Everipedia, simply described as a wikipedia competitor, confirmed this Tuesday that it will be holding an airdrop for the distribution of its IQ Tokens.
The move had been announced by the Wikipedia competitor two months ago in Korea, details on the everipedia token were provided recently.
The company wants to be more than just a wikipedia competitor
Unlike Wikipedia, Everipedia is a for-profit organization, and also in contrast to Wikipedia, it plans to move to a blockchain network in order to establish itself as the encyclopedia of the future.
After bringing Wikipedia co-founder and its current critic Larry Sanger on board as its chief information officer, Everipedia was quick to announce that it will be moving its system of article editing and storage to the EOS blockchain and InterPlanetary FileSystem (IPFS).
By doing this, the encyclopedia platform did not only intend to make all versions of entered information accessible at all times at the backend, but also looked towards introducing features that could only be available by the usage of blockchain, such as the utilization of the platform’s own token (which it now plans to airdrop to crypto enthusiasts soon).
The utility iq tokens will start airdropping in June 2018
Elaborating on the airdrop initiative, Everipedia mentioned that it plans to start the airdrop no later than June 2018, and through it, it will distribute its native cryptocurrency, IQ Tokens, created using the EOS genesis snapshot tool.
The airdrop will distributed to EOS holders.
After the airdrop to EOS holders, the IQ Tokens will be put into circulation and will then be leveraged to incentivize contributors’ efforts on the Everipedia platform.
Everipedia currently operates on a web-based platform which is not that different from Wikipedia in terms of storage capabilities. However, Everipedia plans to complete its move to the EOS blockchain platform soon in order to set itself apart from its very popular counterpart.
Wikipedia on blockchain, is actually everipedia
While not as widely known as Wikipedia, Everipedia has still managed to carve a niche for itself when it comes to being an online encyclopedia, and proudly records that it attracts more than three million new users each month.
At the moment, even without its blockchain capabilities, Everipedia boasts of a more modern interface than Wikipedia, where users are able to preview on-site links by hovering over them, are able to vote on citations to contribute towards the credibility of cited links, and are able to earn what the company calls IQ points in return for contributing to the project.
These IQ points are what will be converted to the IQ utility tokens once the platform moves to the EOS blockchain, which can then be utilized towards maintaining governance on the platform.
By introducing these initiatives, Everipedia wants to establish itself as an evolved encyclopedia which embraces new technology to improve the overall experience of its users.
In February, Everipedia had secured $30 million in funding from Galaxy Digital and EOS.IO Ecosystem Fund – an investment initiative which backs projects that aim to utilize the EOS blockchain platform.
However, there has been noticeable criticism on the platform’s intentions of monetization, its unclear definition of content policies, and its exploitation of content sharing by irresponsible means. Relevant industry forums are full of such discussions, but one example that essentially summarizes those debates can be seen at this Quora page.
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