Explanations Regarding YOYOW’s Total Supply and Other Related Questions
Since 25 May 2017, the YOYOW project has been launched for over a year. This Sept 6 will be the one year anniversary of the YOYOW mainnet launch.
During this year, the YOYOW mainnet was officially lauched and released two upgraded versions, “XinYue” and “FanXing”. The Web-end, PC-end and APP were launched one after another, and have gone through several times of iteration. At the same time, the middleware has been constantly improved, making the integration of content platforms more secure and convenient.
In terms of building the ecocystem, Biask.com and 32know have been integrated into YOYOW. Other partners such as MDL are in the process of integration. The YOYOW-WeCenter Edition has been released. It is free, quick, easy to use, and has the YOYOW integration feature.
The YOYOW mainnet swap process is being carried out in an orderly manner, with AEX and Binance already completed the swap. Other trading platforms are in the communication process.
So far we have received a few Dapp prototypes, which will appear in the next version of all-platform wallet. The YOYOW mainnet will open source on Github on Sept 6. At that time, Dapp development work will be officially open to everyone, let’s stay tuned.
Because it’s been really busy, YOYOW has not done enough communication with the community, and has not given a direct, positive, and official response to the concerns from investors. To avoid misunderstandings, I will respond to the questions concerned by the community in a Q&A format, and also talk about the thoughts and plans for YOYOW.
- What is YOYOW’s total supply? Is there additional issuance?
Answer: YOYOW’s initial supply is 1 billion, and max total supply is 2 billion.
This distribution plan was made last May. If you search the words in the first row, you can see that some websites have kept this information — — thanks to the internet; otherwise it would be very difficult to prove ourselves innocent. I have changed some wordings due to some unspeakable reasons, which I’m sure everybody can understand.
YOYOW’s total supply is actually set this way: The initial supply is 1 billion, with another 1 billion stored in the capital pool, which is saved for content platforms to integrate into the YOYOW network. Each year the maximum funds allocated will be 10% of the remaining funds in the pool, which means that first year’s maximum is 100 million, and if 100 million is allocated in the first year then the second year’s maximum will be 90 million. However, it doesn’t necessarily mean that all of the 10% will be allocated to the content platforms; if the content platforms do not received enough support then the system won’t allocate the entire 10%.
2. The YOYOW mainnet has surpassed 1 billion, what happened?
Answer: Continue on the last answer. Because the distribution plan was already made, when the mainnet was launched on Sept 6 last year, this rule was already written into the Genesis network, so come Sept 6 this year, there should be 100 million already allocated. This 100 million YOYO is stored in the system’s capital pool, with very little consumption (witness wage), and for the rest to be released will need a mainnet upgrade that enables content platform mining.
Although the imagination of content mining seems very nice, we quickly came to realize the problem — -to integrate mining into content platforms is much more difficult than building a witness node. A witness node only requires one server, but to build a content platform and integrate will take months. Enabling content platform mining right away means that only a few platforms can integrate which will easily be criticized for the team having self-interest, and will also dampen the enthusiasm of other content platforms. Therefore, we are going to build the development tools first, such as the front-end framework, middleware and developer forums, and then expand the content mining mode after accumulating enough content platforms.
As for the already allocated portion, it may be retrieved during the next mainnet upgrade. At the same time, the enabling of content platform mining and allocation rate adjustment will both be achieved through on-chain voting, which will reflect the decentralization of blockchain.
3. How much YOYOW does the team hold.
Answer: Referring to the screenshot, 300 million YOYO is for rewarding the development team. This portion was originally set for a two-year linear unlock, which means by Sept 6 this year, 150 million should be unlocked. Actually, the development team’s YOYOW was not unlocked until this July when a total of 130.5 million was unlocked all at once. The next unlock of team’s portion will be in 2019.
If YOYOW completes its issuance, the development team holding amount would take up 15% of the total supply.
Reserved funds for development: 100 million, this part hasn’t been touched because so far the team has enough funds.
Development and promotion fund: This part will spend a total of 65 million and will be released in September. With the mainnet swap one by one, the increase in transaction depth and the increase in partners, subsequent expenditures will be greatly reduced.
All of the unallocated YOYOW is in the account “intl-int10” on the mainnet, and after September, the total will be 300–130.5+100+300–65=504.5 million. These funds are an important guarantee for YOYOW to continue to move forward.
4. Is YOYOW too centralized?
Answer: The way YOYOW witnesses are produced was carefully designed. There are 21 witness nodes packing transactions for each round, and amongst them:
Top witnesses: 11, Income per block: 0.3
Miner witnesses: 7, Income per block: 0.3
Elected witnesses: 3, Income per block: 0.5
In theory, under the DPOS model, malicious behavior is impossible until more than 2/3 nodes are controlled, we are currently far away from that. Actually, there are currently 97 standby witnesses that are activated and packing transactions.
The participants in the YOYOW ecosystem mainly consist of the core team, the token holders and the community developers. YOYOW witnesses are produced in a way that fully considers the participants from all parties. As the community continues to develop, the ratio of each category will be adjusted accordingly, leaning towards the token holders and the community developers.
After the mainnet feature development pretty much finishes, the YOYOW Foundation will not vote again and will be completely left to community autonomy.
Thank you for your support along the way!
