Wikipedia blockchain alternative, Everipedia, has just received a $30 million-dollar investment from Mike Novogratz a venture capitalist through his Galaxy Digital LP, a digital assets merchant bank, and Block.one, the developer of blockchain software EOS.
This is according to a statement made earlier today by Everipedia President Sam Kazemian.
Everipedia launched in 2015 with the goal of becoming an alternative to Wikipedia, the company said. The funding will help create an open source, peer-to-peer information network, Kazemian told Reuters.
“This investment will allow us to build the infrastructure for a global, decentralized, neutral forum that can credibly discover the best of our knowledge,” Larry Sanger, Everipedia chief information officer and co-founder of Wikipedia, said in a statement.
Kazemian added that after receiving the funding the company had no reason to raise an ICO, a process that has startups creating and sell virtual tokens to investors to raise funds.
“In my opinion, a lot of the ICOs are mainly done to get funding and after the company raises what it needs, it essentially becomes a cash grab,”
Novogrants after funding the deal says he anticipates the “growth of a more modern and inclusive encyclopedia that puts the world’s knowledge on the blockchain.”
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.
Everipedia is also believed to be the first project to receiving backing from Novogratz’ new $250 million Galaxy Digital adventure.
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.
The wikipedia blockchain alternative, Everipedia will use a content model that will seek to reward good content contributors who receive positive feedback from designated curators and the wider reading public.
In the comment section below let us know what you think of Everpedia. How is it going to impact how we share knowledge over the internet??