YOYOW to Approve Standards and Procedures for YIP

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).

The objective:

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.

Recent Articles

Significance of Poker Concepts to Make the Most of Your Trading and Investment Decisions

Poker fundamentals popularly known as poker concepts have emerged to be highly indispensable and beneficial strategies in poker. They also help in...

2020: Crypto Regulations Updates Everyone Should Know!

The year 2020 is likely to be one of the most eventful ones from the ‘crypto angle,’ i.e., from the perspective of cryptocurrencies as...

Plus500 Review 2020 – What you need to Know before Signing up with this Broker

Overview Plus500 was established in the year 2008 and it offers online CFD...

eToro Broker Review 2020 – All You Need to Know About eToro Before Signing Up!

  Overview eToro was established in the year 2007, known as one of the leading social trading platforms. Offering more than 1,000...

Cryptocurrencies, an Alternative to Fiat Currencies Not Yet a Replacement

Cryptocurrency and blockchain technology have already created ripples in the world of finance and technology and revolutionized the way currency has been traditionally viewed. It...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox