What is Lunyr?
According to their white paper “Lunyr is an Ethereum-based decentralized crowdsourced encyclopedia which rewards users with app tokens for peer-reviewing and contributing information”. In essence, it is a decentralized version of Wikipedia with crypto-based incentive mechanisms to improve content quality.
What problem is Lunyr trying to solve?
Existing crowdsourced knowledge bases face several problems. As centralized systems they have single points of failure such that they can be censored, manipulated, or shut down altogether. Further on, they can be inaccurate at times.
How does it work?
In order to overcome these problems, Lunyr was built on top of Ethereum such that it is a decentralized, censorship-resistant and autonomous platform. Token-incentive systems are also created to align the interests of contributors with the platform. The below is a sample workflow for how Lunyr works:
- Contributor adds or edits information to receive rewards
- Submissions go through mandatory peer review process and are not committed to knowledge base unless approved.
- Once submission is approved, contributor is rewarded with Contribution and Honor tokens.
- At the end of every two week period, these tokens are used to calculate how many LUN each individual will be rewarded.
- LUN tokens can be used to purchase advertising on the platform.
How does it make money? What is their business model?
Lunyr is mainly reliant on advertising as a revenue source. Ads are allocated to relevant pages using Machine Learning algorithms. According to the white paper, one could project the revenue potential of Lunyr by looking at Wikipedia. In 2011, a thesis written by HEC suggested that Wikipedia could generate $1.6 Billion dollars in advertising revenue.
- Interstellar – Beta release on Testnet
- Supernova – Beta release on Mainnet
- Nebula – Peer review System upgrade (Additional features include content-aware peer matching and multi-language support)
- Cosmic – Disput and Resolution system Upgrade
- Galaxy – Lunyr API – this will be used as a base for AI, VR, and AR applications.
The Lunyr team is made up of experienced serial entrepreneurs and technical leaders. They have experience in notable companies such as Oracle and several crypto-based projects.