We’re in an era where information is abundant and rapidly delivered. Anyone can open the internet and within seconds find tons of information for their subject of choice. Lynur, a decentralized encyclopedia, aims to monetize the process, rewarding users for reviewing and contributing information, all while combating censorship and inaccuracy.
The Ethereum-based Lunyr ICO managed to raise over $3 000 000 in just over a month
The true potential in the Lunyr platform is the fact that it’s based on the blockchain, making it resistant to censorship and misleading, corrupted and untrue information. Every interaction between the users and the information database is enforced via smart contracts and publically avliable on the blockchain. All content posted goes through mandatory vetting. No information is added to the knowledge base if not proven accurate and reliable.
The Lunyr platform’s native token, LUN is used in its incentive system. The system encourages rational behavior and minimalizes vandalism acts, rewarding users for their work and inspiring contributors to continue their work towards the growth of the ecosystem. If any given submission passes the peer review, the contributor is rewarded with both CBN(Contribution) and HNR(Honor) tokens. CBN acts as a placeholder for the user’s reward, which is distributed in the LUN. HNR is used to vote and resolve issues in the Dispute and Resolution system. The Dispute and Resolution system is employed to solve questionable content and quality issues.
The LUN rewards are distributed from a pool that accumulates over a two-week period. The amount of LUN awarded is a flat percentage of the CBN held by the user at the end of the aforementioned two-week period. The usage of smart contracts is employed again, ensuring the fairness and transparency of the LUN distribution process. The LUN tokens are used to pay for and place advertisements on the Lunyr platform.
The Lunyr platform has no apparent issues. It is on quite a few reputable exchanges like Bittrex, Binance and Huobi. While their whitepaper lacks technical information, they already have a working product and you can go right to their site and submit information for peer-to-peer review. The only question that’s stands is whether there’s a solid market for this type of service, which only time could tell.
Lunyr is definitely a strong project. The platform is basically a Wikipedia where you are actually paid for submitting and reviewing information and is also decentralized, which makes it quite a strong competition. With a working product, the future looks bright for Lunyr, we’ll definitely be expecting to hear big things from the project.
