China has it’s very own social media from the likes of Facebook being replaced by RenRen and Whatsapp by WeChat. Reddit too has it’s very own Chinese replacement called Tianya Club, but it’s about to plus one with a cryptocurrency of its own. Tianya Club will release its very own cryptocurrency called Tianyan Token (TYT) which will be released on the 8th of August. It will reward users with the TYT tokens everytime they post and take part in content for Tianya Club. Tianya Club has lost a lot of users and thus the move of using cryptocurrencies is bound to get user’s to flood into it once more. As per traffic data website Alexa, Tiana’s rank slipped from 11th in 2015 to 24th now. The decline is mostly due to heavy competition from Chinese social networks such as Baidu’s Tieba. Crypotocurrencies are becoming the go to technology not only for technical payment reasons but also for marketing hypes. Hard cap of TYT token will be at 90 billion, with 20% reserved for the company’s team and 80% distributed in the community. Whether it will be traded on exchanges or not will still have to be seen. It is not the first time Tianya has come up with cryptocurrencies, it first released Tianya Diamond in December however this was not a success and thus will be linked with the new TYT tokens. Tianya diamond had 900 million tokens as a hard cap but was used mostly for gifting and as collectibles and not as a way of users being rewarded. It can be purchased from WeChat using Chinese Yuan. The TYT tokens will be pretty similar to Steemit where users get paid in tokens depending on content shared, upvotes and shares. China might have banned Bitcoin, but that’s not stopping Chinese companies using cryptocurrencies.