Blockchain Wiki Platform Everipedia Raises $30M USD In Funding Led By Novogratz’s ‘Crypto-Bank’br>
Everipedia, the decentralized competitor of Wikipedia, has raised $30 million in funding from a group of investors led by Galaxy Digital, the crypto-asset merchant bank launched last month by former fund manager Mike Novogratz. Everipedia will use the investment to fund a blockchain protocol.
Founded in 2014, Everipedia is a crowd-sourced wiki platform, online encyclopedia, and knowledge base. The company’s goal is to provide a new paradigm change and knowledge economy to disrupt the old centralized Internet knowledge encyclopedia model. The company aims to do this by developing a new open source, peer-to-peer wiki network with an incentive structure and a distributed backend hosted within the EOS blockchain platform.
“This investment will allow us to build the infrastructure for something that desperately needs to exist, something that should have been built a long time ago: a global, decentralized, neutral forum that can credibly discover the best of our knowledge,” said Larry Sanger, chief information officer at Everipedia and co-founder of Wikipedia.
The protocol is built around a digital token which will function as a key to the backend of the online encyclopedia. Users will be rewarded with tokens for curating articles and everyone would be able to become a stakeholder in the network through those tokens, which are pegged to the value of the network. But Everipedia President Sam Kazemian said the company had no plans for an initial coin offering (ICO).
“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,” said Kazemian. “What we are building is a token, not a Chuck-E-Cheese token. It has a specific utility.”
Commenting on the deal, Novogratz said he was looking forward to the “growth of a more modern and inclusive encyclopedia that puts the world’s knowledge on the blockchain.”
The company has been plagued with troll comments and conspiracy theorists dominating its boards, a situation that threatens its overall reliability as an information resource.