Abstract
Virtual-currency has become an important service and brought a great profit to SNS companies in China. In this paper, based on some economic theory and algorithms, we systematically analyze the operation mechanisms of the virtual-currency in China. Three models, the ideal model, the actual model and
Highlights
Background knowledge2.1 The definition of virtual-currencyAt present, the definition of virtual-currency has not been determined
The final objective of this paper is to propose an improved model for the social networking sites (SNS) companies which supply the virtual-currency services, and conduct a survey to evaluate the feasibility of the improved model
In this paper, based on some previous researches(Hui et al, 2009; Zhen & Bin, 2009b), we give our definition of virtual-currency: “virtual-currency is token money used for trading virtual goods within various online communities including social networking websites, virtual worlds and online gaming sites.”
Summary
Social networking sites (SNS)(N.B. Ellison & Boyd, 2007) have become an indispensable part of our lives. The communication and interaction among individuals is ever-becoming an impact due to the rapid development of SNS (Farmer, Bruckner Holt, Cook, & Hearing, 2009): SNS such as Facebook, Twitter, and MySpace in the United States of America (USA) and Europe; and Renren, QQ, and Weibo.com in mainland of China attract millions of people People log into their different SNS accounts every day to communicate with friends on the Internet to exchange news, share interests and opinions and upload their photos, and in some social. Since China’s SNS market contains the largest consumer group of the world(Zimmermann, 2011), the investigation on the development and operation of SNS in China has a great impact to the advancement of SNS in the world
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