Everipedia to Verify Primary Sources via Blockchain-based Geospatial Software

Everipedia, a crypto-related information portal that was “forked” from Wikipedia in 2017, has decided to use blockchain-based geospatial technology

The distributed ledger technology (DLT)-based solution will be provided by XYO, a company focused on creating blockchain-enabled geospatial software. Everipedia will reportedly use the geospatial program to determine the validity of point-of-interest information on the online encyclopedia.

Everipedia, which contains all the articles published on Wikipedia (at the time of the fork), has implemented an incentive system for content creators on its decentralized platform. The compensation system involves rewarding content publishers with an EOS token called the IQ cryptocurrency. Backed by Dr. Larry Sanger (the co-founder of WIkipedia), the Everipedia platform will incorporate XYO’s geospatial software in order to obtain accurate data location.

Determining Primary And Secondary Sources

XYO’s software will reportedly support an initiative that involves Everipedia users proving the value of their knowledge. Initially, Everipedia’s management plans to use XYO’s technology to find point of interest, or knowledge that readers may find relevant. Markus Levin, the co-founder and head of operations at XYO, told CCN:

We enable users to prove their knowledge. Let’s say you’re writing about the Statue of Liberty and you’re in India. You’ve never been to the Statue of Liberty. Your knowledge is second-source. It has a different qualifier than if you’re a professor of history and you’ve been to the Statue of Liberty many times. You’re a primary source.

Meanwhile, Theodor Forselius, the co-founder of the Everipedia project, said:

Everipedia looked at the rest of the Internet. We realized that all other aspects of the internet like search engines, e-commerce, social networks, have evolved over the past two decades. There’s been a bunch of competition driving innovation forward.

However, Forselius believes online encyclopedias appear to be lagging behind other internet-based platforms and services as there has “just been Wikipedia and nothing else” - as far as information sources are concerned. Realizing that there’s currently “a huge vacuum of opportunity”, Forselius and Everipedia’s other founding members have been working to develop a better online encyclopedia.

2 Million Monthly Visitors, 1 Million Published Articles

Currently, the Everipedia website attracts around 2 million monthly visitors and over 1 million original articles have been published on the cryptocurrency-related encyclopedia. As a decentralized information source, the content standards are determined by IQ token holders. In order to publish a new article on Everipedia, users must pay a certain fee in the platform’s native IQ cryptocurrency.

If a submission is approved by other Everipedia users, then the author or editor of the article gets their stake back and also receives some form of compensation from the network. If an article or edit is not approved, then the submitter’s IQ tokens are returned to them.

According to Everipedia’s founder, the online encyclopedia’s incentive structure is designed to discourage people from posting low-quality content or spam.

Commenting on how Everipedia will reach mass adoption, the platform’s founder noted:

The main issue with the blockchain space and the state of dApps right now is it’s too much about blockchain and crypto. The terminology and the marketing, front-facing stuff for the users. So I think what’s really going to take a project like Everipedia to the masses is focusing on being a better product. We want to attract users because we are superior to Wikipedia.

Global Task Force, U.S. Tax Agency, SEC Dominate Crypto Headlines

Regulations are ruling the crypto headlines so far this week. Over the past 24 hours, we’ve learnt the Financial Action Task Force (FATF) is reportedly set to finalize new international standards for regulating cryptocurrency firms next month. The commissioner of the Internal Revenue Service (IRS) has stated his agency has “made it a priority” to issue more comprehensive crypto tax guidance “soon.” Finally, the U.S. Securities Exchange Commission (SEC) announced it would delay, once again, its decision on the VanEck and SolidX Bitcoin exchange-traded fund (ETF) proposal.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,945.4 and $252.9; a 0.54% and 0.83% jump over the past 24 hours, respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,822.7 (-0.6%).

Global Standards for Regulating Crypto Firms Next Month

According to reports from CoinDesk, the FATF is set to finalize new international standards for regulating cryptocurrency firms next month. These standards, they report, are widely expected to subject crypto exchanges, wallet providers, and other businesses to the “travel rule” – a colloquial term given to a rule found in the Bank Secrecy Act (BSA) that requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more than one financial institution.

Introduced in 1996 in the U.S., the “travel rule” is designed to help law enforcement agencies detect, investigate, and prosecute money laundering and other financial crimes by preserving an information trail about persons sending and receiving funds through funds transfer systems. The arrival of such international standards would go beyond the basic know-your-customer requirements that are widely enforced in the crypto space at present.

IRS Commissioner: More Detailed Crypto Tax Guidance ‘A Priority’

According to letter from IRS Commissioner Charles P. Rettig dated May 16, the agency has “made it a priority” to issue a more comprehensive tax guidance for cryptocurrencies. The Commissioner’s letter was written in response to a request from 21 Congressmen to provide clarity on tax treatment in relation to cryptocurrency holdings.

In 2014, the U.S. tax agency issued a guidance for cryptocurrency. In his May 16 response letter, Rettig revealed the IRS will “soon” issue more robust guidance. “I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions,” the Commissioner wrote.

SEC Delays Decision on VanEck SolidX Bitcoin ETF

The SEC announced the postponement of a decision regarding the VanEck SolidX bitcoin ETF proposal. The postponed ETF proposal was initially filed over a year ago. In January – amid the U.S. Government shutdown – it was withdrawn, only to be resubmitted later that month. On March 29, the commission delayed the joint proposal for the first time. The SEC must announce its decision – or, for the final possible time, postpone its decision – on the proposed bitcoin ETF no later than August 19.

Notably, the U.S. investor watchdog is seeking comments from the public in relation to the proposed VanEck SolidX bitcoin ETF. To guide commentary, they included fourteen questions in Monday’s filing. Comments must be submitted within the following 21 days, whilst rebuttals to said comments are due within the next 35 days.