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Team Of Binance Crypto Exchange Announces Swap In YOYOW Network

Published: 08/08/2018
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What is it for?

The team of Binance confirmed the support of the swap in the main YOYOW network, and announced the beginning of the YOYO tokens replacement, according to the crypto exchange's website.

 

Deposits and withdrawals of YOYO coins were suspended from 04:00 (UTC) on August 8, after which platform developers began to swap tokens. The exchange’s team recommended users to make sure that they completed all operations with YOYO and left enough time to process transactions before the tokens are excluded.

 

It is not yet known when the option of deposit and withdrawal of the YOYO currency will open. The Binance’s team recommends token owners to follow news updates, as the next announcement will be published after the coin replacement is completed.

 

The YOYOW project was founded by the team of a Chinese company, Bitshares, as a social network where users could receive YOYO tokens for their content. Also the new tokens mining will proceed with the users’ content publication.

 

The platform is developed on the basis of the Graphene Framework blockchain and includes two protocols for blocks authentication: Proof of Taste and Proof of Flow. The first protocol is based on the audience’s tastes and takes into account the number of publications reposts, and the second one will be based on the number of views and traffic. Developers also plan to implement a system for content promotion with the help of tokens and the option to create own social networks and issue own tokens for users.

 

As previously reported, Binance will begin replacing the RPX tokens with PHX coins, so the deposits and withdrawals will be unavailable starting from August 11.

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