Everipedia is a blockchain-based encyclopedia and decentralised platform that allows anybody to add to its knowledge vault. The protocol aims to completely decentralise web information access and curation.
The platform is very comparable in capability to Wikipedia, then again it runs on the EOS blockchain. By allowing for a wider range of content and providing information creators with financial incentives, Everipedia intends to enhance the Wikipedia model.
Instead of having a concentrated body control the progression of data on the web, individual supporters who own the convention’s local intelligence level token can make articles about anything as long as they have given dependable sources. To achieve its objective of eliminating centralised control in the information industry, Everipedia has developed a few DApps based on blockchain technology. The blockchain-based encyclopedia from Everipedia is one of the protocol’s well-known products. PredIQt, a forecast market and mechanised market creator (AMM): HiIQ, implied for marking level of intelligence tokens and Everipedia OraQles, an Oracle on the blockchain.
How does Everipedia function
Everipedia was based on the EOS blockchain and is controlled by the intelligence level, which is utilised in its administration and award framework.
The three-module Everipedia system aids the network in eliminating centralization and ensuring the immutability of its blockchain. The article submission module, the governance module, and the token module are these. The protocol is built on top of these three modules, which work together. Notwithstanding its decentralised and open-source nature, Everipedia has taken incredible measures to keep misconceptions from its contributors. Anyway, how does Everipedia guarantee that all happiness in its foundation is impartial and of a respectable quality? Before acceptance, every piece of content created on its platform is thoroughly reviewed by editors.
Additionally, the protocol includes a practical framework for preventing malicious participants from participating. Users are required to stake a predetermined amount of the IQ token before submitting articles to Everipedia. On the off chance that the overseeing group endorses the review, the quantity of tokens marked is discounted to the engineer. Be that as it may, assuming the substance is considered inadmissible, the maker loses his stake.
Where is Everipedia (IQ) utilised
IQ is Everipedia’s local token, and it has different administrations, some of which are recorded below:
Remunerating organisation members
Something striking about IQ is the way it is common in Everipedia’s ecosystem. In Everipedia’s decentralised phases, the IQ token is utilised to boost donors and clients. Creators and editors receive compensation for their contributions in the form of a portion of the platform’s fees.
Exchanging
Individuals hypothesise on the cost of levelling the IQ tokens trying to create a profit by utilising trades like OKX. OKX offers its clients the most state-of-the-art apparatuses and a magnificent general exchange experience.
Administration
The IQ token is likewise utilised in the administration framework. The IQ part in administration is to obtain voting power, which is distributed proportionally among members, users can stake their IQ tokens. A user’s voting power is based on the value of the tokens they hold and how long they have been held. IQ staking is the cycle by which holders of a symbolic lock away their tokens on a decentralised platform (for this situation, HiIQ) to assist with approving exchanges or for different reasons as a trade-off for a prize. The more drawn out a stake is held, the more prominent the prize.
Gathering Non-Fungible Tokens (NFTs)
Each IQl holder who stakes their tokens with HiIQ can win raffle tickets in a challenge for computerised collectables: the more HiIQ, a client has, the higher their possibilities of obtaining the ticket. Also, Everipedia has been issuing NFT compensations to token holders. At the beginning of this year, the protocol and the NFT project “Supernormal” distributed $120,000 worth of non-fungible tokens to IQ stakers.
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