YOYOW Foundation Releases YOYOW 3.0 Testnet in Alpha Version to Support Smart Contract
Since the release of the “YOYOW Mainnet 3.0 Roadmap” and the “YOYOW DeFi Roadmap”, the YOYOW Foundation has been focusing on developing YOYOW 3.0. At present, the full-featured WebAssembly (WASM) runtime and virtual machine (YOYOW VM) were successfully integrated into the YOYOW 3.0 testnet. The Alpha version of YOYOW 3.0 supports the execution of Turing-complete smart contracts, and directly uses YOYOW’s native token YOYO as the gas cost for executing smart contracts.
Currently, YOYOW 3.0 Alpha version is running stably in the internal testing by the Foundation. In order to allow developers to test and develop smart contracts and decentralized applications (DApps) suitable for YOYOW VM, the YOYOW Foundation decided to upgrade the current 2.1 version of the testnet to the YOYOW 3.0 Alpha version of the testnet.
The YOYOW 3.0 Alpha version of the testnet will be upgraded in place at 10:00 a.m. on September 15, 2020 (GMT +8), and the content of the previous testnet will not be reset. The upgrade of the testnet will not have any impact on the mainnet.
When the YOYOW 3.0 Alpha version of the testnet can run stably, the YOYOW Foundation will release the code of the YOYOW 3.0 Alpha version in due course.
The WebAssembly (WASM) runtime and virtual machine (YOYOW VM) will become the core components of the YOYOW network and become an important backing to support the development of the YOYOW DeFi roadmap. The first DeFi project launched by the YOYOW Foundation is YOYOW.Swap and it will first be deployed on the YOYOW 3.0 Alpha version of the testnet.
YOYOW’s native token YOYO is currently listed on Binance, OKEx, AEX and Bitfinex.
YOYOW Mainnet 3.0 Roadmap:
High-performance Smart Contracts and WebAssembly Virtual Machines
A high-performance WebAssembly (WASM) runtime virtual machine (YOYOW VM) with a built-in gas-based charging mechanism is used to support the execution of programmable Turing-complete smart contracts.
Using YOYO tokens directly as the fuel cost for executing smart contracts with a reasonable charging mechanism can ensure that the resources on the chain are reasonably allocated and utilized, and smart contracts can be effectively executed.
The high-performance WASM runtime supports the execution of smart contracts written in the C++ program development language. It allows third-party developers to use existing tools to develop various smart contracts and dApps (decentralized applications) for the YOYOW blockchain. It also allows developers to easily and conveniently migrate smart contracts based on other blockchain projects to the YOYOW blockchain.
In addition to bringing smart contracts into the content area of the blockchain, the smart contract feature of the YOYOW blockchain can also implement a variety of applications including decentralized finance (DeFi), decentralized games, anti-counterfeit traceability of goods, and digital asset management .
Smart Content Tokens
The Smart Content Tokens feature enables users in the YOYOW system to issue assets (UIA), use the same content incentive mechanism and token economic model as that of YOYO token, and use other features of the YOYOW blockchain to achieve unlimited possibility.
Content platforms can issue smart content tokens through the YOYOW blockchain, introduce content incentives and smart content tokens into the platform ecosystem, and realize the sustainable development of content platforms with the content network advertising system provided by YOYOW.
HTLC Inter-Blockchain
HTLC (Hash Time Locked Contract) technology can realize Atomic Swaps, enabling the YOYOW blockchain to obtain inter-blockchain communication with other blockchain projects (such as Bitcoin, Ethereum, EOS, etc.) and token exchange features. With YOYOW DEX, it is possible to realize a reliable on-chain direct exchange between YOYO tokens and user-issued assets (UIA) in the YOYOW system and other blockchain project tokens.
Tendermint PegZone Inter-Blockchain
HTLC enables YOYOW blockchain to realize initial inter-blockchain support, but the limitations of HTLC, such as limited application scenarios and slow transaction speeds, still exist. The single-chain performance of YOYOW blockchain is more than 3300 transactions per second (TPS), which is a high-performance blockchain platform. Issues such as the speed and operability of inter-blockchain transactions should not become a bottleneck.
In order to solve this problem, the YOYOW team will add Tendermint PegZone support for the YOYOW blockchain. By strengthening the inter-blockchain communication ability with the blockchain projects based on or support Tendermint inter-blockchain technology through side-chain technology and implementing Two-way Peg, the speed, timeliness, operability and scalability of inter-blockchain transactions can be improved. Through high-speed inter-blockchain technology, the YOYOW blockchain can form a blockchain network with blockchains of the same architecture or different architectures to achieve millions of TPS.
IPFS Protocol
InterPlanetary File System (IPFS ) allows users to store various content such as pictures/text /videos to a decentralized file storage network that is built based on the IPFS protocol. The YOYOW blockchain will combine inter-blockchain technology to develop an integrated API that combines YOYOW and IPFS. Based on this set of APIs, developers can build a variety of decentralized content dApps with YOYOW incentive mechanism, and can also integrate IPFS storage into existing content platforms that are developed based on YOYOW.
Hardware Wallet
A hardware wallet safely stores private keys offline in a security chip. YOYOW will support hardware wallets for users to store private keys, receive and send tokens in hardware wallets.
About YOYOW
YOYOW, an acronym of “You Own Your Own Words”，is a content value network based on blockchain technology. Its goal is to build a blockchain network that uses blockchain technology to quantify contribution in the content production area using a decentralized consensus method. YOYOW hopes that through the point incentive strategy, participants who create, disseminate, comment valuable content will be rewarded. YOYOW aims to enable the traffic dividends that used to be held by large social media companies to be distributed more fairly and reasonably to content producers, content supporters, website owners, content filterers, and ecology facilitators.
YOYOW Official Information
Official Website: https://yoyow.org/
Web Wallet: https://wallet.yoyow.org/
Blockchain Browser: https://explorer.yoyow.org
Twitter: https://twitter.com/InfoYoyow
