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Everipedia is an online encyclopedia similar to Wikipedia, which is using EOS blockchain technology to encourage cryptocurrency users.

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What is Everipedia?

Everipedia is an online encyclopedia similar to Wikipedia, which is using EOS blockchain technology to encourage cryptocurrency users. Users upload content to the database (Everipedia Network) and receive rewards in the form of IQ tokens. The Everipedia Encyclopedia is recognized as the largest online encyclopedia in English with more than 6 million articles, including all articles from Wikipedia. Everipedia's official mission is to modernize, consolidate, and decentralize the management of the online encyclopedia using blockchain technology. The developers aim to do so by adding more various tools during the editing process, as well as by expanding the reach of content from traditional encyclopedia websites such as Wikipedia. Now the creators of Everipedia have also developed a unique DeFi platform dApp called predIQt.

Blockchain in encyclopedia

EOS blockchain technology makes it possible to create an incentivized peer-to-peer network for submitting, curating, and governing a database of encyclopedia articles. It is just a tiny portion of what the EOS is capable of. By the way, Guarda wallet supports all tokens based on the EOS technology. All participants in the network earn tokens for curating and submitting content to the database, then use these tokens to vote on protocol upgrades and further submissions or modifications to the articles. Websites, businesses, or individuals can build their own user interface to interact with the network or a subset of the network. It allows websites and applications to access and collaborate on a synchronized database of human knowledge, a “greater wiki” that is constantly updated by all participants and apps.

History

Everipedia has been developed by Sam Kazemyan and Theodore Forselius in December 2014 and was launched in 2015. Initially, they started to create an updated version of Wikipedia. Part of the Everipedia solution was to import all Wikipedia content into the Everipedia platform. It became the basis for users to add content to certain pages that were not accepted on the Wikipedia platform, for example, links to their sites, blogs, and social network accounts. In addition, Everipedia users may create additional pages for individuals, organizations, and other items not found on Wikipedia. Everipedia received funding from Mucker Capital In July 2015. Soon after, Everipedia got its first external investment from a number of well-known angel investors. Everipedia raised $ 130,000 from Wefunder, a crowdfunding service that connects startups with online investors in 2016. It was estimated at 22 million dollars. The Everipedia team announced that they were building the “first encyclopedia on the blockchain.” On December 6, 2017. Using EOS blockchain technology, they said they were working on a token called IQ.

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IQ Token

The rewarding of users for their contributions to Everipedia is a new business concept. A total of 10 billion IQ tokens were issued and part of them were distributed among EOS holders with a ratio of 5:1. All IQ holders may participate in the management of encyclopedia articles. They can make changes, as well as accept or refuse adjustments of others, create new rules, buy and sell online services in exchange for a token. IQ tokens allow the developers to track and reward people for engaging in the development of the Everipedia platform, and as the value of the service increases, the people who built it will have the opportunity to participate in its success and earn further rewards. Anyone with IQ Tokens is an interested person on the Everipedia network. Using IQ tokens for voting, users will decide which new articles and changes should be added to the knowledge base.

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Reward system

Everipedia rewards users for voting and editing articles. So-called “Brain Power” system determines the weight of the user’s vote. Staking IQ locks up the IQ token for 21 days (non-transferable) and grants the user a 1:1 ratio of spendable “Brain Power”(non-tradable). After 21 days, the tokens can be used in staking again. The rewards are paid to users who do the editing and who vote for or against the validity of the user’s activity (curating).

Everipedia + PredIQt

Everipedia developers have built one of the largest DeFi dApps for learning called PredIQt. It is a multifunctional complex DeFi platform for earnings and investing. Everipedia is rebranded as Everipedia+PredIQt. PredIQt is the 2nd Everipedia's dApp and will become the full DeFi service. It offers extended predictive market functionality: anyone can create, participate, and resolve financial markets that are powered by the IQ token. The key objective of Everipedia+PredIQt’s can be represented into two parts: The IQ tokens utility governs bringing real-world data on-chain (encyclopedia articles, oracles, sources of truth) and brings market forces to knowledge and real-world events (prediction markets, synthetic assets, DeFi products). PredIQt is the next generation complex tool in DeFi world and has become the first decentralized prediction market dApp based on EOS. It is currently a full-featured prediction market, with the DeFi primitives such as synthetic assets (branding as ‘IQ smart assets’), lending, money markets, and leverage. All of these features governed by, fees paid with, markets resolved through, and interest paid out to IQ token holders.

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