Everipedia, a decentralized encyclopedia startup has announced plans to distribute its proprietary tokens beginning June this year through an airdrop. While making the announcement on Tuesday, Wikipedia indicated that its IQ tokens will make part of an incentive plan which rewards its users who improve the articles on its platform so as to correct any mistakes or edit pieces that were published previously. The company intends to use the genesis snapshot tool from EOS network to distribute the tokens.
To redeem and use their earned tokens, Everipedia members will have to register their existing EOS tokens with the company. Any user who buys EOS tokens throughout June 2018 will qualify for the IQ tokens.
Additionally, the company announced that it will launch its network immediately the EOS mainnet is released. The company said that in the event of several competing EOS mainnets members will be allowed to vote the favorable network that Everipedia will choose.
The company said that users will not be required to give access to their money or share public keys to get tokens.
In other news, the startup announced a new investment made by Ecosystem Fund from Galaxy Digital. Galaxy Digital is mainly dedicated to developing and expanding blockchain platform called EOS. The company intends to use the money to stage a big competition against their main rivals Wikipedia which was started in 2015. Wikipedia is said to register 3 million users every month. It has over 6 million encyclopedia entries every month.
During a recent interview, Everipedia co-founder Sam Kazemian said an upcoming generation is looking for something which is less stodgy than Wikipedia. The shocking part of Everipedia is its proposed plan to reward tokens which will all members to edit the content that is posted on the site. This will essentially mean that members can post tokens together with the proposed changes and edits. Is the edits are approved by the community, they keep the tokens and are rewarded even extra more. If the community feels that the edits are not helpful or they are wrong, the editors lose their tokens. The idea of giving contributors a portion of its financial stake is meant to encourage high quality contributions.