Everipedia Raises $30 Million USD To Advance Blockchain-based Encyclopedia

Everipedia Raises $30 Million USD To Advance Blockchain-based EncyclopediaEveripedia is a relatively new project, but so far, they have created an impressive amount of content.

As the name suggests, Everipedia is an online encyclopedia, much like Wikipedia. In fact, within the last few years, it attracted Larry Sanger, who helped Jimmy Wales found Wikipedia back in 2001. He left Wikipedia just one year later and has been a critic of the wildly popular online encyclopedia ever since.

Now Mr. Sanger is working with Theodor Forselius, the current CEO of Everipedia, and one of its founders. Unlike Wikipedia, Everipedia is a for-profit company, which gives it some unique advantages over Wikipedia. So far, the platform has more than one million more English entries than Wikipedia, which is noteworthy for a platform that is only a few years old.

Recently, Everipedia announced that they would be using a novel blockchain-based system to store their data and tokenizing the content editing efforts to attract even more talent. One of their goals is to create a decentralized data repository that would be hard to block access to, which has been one of the problems that Wikipedia has faced in some nations.

New Blockchain Architecture

Everipedia has created a new architecture they call the InterPlanetary File System (IPFS). IPFS will work in concert with a blockchain to ensure that data is stored safely and distribute Everipedia across a peer-to-peer network, making blocking it difficult. This system also makes it very hard to eliminate the data as it is stored across nodes that work independently of each other.

The IPFS also makes it much easier to monetize work done on the system, which is what Everipedia’s IQ token is all about.

Theodor Forselius explained it this way in a recent interview that was featured by Forbes: “The way the IQ tokens work is that when you edit the site, and you curate content, you earn these IQ tokens for helping to contribute to the knowledge base. These tokens represent votes in the actual knowledge base. The more tokens you earn, the more good contents you put up, the more tokens you have and then more voting power you get in the system.”

Over time, the ability for contributors to see financial gains could put Everipedia in a much better position than Wikipedia, which is an all-volunteer platform. The rapid growth in content on Everipedia certainly speaks to this advantage, though there have been some issues with spurious content being added and left online for longer than is ideal.

Durable Data

Theodor Forselius also claims that the IPFS creates a system that would be far harder to take offline than a centralized system. In addition to allowing participants to reap financial rewards for their work, the data they create would be in the public space for as long as the nodes kept operating.

From Mr. Forselius via Forbes: “What is revolutionary about this is that there is no central hosting cost for us as a company, which means that if the Everipedia team disappeared or went bankrupt tomorrow, all the information that our community has contributed will continue to live on, peer-to-peer on the knowledge base through these IPFS nodes.”

The Everipedia framework seems to be attracting fans as well since their recent token sale raised over USD 30 million. Given how novel their approach to an online encyclopedia is, this platform could continue to grow quickly.

Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.