How EOS is at the Forefront of Blockchain Innovation

Since its inception, blockchain has fundamentally changed how people exchange and store value and the potential for it to take over every facet of our lives grows by the day. Essentially, a blockchain is a list of transactions that is verified by a decentralized network of computers. In its first incarnation as Bitcoin, a peer to peer cash system was created, allowing people to sidestep centralized money-creating institutions that have existed for hundreds of years and deal directly with each other, with only “miners” as an inbetween to confirm transactions and secure the network.

Bitcoin was the world’s first cryptocurrency and sparked a revolution in money; one only has to look at its exponentional growth in value in less than a decade. Yet, Bitcoin did face its limits. As much as it works great as a currency, members of the wider crypto community were looking for new ways to implement blockchain technology to even more applications. Then in 2014, Vitalik Buterin announced the creation of the Ethereum network. Building upon blockchain technology, Vitalik sought to create a Turing complete decentralized computer that could run a variety of applications. A simple comparison to make is that Ethereum is like a smartphone in which developers can build apps on top of to run the network.

Another revolution sparked, and in 2017, blockchain had awaken from its slumber that had been casted on it since the fall of Mt. Gox. Hundreds of cryptocurrencies with different functions were developed on top of the Ethereum platform, ranging from decentralized exchanges to even bounty programs. As cryptocurrencies as a whole began to rise in value and attention, the limits of Ethereum began to be reached. This fact was illustrated when CryptoKitties skyrocketed in popularity in late 2017 and took up as much as 15-20% of the Ethereum network. Ethereum was a great start, but is essentially a bare-bones computer alike to a terminal.

As we enter the next stage of “Blockchain 3.0”, EOS is positioning itself to take over the decentralized market focused on consumer applications. Its lead architect is Dan Larimer, who has already built the most well-known consumer blockchain in use today, Steemit.  What EOS plans to do is create a Turing complete decentralized network, but instead of being akin to a computer terminal, it will be an elegant operating system similar to IOS or Android. As EOS leads the way forward in the third phase of blockchain innovation and pushes decentralized technology into the hands of everyday consumers, the knowledge base Everipedia will be the inaugural application on the EOS network.

Everipedia is a website that was founded three years ago by Theodor Forselius and Sam Kazemian with the goal of bringing a new and innovative take to the online encyclopedia. Rebuilt form the ground up, the Everipedia interface allows for editing with ease, more social tools, and has 6 million wiki articles, making it the largest English encyclopedia by content in the world.

Using EOS’ next generation blockchain technology, Everipedia is launching the Everipedia Network, the world’s largest decentralized knowledge base. What makes the Everipedia Network so extraordinary is that it is the first immutable, self-sustainable, self-governed, transparent, and uncensorable repository of knowledge in the world. It will work by organizing the Everipedia Network into different modules, each with it’s own unique purpose.

The token module is responsible for transferring and recording token balances of the native network token called IQ. Essentially, the Everipedia network is the ecosystem of the knowledge economy. Token holders in the network will have the agency to approve valuable content and reject low quality content. Content creators and curators will be rewarded tokens for submitting knowledge that the network participants find valuable. The article/information module is what contributors, services, bots, and AI etc interact with to submit knowledge. This module will interact with blob storage using the IPFS protocol that is natively supported by EOS. The governance module allows for token holders to democratically modify the rules of the network. This allows the entire system is self-amendable and governed by the stake holders.

Although Everipedia.org will be the first project on the Everipedia Network, what makes the Everipedia Network such a game changer is that it can be utilized by any knowledge project that desires to make their content decentralized and immutable. EOS’ API will provide the necessary foundation for the Everipedia Network to function seamlessly for everyday consumers of information worldwide.

Today, it has been announced that only EOS token holders will be able to receive IQ tokens proportional to their balance via airdrop. This action cements the symbiotic relationship that EOS and Everipedia will have with each other and will set a precedent for future blockchain projects to come.

 

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