Lunyr is a decentralized digital encyclopedia that combines blockchain technology with Wikipedia philosophy. This encyclopedia is based on Ethereum platform and has inner cryptocurrency named Lunyr (LUN). When users contribute to the website, they get some LUN coins as a reward. The token is used to place advertising in the encyclopedia.
Lunyr project was founded by Arnold Pham, Andrew Tran, and Christopher Smith. Lunyr was conceived as a DAO, which means that encyclopedia has no centralized authority. The beta version of the project was launched almost a year ago, on 30th of August, 2018. The desktop application is available for macOS, Windows, and Linux.
Initially, Lunyr was focused on cryptocurrency information. However, now it has a lot of other branches such as science, technology, finance, etc. The developers escaped in November 2018. What’s going on with the project? Let’s explore Lunyr with Changelly!
Lunyr is a peer-to-peer, decentralized, crowdsourced encyclopedia, which is fully integrated into the Ethereum-ecosystem. Financial logic and basic data are stored in the Ethereum public blockchain. Content (text, images, video, data) is stored in the InterPlanetary File System (IPFS) decentralized file system.
It all seems like an ordinary Wikipedia, but it’s really not. The system is resistant to censorship, and also to errors in texts and abusive data. This can be possible thanks to the peer-to-peer nature.
Authors post content (new information, or editing existing content), which is then subjected to quality control by other users. If the content passes quality control, then the author must conduct quality control of other people’s content. The result of this activity is contribution points (CBN) and reputation points (HNR). CBN points convert into LUN coin in 2 weeks. HNR points are used for voting on proposal and disputes.
Let’s consider an example:
- The author has accumulated 1 point by the end of the period
- There are 300 participants in the system, each with 1 point
- Advertising revenue + issued LUNs for a two-week period = 600,000 LUN
- Lunyr holds 15% of the amount. So, in the pool of awards 600 000 x 0.85 = 510 000 LUN
- The income of the author is (1/300) x (510,000) = 1700 LUN
LUN coins are used for advertising within the platform. Advertisers place their content on the Lunyr platform at auction, paying with LUN tokens. Advertising space is used in the same way as it does on the Google AdWords platform.
Lunyr (LUN) Value
Lunyr coin is ERC20 token, based on the Ethereum blockchain. Lunyr ICO ended 24 April 2018 with $300 thousand profit. During the ICO, 20 Lunyr coins were sold for 1 ETH. Now the coin is on 577th place among all cryptocurrencies by market capitalization. Lunyr coin market cap is $2.817.178. The coin is not minable. 1 LUN coin is worth $1.23.
- All-time high price was tested on the 6th of January, 2018. 1 LUN = $75.88.
- All-time low point was on the 6th of August, 2018. 1 LUN = $1.04.
You can get more info about the cryptocurrency on BitcoinWiki.org.
Lunyr Latest News
That’s really is the question. The developers are gone for 9 months. The twitter of the project is not active too. You can read the latest news about LUN coin here. There are transactions with LUN within the network but we don’t know anything about the future of the project.
Lunyr (LUN) Wallets
Where to trade Lunyr (LUN)?
There are only four cryptocurrency exchanges where you can trade LUN coin. The pairs consist of ETH or BTC.
Buy Lunyr (LUN) at Changelly
Changelly platform offers you a way to buy LUN with your banking card swiftly, safely, and with minimal authentication procedure. The fiat payment process is powered by our partner Indacoin and takes just a few simple steps to take.
The purchase option is open both via our website and the Exchange Widget that can be found at our partners’ resources.
Lunyr project is a good idea to stimulate users for content creation. However, this idea is not fresh, even in the blockchain industry. The idea of a complete replacement for Wikipedia is controversial. Though the website is still alive, the development stopped. Let’s live with the hope that the promised API from developers will be launched and the project will move forward.
Disclaimer: This article about Lunyr (LUN) should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.