YOYOW (YOYO): A beginner buyer’s guide for learning where to buy it, how to store it and things you should consider.
YOYOW is an acronym for “You Own Your Own Words”. This is a blockchain network that rewards content creators based on user ratings.
The YOYOW ecosystem uses YOYO tokens as a transaction tool within its network. The creators of the YOYOW platform are working to allow content community platforms to create their own tokens in the future, based on the YOYO token.
To learn more about buying YOYO tokens, how to sell them, store them and things to consider before buying, read on.
Where to buy YOYO in Australia
Here is where you can buy YOYO in Australia:
A step-by-step guide to buying YOYO
If you want to buy YOYO, here is an example of what you could do:
Step 1. Create an account at an exchange that offers YOYO
You can compare exchanges above that list YOYO and sign up at the one that best suits your needs. Keep in mind that to use the trading services of most crypto exchanges, you will need to verify your identity.
For example, if you want to use Binance to buy YOYO tokens, you need to sign up for an account at their website and follow the link you receive on your email. While you wait for the ID verification, you can activate the two-factor authentication for increased security.
Step 2. Deposit funds into your account
Some exchanges allow fiat currency deposits, but the majority only accept cryptocurrency deposits. You will need to obtain a cryptocurrency that can be paired with YOYO. As BTC is one of the most commonly paired cryptocurrencies, let’s use it as an example. If you don't have any cryptocurrency such as BTC, you can follow our guide on how to purchase it.
If you acquired BTC, you can deposit funds by clicking “Deposit” on the top right corner of the Binance website, or by navigating to a section that says “Balance” or “Funds” at other exchanges. Find BTC in the list of cryptocurrencies and you should be provided with a deposit address to send your BTC to. This address should be a unique code comprised of a long string of letters and numbers.
To transfer your BTC to the exchange listing YOYO, you would need to find a “Send” or “Withdraw” section in the website. After this, you would need to enter the amount of BTC you wish to transfer and the receiving deposit address at Binance. Ensure that you enter your address in correctly as this transaction could be irreversible. After you have done this, you can hit a button to send your BTC to your Binance wallet.
Step 3. Buying YOYO
To buy YOYO, navigate to exchange or markets section, depending on the exchange you use, and search for YOYO. If you are buying YOYO with BTC, you would find the YOYO/BTC pairing and enter the number of YOYO tokens you want to buy.
If you are using Binance, navigate to the exchange section and select BTC in the list of currency pairs. Search for YOYO in the list below. Binance allows you to choose between Limit, Market and Stop-Limit orders. If you want to buy YOYO at market price, select Market and type in the number of YOYO tokens you want to buy. When you are satisfied, click Buy YOYO.
Now that you have YOYO tokens, you can withdraw them to your wallet unless you want to trade them on the exchange.
How to sell YOYO
You can sell YOYO tokens on the same exchange where you bought them. This process is similar to Step 3 except you would select the currency pairing you wish to exchange (such as BTC/YOYO) and use the “Sell” function of the website. This would typically involve entering the number of tokens you want to exchange and hitting the “Sell” button.
Which wallets can I use to hold YOYO?
The YOYOW platform offers two wallets to store YOYO tokens:
- Desktop wallet. This version is available for Windows and Mac OS and you can download it from the YOYOW website. Aside from using it to transfer YOYO tokens between accounts you can also use it to convert the main platform YOYO tokens to ERC20 compatible tokens and vice versa.
- Web wallet. This is a completely identical wallet to the desktop version, except you can access it through your browser. If you are using this version, it is essential that you log in only from a computer that you own.
Note that YOYOW has released an ERC20 version of the token, with the symbol YYW. Hence, the following wallets may be used to store this variant of YOYO.
What is the YOYOW platform?
The team behind YOYO believes that content providers bring massive traffic and high income to social media platforms such as Facebook, Twitter and Reddit, but these providers aren’t rewarded for their content.
YOYO wants to change that with the use of blockchain to create a transparent evaluation system and a new social media platform that rewards content creators.This concept is known as the proof-of-taste algorithm (PoT) or proof of flow (PoF). The network accepts content in all formats: video, text, audio, image and live stream, and that content can be shared on all social platforms.
What are the uses of YOYO tokens?
YOYO tokens are designed for:
- Rating content
- Applying to be a witness (the nearest equivalent to a YOYO witness would be a bitcoin miner), using YOYO tokens as collateral
- Applying to set up a platform using YOYO tokens as collateral
- Making transactions within the YOYO platform
Real world applications for YOYO
The goal of the YOYOW network is to cover as many areas of content creation as possible and to reward the creators with YOYO tokens. The platforms the YOYOW network wants to cover are:
- Social media platforms. YOYOW wants to establish its platform in the manner of Steemit, and then develop it to be a large social network like Facebook and Twitter.
- Blogging platforms. Bloggers create massive textual content, which can be rewarded with YOYO tokens.
- Encyclopedia platforms. This is another example of large textual content that can be rewarded with tokens.
- Forum platforms. With respect to forum platforms, the YOYOW network will reward the users with the highest rating.
- Q&A platforms. The team behind YOYO believes that 'Question & Answer' online platforms don’t reward the best answers. The developers plan to use YOYO tokens to change this and incentivise users to participate.
- Traditional websites. For traditional websites, YOYOW wants to switch ad revenue to token rewards for the content created.
- Video and live streaming platforms. The approach to rewarding video content and live streaming is the same as with the previous platforms. The better the quality of the content, the more tokens they will receive.
- Content aggregation platforms. For these platforms, YOYOW wants to make embedded repost function to push relevant content to readers and to reward the content creators.
What to consider when buying YOYO
If you consider buying YOYO or other cryptocurrencies, make sure you understand the risks involved. Here are some points to consider when deciding whether to buy YOYO tokens:
- Supply. According to CoinMarketCap, the circulating supply of YOYO tokens in March 2018 was 244,409,119 tokens. The total supply is 300,000,000.
- Use. YOYO tokens are used to reward content creators on the YOYOW platform.
- Whitepaper. If you want to read more about the YOYOW platform and its tokens, you can check out its whitepaper.
- Availability.YOYO is available on several exchanges, some of which accept fiat currency deposits.
- Market competition. What YOYOW is trying to accomplish has already been done to some extent by Steemit, the platform behind the STEEM token. At the beginning of 2018, according to CoinMarketCap, STEEM had US$1 billion market capitalisation as opposed to YOYOW’s US$30 million.
Frequently asked questions