Wikipedia Rival Everipedia Announces June Token 'Airdrop'

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Blockchain-based encyclopedia startup Everipedia announced plans to distribute its IQ tokens in June through an "Airdrop" instead of taking the Initial Coin Offering (ICO) route. The move would probably help bypass increasing regulatory hitches for ICOs.

"The airdrop will play a significant role in helping Everipedia accomplish as wide of a distribution as possible for IQ tokens," said Travis Moore, Everipedia Co-Founder & CTO.

Everipedia raised $30 million equity funding in early February from a group led by former Wall Street macro trader and crypto investor Mike Novogratz's Galaxy Digital's $325 million EOS.IO Ecosystem Fund, jointly run by blockchain software development company block.one.

block.one is building the EOS.IO software and focuses on business-grade technology solutions, including blockchain software development. block.one launched a 341 day sale on June 26, 2017 for one billion ERC-20 compatible EOS tokens.

Amid increasing regulations for ICOs, blockchain startups have been recently forgoing ICOs in favor of giving away free coins in airdrops to the crypto community, while raising more of their funds through private sales.

The IQ token airdrop will use the EOS.IO genesis snapshot tool for distributing tokens in June 2018. To receive IQ tokens in June, users should ensure their EOS tokens are registered for the mainnet snapshotting.

The IQ tokens will now be distributed in an 'airdrop,' implying they will be given away for free, to those who already own tokens for the EOS platform that is purchased through June. IQ tokens will be airdropped proportionate to their amount of EOS tokens held.

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The company said further information on the percentage of the utility tokens, the ratio of IQ to EOS tokens and the total circulating token supply will be provided nearer to the airdrop date.

"This June will mark an exciting step in decentralizing the world's knowledge on the blockchain. We want to ultimately see Everipedia be one of the largest Dapps in the entire ecosystem of all blockchains," said Everipedia Co-Founder and President Sam Kazemian.

Everipedia was originally started in 2015 as a more modern and inclusive alternative to Wikipedia. It is now building the world's first peer-to-peer encyclopedia on the blockchain, incentivizing content creators by making them stakeholders in the knowledge base themselves.

Contributors to Everipedia would gain IQ points as they add content to a page and the company is building the infrastructure needed to convert the IQ earned on the site into utility tokens.

Everipedia Co-founder and CEO Theodor Forselius said he is looking forward to "further disrupting and democratizing the traditional encyclopedia model."

Everipedia noted that IQ tokens will be a central component of the incentive structure within its protocol, which rewards users for curating articles and allows every editor to become a stakeholder in the network.

With over 3 million unique monthly users and over 6 million wiki articles, everipedia.org has already surpassed English Wikipedia as the world's largest English Encyclopedia by content.

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