The Lunyr (LUN) is a decentralized crowdsourced encyclopedia that reward users for their contributions and reviews. By using Lunyr, users have the opportunity to peer-review and contribute to the information that is available in Lunyr and get rewards for their efforts. Lunyr aim is to be a major platform where users can find accurate and reliable information. In short, Lunyr can be described as a decentralized Wikipedia that has an aim of developing a knowledge base API that virtual reality, artificial intelligence, augmented reality and other systems, application and software can use to create application and contents.
The project has a basic business model that is used to leverage a decentralized Wikipedia. The decentralized Wikipedia is developed by building and incentive-based knowledge application on the Ethereum blockchain. The whole idea behind it is to implement an advertising system where users can use the LUN tokens to pay for advertising slots on the platform. With Wikipedia being the sixth most visited website globally, according to Alexa, an Amazon company, Lunyr sees a high level of potential revenue from advertising on their Wikipedia like platform.
They are aiming at building a better decentralized Wikipedia that represents a highly accurate and fast-growing system. Once that platform matures and becomes a knowledge base, they will make a real-time contribution on multi-language data. Developers will access the knowledge base via the use of custom API. The knowledge they get can be used to create innovative applications like AR, VR or AI.
Lunyr video explanation
To prevent inaccuracy, centralization, and censorship that other blockchain systems and platform face when they are being established, Lunyr is leveraging its project is three main steps. The step Lunyr is leveraging its project are:
- Because Lunyr is being built on the Ethereum platform, the platform is censorship-resistant and decentralized.
- An economic incentive is proposed to investors and contributor with the help of Ethereum-based token. The tokens are incentivized to increase the value of the blockchain ecosystem.
- All submitted content at Lunyr are peer-reviewed. Only the successfully reviewed contents are added to the network. Not all submitted contents are added. Reviewers of the contents are rewarded and incentivized using the token rewards.
The project is designed to make sure it aligns the rational behavior of network participants for the benefit of the whole system. It uses three types of tokens which are the Lunyr token (LUN), Contribution tokens (CBN) and Honor token (HNR).