What is Lunyr Coin?
Lunyr Coin is the cryptocurrency of the Lunyr platform. It is a knowledge-oriented, decentralized app (DApp) based on the Ethereum ecosystem. The company sees its project as a peer-to-peer platform for knowledge exchange worldwide. Various incentives are intended to promote sharing on the platform and ensure quality of the content found there.
The Lunyr team and their vision
The founders of the Lunyr platform are Arnold Pham (CEO), Andrew Tran (COO) and Cristopher Smith (CTO). They founded Lunyr in 2016 and are headquartered in Santa Clara, California. The team also includes consultants Greg Colvin, Alex Leverington and Grant Fondo.
Lunyr’s long-term goal is to develop a knowledge API that enables developers to create next-generation distributed applications. Areas of focus include artificial intelligence, virtual or extended reality and more.
Primarily, the Lunyr platform is intended as a starting point for users who are looking for reliable and accurate information. Although the company website does not compare with Wikipedia, the concept is strongly reminiscent of a decentralized version of it.
How is Lunyr Coin used?
Lunyr Coin is an ERC20 token. It can be used in two ways. It is primarily used as a means of payment to reward users for their contributions on the platform. First, an article must be created and then uploaded to the platform.
The content of this article will then be checked to verify that no false information is included. In addition to the technical examination, a copyright check is carried out. This control process is known as peer review. The decision on whether or not to approve a text will be taken by the community. Lunyr Coin can also be used to place advertisements on the Lunyr platform.
What advantages does the Lunyr platform offer?
The concept of Lunyr offers some advantages over other knowledge portals. The company advertises on its website with the following arguments:
- Interaction on the Lunyr platform is free of charge. Creating, editing or reading an article is free of charge and accessible anywhere in the world due to the decentralized basis. The articles are stored with IPFS and the copyright always remains with the author himself.
- Another advantage of the decentralized platform is that it is censorship-resistant. As long as there are no objections within the community, any article may be published. Centralized authorities cannot suppress or prohibit this information.
- The platform works completely autonomously. This means that there is no central administration or administrators who are able to determine what users want. Instead, users must resolve disputes or quality problems within the community themselves.
- Unlike Wikipedia and other platforms, Lunyr rewards users for their contributions. Users are rewarded after a submitted contribution passes the peer review process.
- Lunyr is based on the Ethereum blockchain and is therefore always available, everywhere. This ensures a total failure of the platform cannot happen.
Lunyr Coin in numbers – as at January 2018
The company behind the Lunyr Coin has a market capital of 75,111,302 US dollars. They generate a daily trading volume of 12,718,300 US dollars. Of the total of 2,703,356 Lunyr Coins created, about 2,297,853 are in circulation.
Lunyr Coin is ranked 193rd on the token ranking list at coinmarketcap.com.
Lunyr is a knowledge exchange platform based on the Ethereum blockchain. The platform is intended to change the way users share information. The strict peer review is intended to protect users from spam and false information.
Lunyr Coin is an incentive to actively participate in the design of the platform and to share its knowledge with others. Ultimately, Lunyr seems to be a kind of decentralized, autonomous, unchanging version of Wikipedia. The concept is quite interesting and the available content is very versatile and will expand over time.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.