Back at ya with a daily review.
This one will be short and shitty, to ease you into this week.
Today’s review is Everipedia.
Let’s dig in…
Everipedia (ticker: IQ)
Mid-Tier Shitcoin (no clue why tbh)
Wtf is this shit?
Everipedia as a company is quite large and has some merit. It is a huge database of information, competing with Wikipedia. Most of the articles are Wikipedia copies, but the non-blockchain version of the site still gets 1-2 million unique visitors each month. They are also a bit more open about what information and topics can be added to the online encyclopedia.
They then decided to move into the blockchain space, utilizing the tech for governance around applying edits, changes, and approvals to articles while rewarding participants in crypto (IQ token).
The Everipedia Network (EPN) lives on the EOS network - not ETH - woahh….thus, they emphasize that they have no server costs (although they must have some to host their site and other info), but the point is that their costs are greatly reduced compared to competitors (like Wikipedia) since they can distribute their data and work across the EOS network.
They have three main modules: the token module, article module, and governance module.
The token module is responsible for holding token balances, all sending and receiving functions, as well as controlling the minting schedule. Although IQ is a token and ICO’d, they still have a system which mints new tokens into the economy. This is contrary to how some ICOs operate where the circulating supply of the token is the limit.
The article module is responsible for all edit proposals and ultimately updates the database of articles which is then sent to IPFS nodes. IPFS stands for InterPlanetary File System which is a protocol explicitly for peer-to-peer content storage and management.
The biggest hurdle with this type of project is ensuring that the information being uploaded is factual. They plan on using oracles and participants in the system via a governance model. Their whitepaper is pretty in-depth, but not much information regarding this vital part. This is what makes us skeptical on the application for this. We get blockchain usage for tracking updates, changes to documents, version control, etc….but for the encyclopedia application, it will be very difficult to ensure factual information is being used.
Anyways, you should be able to visualize the big picture that they're going for.
Who tf is behind this shit?
A big name in this project is Mahbod Moghadam, a co-founder of Everipedia. He states that he now lives and breathes crypto. He is the Chief Community Officer, Yale Graduate, and ex-attorney (well, still an attorney, but not practicing it seems). Smart cookie, not only did he go to Yale for undergrad, but he got his J.D. from Stanford. FANCCYY..
All in all, mid-tier shitcoin, but our instincts don’t see a bright future for the blockchain application (ENP). Let’s see how they do.
Hope you learned some shit and make sure to follow us on Twitter!
- Mike and Aaron