Right now, there are some extremely interesting blockchain-based projects floating around in the crypto and blockchain space that deserve a league of their own. Everipedia is of these.
While most of the projects on CoinMarketCap largely focus on becoming the next global digital currency, some of them are actually employing the technology lying underneath to solve different problems relating to different niches and are forming game-changing ecosystems of their own. The decentralization aspect presented forward by blockchain truly is game-changing and when it comes to Everipedia, it aims at using this revolutionary technology in order to revamp how online encyclopedias work.
In order to get to know more about this project and the vision that it is pursuing, BlockPublisher recently got in touch with the Chief Executive Officer of the project, Theodor Forselius, for an exclusive interview. Theodor gave a clear-cut insight into the project and explained how the project comes off as revolutionary in the sector of online encyclopedias. A sector that has largely been overlooked despite the face-paced growth seen over the years in the areas of e-commerce and social media.
Interestingly one of the people leading Everipedia is Larry Sanger, who is also the co-founder of Wikipedia. The entire wave of Everipedia started out with Theodor, Sam Kazemian, Travis Moore and Mahbod Moghadam who are the co-founders, building a better online encyclopedia for people across the globe in the dorm rooms of UCLA back in 2014.
Regarding the inception of this idea of a better online information platform, Theodor said:
Theodor: “Both me and Sam were actually editors on Wikipedia at the time. We kind of realized that Wikipedia has been the only online encyclopedia in the world for like last two decades”
While social networks, search engines and e-commerce platforms blew up in terms of innovation and growth, Wikipedia kind of remained the only encyclopedia platform for a very long time. The need to build an encyclopedia platform with a better and a richer user interface which was up to the mark with norms of the modern world i.e videos, led the road for Everipedia eventually. The platform also aims at making the participation in the network easier and rewarding for normal users so that more and more people from across the globe can help build the ecosystem.
Theodor: “To create more advanced articles and interact with functions on Wikipedia, you have to use Wiki markup which is like their own native coding language. This obviously only makes sense for more technical individuals. So we saw the potential to create a platform where anyone could use the site. The goal was to create something where creating and editing articles was as easy to use as Facebook. That was kind of the original idea.
We also wanted to make it more inclusive and include a broader scope of content because one of the biggest issues with Wikipedia was particularly their deletion-ism and their notability standards which prevented a lot of content. The majority of all articles that are submitted to Wikipedia are actually deleted. So they have this very strict standard. You basically have to be a celebrity to have a Wikipedia article.”
Everipedia has paved an easier path for people to step into its ecosystem and produce content. Interestingly, the very first version of Everipedia was centralized and it also supported advertisements. But as the team saw blockchain technology emerge out with Ethereum leading the game in the arena of programmable blockchains, the idea of making Everipedia a peer-to-peer encyclopedia was taken into consideration by the team. As suggested by Theodor, since the platform required a lot of transactional capabilities because it had already built a pretty big user base, the Everipedia team decided to hold themselves back from making the platform decentralized until EOS, which has much greater scalability capabilities than Ethereum, made its stronghold in the blockchain arena. Currently, the platform isn’t intending to incorporate advertisements in its ecosystem, at least as far as the near future is concerned.
Further talking about the differences of the platform from Wikipedia and how Everipedia improves on it, he said,
Theodor: “You have the rewards aspect, which is I think it’s really exciting. On Wikipedia you basically volunteer to create a lot of content that is hosted and owned by Wikipedia, which is the WikiMedia Foundation, [a] centralized foundation that’s kind of controlled partially a lot by Google, which is WikiMedia’s largest donator.
By creating content on Everipedia you’re adding content to the world’s largest peer-to-peer knowledge base where you have a stake in the system yourself. The way the reward system work is that in order to create or edit an article you have to stake a small amount of IQ which is our native token. If the edit is approved or the article is approved by other stakeholders in the network you get back the IQ, the collateral that you staked, plus some more as a reward to incentivize you to create new content. If it’s dismissed, the tokens are slashed. This essentially means the IQ tokens you staked into the network get locked for a longer time period.
This also means we’re kind of using blockchain technology as a more automated quality mechanism with financial incentives. The tokens that you actually earn by creating good content grants you governance rights in the network, which is really exciting. This allows you to vote on which content is included in the network and how the network is developed. So the more tokens you earn, the more votes you have in the system, hence increasing your influence in the network by contributing good quality content.”
The reward system is one of the major aspects that make Everipedia more interesting in the eyes of the general public. Instead of volunteering and producing content on Wikipedia for free, one can join the Everipedia ecosystem to get rewards in return for producing content. A peer-to-peer network is established as a result with no centralized organization controlling the flow. Since there is no central authority in charge, users also get a stake in the network using their IQ tokens. The possibility of the central server getting faulty and data getting lost is taken out of the picture owing to decentralization and as the content is hosted peer-to-peer, it lives on.
Everipedia also takes care of the malicious posts and spams in its ecosystem. In order to post content, the user has to stake some IQ. If the content gets approved, the IQ tokens are given back to the users along with the rewards. If someone tries to post malicious content and harmful information which does not get approved in the system, the IQ tokens get slashed and thereby take longer to restake them. In this way, an automatic financial reward system is put in place which makes sure that the integrity and the health of the system are maintained.
All in all, as opposed to the projects that are in the blockchain game just to raise a quick buck, Everipedia is actually employing this revolutionary technology to revamp a niche of the internet universe that needed much attention, online encyclopedias.
Find out more about the project here.