Authors

Everipedia Team

Background

The Everipedia Encyclopedia is the first and largest on-chain encyclopedia. Everipedia’s editors have created high quality pages on cryptocurrencies, NFT projects, and all of the exciting things happening in the blockchain space.

The IQ community has passed several proposals to improve IQ’s tokenomics rewarding IQ token liquidity providers and stakers who create value for the IQ ecosystem. This proposal focuses on improving IQ tokenomics by making the Everipedia Encyclopedia rewards system more efficient so that editors who create value receive greater rewards.

Overview

As part of the overhaul we propose freezing the current automatic rewards system where 500 IQ is minted and automatically distributed to editors and voters. The current system works but is relatively inefficient since 500 IQ goes out every 30 minutes regardless of the amount or quality of edits submitted during that time period. This can result in a higher quality edit submitted in an active editing period receiving less IQ then a lower quality edit submitted during a less active time period.

As we launch Brainchain we plan on introducing a more efficient and democratic rewards system where a DAO composed of elected community members reward Everipedia’s best editors with IQ tokens for their contributions. Since members of the DAO will be elected by IQ holders they will have a vested interest in efficiently allocating IQ rewards to editors who submit high quality edits. This improved system should increase the quality of the Everipedia Encyclopedia overall by more efficiently rewarding editors according to the quality of their contributions.

In the short term, to ensure that Everipedia’s best editors are rewarded while the Everipedia team works to develop the new DAO rewards system, we propose doubling the rewards for Everipedia’s Best Page of the Week Contest. We also propose increasing the full rewards cap on Everipedia’s Monthly Editing Challenge from 70 entrants to 100 entrants allowing more people to participate and earn IQ rewards. To sustainably fund the weekly and monthly editing challenges which have driven the creation of much of Everipedia’s highest quality content we propose minting 100,000 IQ per month.

Benefits

By implementing a more efficient rewards system IQ’s tokenomics will improve and there will be a greater incentive to contribute high quality content to the Everipedia encyclopedia. Overall this proposal should increase the quality of the Everipedia Encyclopedia and the value of the IQ ecosystem by improving IQ’s tokenomics.