All You Need To Know About Everipedia: Blockchain Based Wikipedia

A Blockchain based encyclopedia that promises to shape the way people access content online is on its way. Larry Sanger, one of the co-founders of Wikipedia, is currently working on the blockchain-based encyclopedia that will disrupt the old centralized internet landscape. Everipedia IQ is the name of the proposed platform.

Blockchain-Based Everipedia

In a bid to tempt content creators to create content for the platform, Sanger has promised financial incentives. The platform will leverage a distributed ledger to reward content creators. In addition, plans are underway to make the network decentralized. The platform will also be censorship resistant and democratic, in line with the principles of the blockchain.

Everipedia, which is a subset of Wikipedia, is self-policing. That said, it won’t be immune to publishing inaccurate information. However, plans are already underway to ensure that readers only get to read accurate information.

A system to rate encyclopedia articles is in the pipeline. The rating system should result in a global competition that would strive to represent only the best on each topic. Only well-researched articles with correct information will win the competition.

“If there is going to be any global system to rate content, in this case, encyclopedia articles, the information has to be managed responsibly, and there has to be a neutral internet protocol. The best way to guarantee that is to put it on a blockchain,” Sanger in an interview.

Everipedia Neutral Internet Protocol

A neutral internet protocol is essential to ensure that no single entity has control over the rating system. Currently, there is not one single global rating system for content online. Very few people trust centralized systems ran by tech giants to ensure neutrality when it comes to content ratings. However, hosting such a system on a blockchain network will help alleviate the possibility of one single entity having control over the entire rating system.

Everipedia relies on a decentralized management scheme. For any changes to be carried out on articles, then 51% of the IQ token holders must agree. Decentralization alleviates the possibility of one single person or entity making important decisions.

Voting System

Sanger and his team of developers are currently preparing the first smart contract vote. Once unveiled, the system will provide a clear framework on which people will vote as part of the governing structure of the network. Everipedia aims to be decentralized and democratic. For that reason, the network will operate under a constitution detailing all the rules governing the network. The constitution will govern all the important editorial decisions.

Token holders will have a right to participate in voting when it comes to decision making. IQ is the native token that powers the Everipedia network. Responsible token holders will have to be at hand to participate in important votes instead of just being token holders.

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