Yuan is a digital currency, similar to Bitcoin and other cryptocurrencies. It was launched in 2016 by the Chinese company YuanChain Technology Co., Ltd. The primary purpose of Yuan is to facilitate secure payments between buyers and sellers within China’s growing e-commerce industry.
The currency operates on a decentralized blockchain network that utilizes Proof-of-Stake (PoS) consensus algorithm for its mining operations. This allows miners to receive rewards for verifying transactions on the network without the need for expensive hardware or energy consumption associated with traditional mining methods such as Proof-of-Work (PoW).
Yuan has been designed to be an easy-to-use payment system that can be used both online and offline. The platform also provides users with access to various applications such as remittance services, asset management tools, smart contracts, supply chain tracking systems, etc., all of which are powered by blockchain technology.
In order to purchase Yuan tokens you will need an Ethereum wallet address where you can store your tokens after purchasing them from one of the exchanges listing it such as OKEX or Huobi Global among others. Once you have purchased your tokens they can be transferred across different networks supported by Yuanchain Technology’s infrastructure including ERC20 wallets like MyEtherWallet or MetaMask among others.
As with any digital currency investments should only be made after thoroughly researching the project and understanding its risks before investing any money in it.