Russia and the Lunyr Technology
Lunyr is an Ethereum-based decentralized encyclopedia that is crowdsourced. It rewards users with app tokens for contributing information and peer review. It is aimed at being the basis of the internet finding accurate and reliable information. It builds a next generation knowledge base on the Ethereum blockchain (Kastelein). The lunyr holds the promise of significantly transforming existing models of business to new improved ones (Helms). Currently, Ethereum price continues to rise steadily which can be attributed to the increased adoption of technology by many individuals within the ecosystem. Increased adopters lead to increased demand thereby leading to value addition of the cryptocurrency which as a result makes the price to be volatile.
The lunyr aims at delivering its content in a more diverse way including the use of augmented reality and virtual reality. This implies that individuals will not only be able to use the convectional website but also explore the platform using other types of media that are coming and those that are up (Kastelein). Therefore, the information will be represented virtually e.g. visual representation of information. The platform is created to utilize modern technology such as augmented reality and virtual reality. The platform created a lunyr Token Sale (ICO) which ran for one month (Helms). Unlike other ICOs, Lunyr decided to have a flat rate throughout the entire period of crowd sale, without early bird bonuses. It used a fair approach with their ICO not alienating late investors. The next ICO is the content submission editor and a basic peer review system as well as adverts. It entails a system where individuals are awarded for contributing information and peer reviewing. The users and curators are financially rewarded for adding content, curating content and receive also honors points. The points act as trust points hence they are not transferrable. So as to ensure accuracy, each piece of information that is submitted must be peer reviewed (Kastelein). One more ICO is the creation of basic advertising where interested parties will be required to buy advertising space. LUN tokens will be utilized by advertisers as it will be the currency of the platform and therefore it will be in demand by advertisers needing to place their advertisement. With LUN tokens increasing in value, more users will need to curate and add content so as to receive the currency of the platform, LUN. As a result, the tokens will be traded and exchanged.
According to the official website of the Russian president, Putin met with Buterin, the founder of Ethereum on 2nd June 2017 at the international economic forum. The conversation was held after the president’s meeting with business associations and major foreign companies. As it was commented by the Kremlin press secretary, Putin and Buterin discussed the application of Ethereum technologies in Russia. The president was in support of establishing new business relationships based on the way paved by blockchain technology (Helms). Earlier during the forum, Igor shuvalov who is the first deputy prime minister had said that the president was enthusiastic about the idea and that the country focused on three directions of blockchain application (Kastelein). The directions included the building of identity, tracking of goods as well as ownership rights protection systems. Even though the details of the meeting were not disclosed, it is evident that Russia has a chance to become the leader in the IT industry.
Works Cited
Helms, Kevin. “Russian President Vladimir Putin Discusses Using Ethereum with Vitalik Buterin.” Bitcoin.com. Web. 2017. Retrieved from https://news.bitcoin.com/russian-president-vladimir-putin-using-ethereum-vitalik-buterin/
Kastelein, Richard. “Lunyr Announces Crowdsale for the First Decentralized World Knowledge Base on Ethereum.” The Block Chain. Web. Retrieved from http://www.the-blockchain.com/2017/03/14/lunyr-announces-crowdsale-first-
decentralized-world-knowledge-base-ethereum/
