The blockchain-based content value network- YOYOW (You Own Your Own Words) Committee, has recently announced an approving of standards and procedures for YOYOW improvement proposals (YIP).
As per the official announcement by YOYOW, the main objective behind this approval is to promote the:
- “Continuous improvement of the autonomy mechanism.”
- To standardize the YOYOW Committee’s handling process of community proposals.”
What is the process of the YOYOW improvement proposals?
The announcement laid a few steps through which the YOYOW improvement proposals process will take place. Those steps are:
- The users of this platform will first be required to start the voting on the proposal. (The voting will take the place of the YOYOW blockchain itself.)
- The users will then write YOYOW improvement proposals, followed by a submission to the YOYOW management.
- The review of the proposal will begin once it meets any of the YOYOW Committee’s standards.
What are the YOYOW Committee’s standards?
The standards that define the reviewing of the proposals are:
- The first standard has two aspects- one is the voting rate (‘from the whole network for block producers’) and the second one is the percentage of tokens that participate in the voting. Tokens participation should be more than 10 percent, and the voting rate should be more than 67 percent.
- The second standard is governed by the ‘pledge tokens’ on the entire network. The requirement in this category is more than 51 percent of tokens to get the proposal approved.
Once the proposal meets the standards:
Upon meeting the above standards defined by the YOYOW committee, the committee will review the proposal. This will be followed by voting through committee members.
The proposal will get passed upon receiving:
- Majority approval by the committee members
- A passing of the publicity period
Once the proposal gets passed, the parameters will get updated accordingly.
YOYOW is basically trying to create a blockchain network that can quantify contribution in the content production sector. It uses blockchain technology’s decentralized consensus structure to achieve this aim. Along this process, the platform intends to reward the participants who help in structuring of this aim.