Blockchain Challenger to Wikipedia Handed $30m by Novogratz

Blockchain Challenger to Wikipedia Handed $30m by Novogratz

Wikipedia co-founder Larry Sanger’s Wikipedia blockchain alternative, Everipedia, has just received a $30 million dollar investment from venture capitalist Mike Novogratz’ new private bank Galaxy Digital.

The Everipedia project had appeared set to run its own ICO but will now use the money from Novogratz’ fund to build the blockchain alternative to Wikipedia on the EOS platform which itself is still in development.

The team behind the project plans to perform an initial airdrop of Everipedia IQ tokens to holders of the EOS token once the latter’s platform is up and running. 

Everipedia is also believed to be the first project to receiving backing from Novogratz’ new $250 million Galaxy Digital adventure. 

Rewarding Good Content

As reported by Business Insider, the Everipedia token will be required in order to both create and modify content. The idea is to combat trolling content editors who currently plague Wikipedia and other similar, open-source online encyclopaedias.

At the same time, the content model will seek to reward good content contributors who receive positive feedback from designated curators and the wider reading public.

Sanger, along with Jimmy Wales, is one half of Wikipedia’s two original founders but left the project only one year into its creation, citing irreconcilable differences with Wales over methodology in relation to the online encyclopaedia’s content curation model. 

Sanger has been a long-time critic of the open-source model espoused by Wikipedia, and has insisted that specialist knowledge requires a form of guardianship from abusive editing.

The blockchain’s concept of consensus-based mechanisms required for material changes to its contents look set to provide Sanger and the rest of the Everipedia team with the perfect framework from which to establish a more resilient model for creating reliable online content on a mass scale.