Users of Everipedia are reportedly rewarded with “IQ” tokens if they contribute content to the encyclopedia or edit existing articles on its platform. By accumulating “IQ” tokens, curators can become stakeholders of the encyclopedia network, in addition to acquiring governance and voting rights, Everipedia’s press release noted.
“Democratizing” The Traditional Encyclopedia Model
Moreover, the announcement said that the large blockchain-powered encyclopedia intends to “democratize” the content creation process, and create a better economic system for “value creators” and “value extractors” in which incentives are more “economically aligned.”
According to Everipedia’s announcement, its encyclopedia will also be “fully-autonomous” and self-sufficient, because it will not rely on advertisements or donations to cover its operational costs.
Furthermore, content created and published on Everipedia will be “uncensorable” because of blockchain technology’s decentralized storage model, the press release noted.
“Create Articles In Decentralized Manner”
Dr. Larry Sanger, co-founder of Wikipedia and Everipedia’s chief information officer, stated that the blockchain-based encyclopedia was a “minimum viable network which allows users to vote on and create articles in a decentralized manner for the first time."
Notably, no registration is required to publish content or vote on Everipedia’s network, according to the press release. However, all users must have an EOS account and IQ tokens in order to use the blockchain-powered encyclopedia.
Interestingly, while several industry experts have criticized blockchain technology - with some referring to it as simply a very slow database or even just a “glorified spreadsheet” - it appears that the distributed ledger could actually help in processing information more efficiently.
Manual Claims Process More Efficient With Blockchain
Notably, Everipedia is now among hundreds, if not thousands, of companies and organizations which have either implemented a blockchain-based system or have at least begun to experiment with the new technology.
Recently, Chinese tech giant Tencent also revealed that it’s piloting a blockchain-enabled payment system through its popular WeChat application. According to Tencent’s announcement, a user at a restaurant in Shenzhen, China reportedly used WeChat’s payment system to conduct a blockchain-based transaction.
The user sent their payment information and expense reimbursement details over a blockchain network to their employer, Shenzhen’s tax department, and the restaurant. Based on the test results, Tencent said the transaction occurred more smoothly and without delays - unlike the traditional claims process which is usually quite slow.