Lunyr is based on the Ethereum blockchain. It intends to crowdsource an encyclopedia where contributors are incentivized to source reliable and accurate information. This is what they say in their abstract – “Our long-term vision is to develop a knowledge base API that developers can use to create next generation decentralized applications in Artificial Intelligence, Virtual Reality, Augmented Reality, and more”
In short, what Lunyr intends is to take Wikipedia’s concept a step further. By the developers own admission, Wikipedia dominates the crowdsource encyclopedia market. What Wikipedia does not have though is the next generation technology that could make is a resource for projects that involve Artificial Intelligence, Virtual and Augmented Reality.
Lunyr plans to create a platform that could eventually become that valuable resource. Take a feature like Siri for example. Even most of the hardcore Apple fans will have to admit Siri is missing a few limbs. What would it take for Siri to be able to access information in an easier way, via a platform that is built to serve this exact purpose? The Lunyr developers claim the app they are working on will be able to do so.
Moreover, they plan to monetize it for the benefit of the content creators. A lot depends on the crowdsource side of things. Lunyr first needs reliable, high quality and diverse content creators able to generate articles that catch the interest of those browsing the Internet. On one side, they plan to implement a system of peer-reviews to ensure the content quality. On the other side, they incentivize content creators with cryptocurrency rewards.
In their whitepaper, the Lunyr developers underline other issues Wikipedia has, like a high degree of centralization and censorship on one side and inaccuracy on the other.
“The Lunyr platform is built on top of Ethereum and is therefore decentralized, censorship-resistant, and autonomous. The rules in which people interact with the knowledge base and with one another are mutually agreed upon and enforced through smart contracts, which are publicly verifiable on the blockchain.” States the whitepaper.
In terms of information accuracy, which is probably the biggest concern with Wikipedia, Lunyr plans to get all the information through a mandatory peer review process before committing it to the knowledge base. Both content creators and reviewers are to be rewarded with Lunyr tokens for their activities.
“Every user who submits a contribution is also required to peer review other submissions. We use Machine Learning to match peer reviewers with topics with which they will likely be familiar. Submissions are not committed unless they pass the judgment of multiple peer reviewers.” The developers explain.
We talked earlier about how content creators and reviewers will be rewarded in a new cryptocurrency. But what is the value of such a token on an actual market?
Again, Lunyr gives the example of Wikipedia and its potential for advertising. Lunyr should be quite a similar platform to Wikipedia. It has some added potential since it promises to play well with next generation apps. Wikipedia doesn’t advertise on its platform, but if it did, latest studies from 2011 show a revenue potential of 1.6 billion dollars. Therefore, there is an untapped market in that area.
Lunyr coins (tokens called LUN) is going to serve as a means of paying for advertising on the Lunyr platform. And here, the incentivization goes full circle
You write insightful content > you get rewarded in Lunyr coin + the platform grows in value > advertisers become interested in advertising space = the value of the coins you get for those insightful articles grows / you become more interested in supporting the platform. Quite a wicked plan. Benefitting the system, in the end, benefits you. Which might just be a good recipe.
Lunyr should have an app out at the beginning of 2019. They have several quarterly milestones. Immediately after the crowdsale we should have an invitation-only alpha version – Q2 of 2017. This implies they already have parts of the app to show off. This is followed by an alpha and beta release on the testnet that we should see in Q3 and Q4.
By 2018, we should already be able to see the results of their work on the mainnet , along with some upgrades.
The ICO stage
We know what to expect about the costs of the coins in the Innitial Coin Offering stage. One ether should value 44 LUN. We have to note that transferring LUN to other wallets only unlocks after the crowdsale.
“The actual start and end time will depend on Ethereum block numbers, which will be announced on the Lunyr community channels. If the Crowdsale fails to result in a minimum number of LUN, then Ether sent to purchase LUN will be returned. “ the developers explain.
The start and end blocks are to be announced.
If you want to learn more about Lunyr, consult their website here and the white paper here
ICO end. See details here.