Who owns and controls the YMYM Network?

One of the wonderful things about YMYM is that no-one, or no corporate entity, “owns” the YMYM blockchain: it is entirely open-source, permissionless, decentralised, and peer-to-peer.

The YMYM network is “controlled” by the network of nodes through which it operates. Anyone can run a node, and to learn how to do so, click here. Some nodes also mine YMYM, meaning they perform computational work as part of the process to both confirm all transactions up to the next block, and the next block. They are rewarded for this work with a block reward.

YMYM nodes function via a decentralised consensus mechanism to prevent malicious actors from gaining control over the network. Simply put, if more than half of all nodes on the YMYM blockchain ‘agree’ that a transaction is valid, then the transaction is processed and stored in the blockchain.

This decentralised control via nodes ensures that YMYM transactions are securely processed peer-to-peer without the need for a controlling centralised party, like a bank.

Cool, huh?