tJOY (testJOY) is the currency used on Joystream incentivized testnets.
Jsgenesis, the team behind the Joystream project, have linked the total supply of tJOYs to a corresponding pool of fiat currency (USD) held by the company. All testnet participants can redeem their tJOY for USD at any time.
tJOY can be used on our testnets in the same ways that future users of the Joystream platform will be able to use the mainnet JOY token. The three principal functions of tJOY are in staking, governance and for payment.
For example, to participate in testnet roles, users may need to stake tJOY. To create governance proposals and vote for Council Members, tJOY is also required. Finally, on the testnet, bounties and KPIs require tJOYs for paying effective contributors.
There are many opportunities to obtain tJOY. Smaller amounts can be requested in our community channels (including our Discord server and on-chain forum), while larger sums can be accumulated by participating in bounties, competitions and other events.
There is no direct link between tJOY and mainnet JOY. We are using tJOY to simulate the real economic incentives present on mainnet to aid the platform's development and facilitate the growth and education of our community in preparation of the transition from testnet to mainnet.
We use Bitcoin Cash (BCH) as a payment rail on our testnets. You can cashout tJOY by making a transfer to the dedicated burn address: 5D5PhZQNJzcJXVBxwJxZcsutjKPqUPydrvpu6HeiBfMaeKQu Before doing this, you should set the memo of the key from which the transfer is made to your BCH address. At the moment of the transfer, the BCH to USD exchange rate is locked.
More information on payouts can be found here.
Currently, the only way to secure an allocation of mainnet JOY is through high-quality contributions to the platform and community via our Founding Member Program.
You can check the live exchange rate (tJOY->USD) on this page (see above).