owner Key is the key of highest authority, and the Owner Key should not be used unless it is absolutely necessary;
- The Active Key can operate the balance;
- The Secondary Key can operate the tipping, and can also be used for posting, giving likes, login authentication, etc.
- In addition to the asset-related 3-level keys, there is also a Memo Key used to encrypt and view the note information for the transactions.
Types of Assets¶
There are three types of assets in the YOYOW network: YOYO token, user-issued assets (UIA), and bonus points.
In YOYO’s account, the base asset is YOYO token, and there are two places to store: 『balance』and『tipping』
- 『Balance』 has a high level of security, and it is recommended that a large amount of YOYO be stored in the balance.
- 『Tipping』is for small amount of savings and transfer. When the user grants the authority of tipping to the platform, the platform can have the right to operate “tipping”, which can be understood as password-free payment.
Users can issue custom assets: users can create Tokens that circulate within their own platforms based on their business. A convenient exchange method between the user-issued assets (UIA) and YOYO will be provided subsequently, sharing convenient monetization channels.