According to Vitalik Buterin, the term “decentralization” is one of the words that is used in the cryptoeconomics space the most frequently, and is often even viewed as a blockchain’s entire raison d’etre. Blockchains are politically decentralized (no one controls them) and architecturally decentralized (no infrastructural central point of failure) but they are logically centralized (there is one commonly agreed state and the system behaves like a single computer).

Peter Smith, CEO of blockchain, which is a digital wallet provider to store cryptocurrencies claims that the total value of all cryptocurrencies in the world will hit $1 trillion in 2018. There are over 1,300 cryptocurrencies in the world such as bitcoin and ether with the total market capitalization totalling over $587 billion, and that’s according to data from industry website Coinmarketcap.com. The reason for this buzz around cryptocurrencies is definitely down to decentralization which offers the following:

Fault tolerance- This means that decentralized systems are less likely to fail accidentally because they rely on many separate components that are not likely to fail.

This means that decentralized systems are less likely to fail accidentally because they rely on many separate components that are not likely to fail. Attack resistance- Decentralised systems are more expensive to attack and destroy or manipulate because they lack sensitive central points that can be attacked at much lower cost than the economic size of the surrounding system.

Decentralised systems are more expensive to attack and destroy or manipulate because they lack sensitive central points that can be attacked at much lower cost than the economic size of the surrounding system. Collusion resistance- this means that it is much harder for participants in decentralized systems to collude to act in ways that benefit them at the expense of other participants, whereas the leaderships of corporations and governments collude in ways that benefit themselves but harm less well-coordinated citizens, customers, employees and the general public all the time.

These are some of the benefits of blockchain especially when it comes to decentralization, and so, the burning question is- is decentralisation possible in knowledge sharing, in other words, is a decentralised wiki possible?

Decentralisation in Knowledge Sharing

Most people will view this simply as a fad but the truth is that the modern enterprises of the knowledge industry has really fallen short, with centralized platforms retaining most or all of the revenue generated from the knowledge producers and sharers using their platforms. While some platforms do financially reward its users for knowledge sharing, such as Steemit, they seem to be unable to provide a way to effectively measure the quantity and quality of knowledge shared.

We all need knowledge at all times, as peer consumers might get knowledge online that helps them connect to the proper resources, experts, and partners to address the needs of their projects. As a result, individuals can perceive that they can conduct business in novel ways and become peer producers such that they might consult with anyone else and get (extra) income with their high-added-value knowledge services. Therefore, as cryptocurrencies gain greater application and adoption, various blockchain companies are already racing to the space to build straightforward platforms that will enable multilateral knowledge empowerment, i.e. knowledge into action, of the highest added value.

Enter Lunyr- a decentralized wiki

Lunyr is an Ethereum–based decentralized crowdsourced encyclopedia which rewards users with app tokens for peer-reviewing and contributing information. The platform aims to be the starting point of the internet for finding reliable, accurate information. Lunyr’s long-term vision is to develop a knowledge base API that developers can use to create next generation decentralized applications in Artificial Intelligence, Virtual Reality, Augmented Reality, and more. Being decentralized, censorship-resistant, and autonomous, no single point of failure exists. No central authority or middleman owns or can corrupt the information. The rules in which people interact with the knowledge base and with one another are mutually agreed upon and enforced through smart contract, which are publicly verifiable on the blockchain.

A strategic component of the Lunyr platform is its advertising system, which allows for the purchase of advertising on the platform using Lunyr tokens (“LUN”). Although the Lunyr platform is unique in its design, decentralization, and vision, it can be compared to Wikipedia. Wikipedia today ranks as the sixth most visited site in the world according to Alexa rankings. It attracts 470 million unique visitors who view over 19 billion pages per month. But unlike in Wikipedia where volunteers donate their time to contribute and validate information, in Lunyr’s platform, contributors are rewarded for their work and are incentivized to continue increasing the value of the ecosystem.

Mandatory Peer Review

All content submissions go through a mandatory peer review process and are not committed to the knowledge base until validated for reliability and accuracy. A powerful incentive system enabled by app tokens ensures that peer reviewers act in the best interest of the ecosystem.

Additionally, LUN are used to place advertisements on the platform. The ads are text-based such as those seen in Quora. Ads are not committed to the platform until they pass through the mandatory peer review system. Ads are a crucial component of the Lunyr ecosystem as they create a powerful demand for LUN from those with financial resources. Ads provide the economic force that drives network effects as more contributors and readers join the ecosystem.

Creating a Supportive Ecosystem for Knowledge sharing

Blockchain is particularly valuable at increasing the level of trust among network participants. Because every activity/transaction build on every other activity/transaction, any corruption is readily apparent, and everyone is made aware of it. And when decentralized blockchain protocols start displacing the centralized web services that dominate the current internet, we’ll start to see real internet-based sovereignty. And despite the blockchain technology being in its relative infancy, the first breakout apps will be explosive because they financially incentivize users to participate in the network. Imagine being able to actually make money when you share your knowledge.

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