One of the more interesting things about the crypto-phenomenon is that it challenges the notion of “money-as-object,” recasting it as a fluid concept. Such a movement affirms that money—or its attributes–cannot (or should not) be territorialized by a central authority nor restricted to a specific “legal tender” object.
Money as “essence” (e.g. operative trait, characteristics, function) can be distributed across a wider spectrum of potential forms. New forms of money–assuming they possess the right monetary characteristics and sufficient critical mass–can freely compete with other forms of money.
The peculiar thing about cryptocurrencies is that they are often linked to technologies (e.g. blockchain) whose industrial functions exist outside the monetary realm. In many cases, crypto-tokens are a disjunctive byproduct and incentive; rewards distributed to those participating in or contributing to the technology’s network and function.
Enter the “IQ” Token
This also means that new forms of “currency” can originate from contexts that are seemingly remote or unrelated. This appears to be the case with Dr. Larry Sanger, a Wikipedia’s co-founder, who plans to disrupt the wiki-space with blockchain technology and cryptocurrency incentives.
Unsatisfied with what he feels Wikipedia has become—a centralized editorial bureaucracy producing a selective and “slanted” view of history (in stark contrast to its founding open-source mission to tap the “wisdom of the crowd”)—Sanger joined startup Everipedia to compete directly with his original creation.
But Sanger and Everipedia plan to bring something new to the mix:
- Everipedia will be using the EOS blockchain for its entire approval, editing, and storage process.
- They will also implement an incentive system whereby active contributors, curators, and editors can earn “IQ” points which are convertible to cryptocurrency (“IQ” tokens).
To prevent participants from cheating the system for profits—deliberately submitting articles with false or faulty information—Everipedia will eventually require each participant to put up a token for each article they submit. Upon approval, the original token, plus an additional reward, will be returned to the participant. But if their work is deemed deliberately ill-founded or erroneous, the token will be seized. This approval process aims to motivate users to uphold high standards for the site’s editorial authenticity.
According to Everipedia’s white paper (which has yet to be finalized) there will be a total of 100 million “IQ” tokens.
- 50% will be distributed via ICO (Initial Coin Offering).
- 30% will be minted over the course of 100 years—these will be used to pay editors and validators.
- The remaining 20% will be set aside for development costs.
Everipedia plans to implement EOS blockchain as early as January 2018.
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