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Encyclopedia on blockchain ‘Everipedia’ raises $30M in new funding
Blockchain-based online encyclopedia project Everipedia has raised $30 million in a new funding led by Galaxy Digital's EOS.IO Ecosystem Fund, and drawing support from DNA Fund and other strategic investors.
Galaxy Digital is a digital assets merchant bank launched by former fund manager Mike Novogratz, CoinDesk reported. Last month, it announced a joint venture with Block.one that is focused on developing the EOS.IO ecosystem and making strategic investments in projects that utilize EOS.IO blockchain software.
Everipedia revealed last month that its open source software will be developed on top of the EOS.io platform. According to the official release, Everipedia's protocol will have an added incentive structure and distributed backend hosted within the blockchain. Users will be rewarded for curating articles which correlate to the network's value, economically aligning the incentives of the value creators and value extractors.
"We're delighted to support Everipedia and look forward to the growth of a more modern and inclusive encyclopedia that puts the world's knowledge on the blockchain," Novogratz said.
Everipedia plans to use the new funding to launch its peer-to-peer knowledge network and to grow the community on a global scale.
"This investment will allow us to build the infrastructure for something that desperately needs to exist, something that should have been built a long time ago: a global, decentralized, neutral forum that can credibly discover the best of our knowledge," said Larry Sanger, Chief Information Officer at Everipedia and Co-Founder of Wikipedia.
Block.one and Galaxy Digital will deploy capital for future investments through the capitalization of a new $325 million EOS.IO Ecosystem Fund, according to statements.