ICO Analysis: Everipedia
Everipedia is making a souped-up version of Wikipedia and putting it on the EOS blockchain. Wikipedia is currently one of the top ten most visited sites in the world. It makes no money. It’s outdated, biased, and controlled by a small group of editors. Everybody involved in Wikipedia knows this, and they are all passionately moving over to Everipedia, including the founder of Wikipedia, Larry Sanger.
“Deletionists rule Wikipedia. Ironically, they’re constrained by print-era thinking. There is room to do to Wikipedia what Wikipedia did to Britannica.” (Paul Graham)
Everipedia, a fork of Wikipedia created in 2014, is already a top 1,000 website in the USA. It’s everything one could dream of in an online encyclopedia. And it has the ability to mold into much more. Take a look. The goal is to become an open, self-sustaining and self-governing network.
Here are a few highlights of what Everipedia brings.
- Every page from Wikipedia is already on Everipedia, waiting to be built and improved on.
- Anyone can make a page about anything. You no longer need to be approved by mystery editors in order to contribute.
- There are new tools that allow for Gifs, images and videos to be incorporated in an appealing way.
- Celebrities will now have verified accounts, on which they can add to their page and communicate with fans.
- All contributors will be rewarded in IQ tokens for the effort they put into Everipedia.
- Slanted views and suppressed information will no longer be a thing. This could really help in the battle against fake news.
- Anybody can post anything. There are 2 main rules; 1. Information must be cited. 2. it must be neutral.
“We want to make a completely open network where articles are hosted, used, and edited by many people using different front ends. Similar to how you can add to the steem blockchain by using steemit.com or d.tube or busy.org to make a post, all of them interact with the steem blockchain and you get rewarded in the same token (steem). The Everipedia Network is essentially the same idea but for a knowledge base instead of a blogging platform. So any website, including Wikipedia.org, could connect to the network and push edits. If approved to a high tier by token holders, the address that made the edit proposal gets tokens and the knowledge enters the database.” (Sam Kazemian, Co-Founder)
Everipedia is not a normal ICO; it is an airdrop to EOS holders. You cannot buy IQ tokens directly, you must buy EOS and then register your EOS tokens before the EOS main net goes live on June 1. Here is a good place for instructions on how to register your EOS.
All IQ tokens will be distributed on a 1:1 ratio with EOS. As long as your EOS tokens are registered by the June 1 deadline, and off exchanges in a private wallet, you will receive IQ tokens. IQ will airdrop on the EOS main net after launch. There is no need to convert anything.
There will be a total supply of at least 1 billion. The exact details have yet to be released. Its expected to be about 1.2 billion tokens, as they will be dropping additional tokens to VC and angel type investors from the past.
There will be up to 5% inflation annually in IQ tokens. Those tokens will be used to pay curators and editors, among others. The exact amount will be voted on by IQ holders.
IQ will be a utility token, used in a variety of ways to power the ever-economy. It will be used to edit and create new pages, and vote on whether or not an edit or page creation should be published.
Users will be rewarded IQ tokens for creating pages, editing pages and otherwise helping the platform (like suggesting 2 pages be merged
The Everipedia team is stacked. They are based out there in Los Angeles, California, city competing for the title of crypto capital of the world.
The company was founded by Theodor Forselius and Sam Kazemian back in 2014 out of their UCLA dorm room. Then joined by co-founders Travis Moore and Mahbod Moghadam (co-founder of Rap Genius), Everipedia was already a top 1,000 site in the U.S. before Larry Sanger (Founder of Wikipedia) joined the team as CIO in 2017. They also have some of the top developers in the space.
You can check out all their work here.
They are extremely active on YouTube. Below, the founder of Wikipedia explains why he’s so excited about the Everipedia project.
EOS really hit a home run by being the protocol Everipedia decided to build on. The platform did it by granting Everipedia $30 million from one of their many ecosystem funds, Galaxy Digital, in February. They still have well over $1 billion to bring other revolutionary projects to EOS.
Everipedia will do great, no doubt. The question though is what will IQ token be worth?
- They are being stingy with their token distribution info. They say they will come out with more details as the airdrop gets closer. It looks like they will for sure be dropping tokens to previous investors. in July 2015, Everipedia received seed funding from four different source and also received $130,000 on Wefunder. All of this and we haven’t even gotten tot he $30 million they received from EOS. If all these early investors and all the team members receive tokens, it may influence voting and dilute the value of the token. It looks like there will probably be about 1.2 billion IQ tokens -1
- If EOS fails to provide the blockchain they promised (very unlikely), it would be disastrous for Everipedia. -0.5
- What gives the token value? Why would people want it as an investment? Wikipedia doesn’t make any money. Everipedia is going to need to find ways to bring value to the IQ token. -1
- There’s an up to 5% inflation rate on IQ tokens annually. The IQ holders will be able to decide this rate, and the newly minted tokens will be used to pay curators and editors. Fifty million million tokens being pumped into the economy every year could have a negative effect on price. -1
- There will be no ICO price from which to base the token value when it hits exchanges. It’s hard to predict if it will start out over- or under-priced. And it’s such a revolutionary concept, it’s hard to put a value on the token. Perhaps STEEM would be their closest competitor STEEM’s market cap is $460 million. If we start IQ out at that cap, which seems reasonable, it would put the value of each IQ token at $0.30-$0.40. And it’s only a baby. +2
- In a recent interview, co-founder Sam Kazemian talked about advertising in a similar way to Facebook ads, in which you can pay to have sponsored ads on certain Everipedia pages. This idea could bring billions of dollars to Everipedia’s economy.+4
- “With the Everipedia Network, one can connect directly to the world’s largest wiki database from any site. We imagine a future in which even non-programmers can create sites that utilize the Everipedia Network through something as simple as a WordPress template.” Rob Finch, moderator. +1
- Since the only way to get IQ tokens is by holding EOS, we should consider them together. Everipedia will bring a ton of liquidity to the EOS token. Curators and editors will be cashing out their IQ for EOS in order to get fiat. This movement is what brings liquidity. It’s also the best reason for dropping tokens on all the EOS holders, as it spreads your token around so that it’s liquid. +4
With this all-star team, and the open flexibility they have to develop their ideas, it’s just a matter of time before they find a way to bring value to IQ holders. 7.5/10
- Type: Utility
- Symbol: IQ
- Platform: EOS
- Est. Supply: 1.2 billion
- Whitepaper: Here.
- Price: Airdrop: 1 IQ for every 1 EOS. Users must register EOS tokens by June.
Image courtesy of shutterstock
Disclaimer: We here at Hacked feel EOS.IO could become a pretty big deal. Therefore, we will continue to keep our readers up to date on the latest important ICOs and airdrops, so that you don’t miss out on all the value.