$YRX
The original internet allowed everyone to contribute to it without exploitation and curation by big tech monopolizing cyberspace. Big tech spends billions on user acquisition and retention systems (gamification x algorithms) that optimize for short term profits for its shareholders rather than building long-term value that truly benefits all stakeholders.
The cause of this is that shares do not decouple governance from profit. To resolve these issues we introduce a governance model that represents the players (community) themselves in the decision-making process. Despite these issues, the value that is created by big tech is tremendous and it may be argued that it offsets the issues it created. For this reason, YOM is crossing paths with big tech, but doing it somewhat differently.
YOM is therefore run more like a community rather than a traditional company. This means several things. For starters, communities are bound by hype rather than P&L's and members contribute because of recognition rather than salaries. Additionally, a fitting governance model is needed to represent rather than exploit its users. It should be a self-sustainable system that is fundamentally driven by the value of the ecosystem rather than just by its profitability.
To resolve these challenge, we embed these communities as formal stakeholders in the governance structure of YOM and make it rewarding for every demographic to participate. For this reason, this chapter is dedicated to exploring the communal aspects of YOM and how we formally represent them in the company.
Introducing $YRX
In order to incentivize and reward community members and node operators, YOM is deploying the $YRX token. This is a soul bound token awarded for community action, providing reliable node streams and staking $YOM.
Having this soul-bound token replaces the need to create a database for things like account information and logins, and allows for features like leaderboards dropping partner rewards.
With this system, the wallet address serves as the account for our purposes, and the YRX in the wallet is our unit of measure for growth and support.
You will be able to earn $YRX through a number of channels and actions.
Staking $YOM. As $YOM holders lock their tokens as a sign of confidence, they will earn YRX commensurate with the amount and time staked.
Play-to-Earn. Through playing games on the YOM network with a connected wallet, users will automatically accrue $YRX.
Node Performance. In order to incentivize reliable operation of nodes, the $YRX distribution system will significantly reward uptime and availability and penalize disconnects.
Bounties. By fulfilling bounties through sharing articles, tweets and posts, community members will be rewarded in additional $YRX.
DAO Participation. By participating in the DAO, members will be able to further accrue $YRX.
Social Leadership. On a regular basis, the community will have the opportunity to grant $YRX reward to other community members using a ranked voting system. This is a way for the community to support each other.
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