Lunyr (pronounced Lunar) wants to take on the encyclopedia realm with a wikipedia style website that is based around blockchain (bitcoin) technology. This is not the first time blockchain technology has been applied to other concepts – Steemit is a reddit style social website using blockchain and has been met with relative success! Here is how Lunyr is leveraging the Blockchain Technology:
- incentivized content – Lunyr wants to incentivize the addition and review of knowledge, by giving users LUN for contribution.
- LUN– the LUN is a coin that is used to buy ad-space on the Lunyr Platform. This could be traded buy both users and advertisers.
- Ethereum tokens – Lunyr uses the Ethereum network to create app tokens.
To establish funding for the project, Lunyr is undergoing a crowdsale on the 29th of March. They are offering a trade of LUN for ETH (ethereum) and will last for a whole money. They hope to use the money generated by the crowdsale to fund the development of the project, with the expected completion of the project near the end of 2017 (beta only).
Whilst is too early to test out Lunyr, the concept is very interesting. Wikipedia has been calculated to generate a potential 1.2 Billion dollars of ad revenue (according to the Lunyr White Paper), and this is the market Lunyr wants to tap into. Having rewards for contribution to an encyclopedia is definitely a plus, but one worry is that the peer review process might take time and delay content creation. We’ll have to see if this is the case once Lunyr is live!