Everipedia Blockchain Encyclopedia was once seen as a revolutionary step forward in how knowledge could be shared, validated and monetized online.
Fueled by blockchain technology and cryptocurrency incentives, it aimed to decentralize the process of creating and curating information and reward contributors for their work.
But while its vision was bold, the journey from concept to widespread adoption was far more challenging than its founders had imagined.
In this in depth look, we explore the rise and fall of Everipedia Blockchain Encyclopedia, what it set out to achieve, why it struggled, and how its evolution into IQ.wiki reveals important lessons for anyone building in the Web3 space.
Founded in 2015 by Sam Kazemian, Theodor Forselius and Mahbod Moghadam, Everipedia began as a fork of Wikipedia with a twist: it wasn’t just about replicating the world’s largest encyclopedia, it was about completely reimagining it.
The founders envisioned a censorship resistant, transparent and financially incentivized knowledge-sharing platform built on blockchain.
At its core was the idea that contributors would be rewarded with IQ tokens, a native cryptocurrency, for adding or editing content.
Every edit would be immutably recorded, every contribution verifiable and every contributor empowered.
This blockchain powered model aimed to solve two key problems that affect traditional platforms like Wikipedia:
1. Censorship and editorial gatekeeping: Wikipedia’s content is controlled by a centralized group of editors, limiting what information is included or excluded.
2. Lack of incentives: Contributors on Wikipedia work voluntarily, without any form of compensation or ownership over their input.
Everipedia Blockchain Encyclopedia proposed a new model. It would decentralize control and offer real, crypto-based rewards to contributors.
The goal? Make knowledge sharing not just collaborative, but profitable a true application of blockchain utility.
Built on EOS: Why Everipedia Chose This Blockchain
EOS Logo
In 2018, Everipedia Blockchain Encyclopedia transitioned its infrastructure to the EOS blockchain, choosing it over Ethereum due to its faster transaction speeds, zero gas fees and developer friendly tools.
Originally, the IQ token was launched as an ERC-20 token on Ethereum, but the migration to EOS was seen as a move to enable better scalability. EOS’s architecture seemed ideal for powering a real time, content-heavy platform like Everipedia.
With backing from major players like Mike Novogratz’s Galaxy Digital, millions in funding and a wave of media attention, the project seemed poised to make history.
But things didn’t unfold as planned.
Everipedia Blockchain Encyclopedia Struggled to Live Up to Expectations
Despite the promising vision and strong financial support, Everipedia Blockchain Encyclopedia faced major obstacles that ultimately hindered its growth.
1. Complicated User Experience
To contribute, users had to create EOS wallets, understand staking mechanisms, manage token transactions and more. For the average user, especially those unfamiliar with crypto, the barrier to entry was high.
Even seasoned crypto users found the platform’s onboarding and token usage unintuitive. This complexity directly contradicted Everipedia’s core mission of enabling everyone to contribute and earn from shared knowledge.
2. Unclear Token Utility
While contributors earned IQ tokens, many struggled to understand their real world value. Although the token was tradable on exchanges, it lacked defined utility beyond the platform.
This vagueness diluted the incentive model. If users couldn’t easily spend, convert or use IQ tokens, the reward system lost credibility and appeal.
3. Centralization Concerns
Ironically, a platform built on the promise of decentralization was criticized for being too centralized. Key decisions from platform features to reward structures, were often made by the core team, not the community.
This contradiction undermined user trust. True decentralization isn’t just about blockchain architecture, it’s about governance transparency and inclusive decision making.
4. The Dominance of Wikipedia
Perhaps the biggest hurdle was Wikipedia itself. As a globally trusted platform with over two decades of momentum, brand recognition and contributor loyalty, Wikipedia’s presence was formidable.
Despite its technical advantages, Everipedia Blockchain Encyclopedia couldn’t match the institutional credibility or mass familiarity of Wikipedia. The uphill battle for user adoption proved too steep.
The Pivot: Everipedia Becomes IQ.wiki
IQ.wiki Logo
After struggling to gain traction in the mainstream, the team made a strategic pivot: Everipedia Blockchain Encyclopedia rebranded as IQ.wiki, shifting its focus from general knowledge to Web3 and crypto specific content.
This was a smart move. By narrowing its scope, IQ.wiki positioned itself as a specialized knowledge base for the crypto world, a rapidly growing and highly engaged niche.
The new platform retained blockchain integration and continued using IQ tokens but with clearer utility. Contributors now earned tokens for adding, updating and curating crypto focused articles.
Rather than competing with Wikipedia, IQ.wiki embraced its strengths: community driven, real time, decentralized knowledge, tailored for Web3 users.
Where IQ.wiki Stands Today
Today, IQ.wiki is an active, blockchain based encyclopedia dedicated entirely to crypto topics. It features up to date information on blockchain protocols, DAOs, tokenomics, DeFi projects and more.
The platform has also integrated with several blockchain tools, including:
• Chainlink for verifiable randomness,
• Binance Smart Chain for cross-chain compatibility and
• NFT staking and governance features tied to the IQ ecosystem.
The IQ token remains active on exchanges and now has defined utility: contributors can use it for staking, governance and ecosystem participation.
More importantly, IQ.wiki has carved out a clear identity, aligning product, audience and purpose.
Everipedia Blockchain Encyclopedia Journey Lessons
The story of Everipedia Blockchain Encyclopedia is more than a failed experiment, it’s a valuable case study for Web3 builders. Here are five essential takeaways:
1. User Experience Over Tech
No matter how innovative your tech is, if users can’t easily engage with your platform, adoption will falter. Everipedia’s complex onboarding kept users away. Future Web3 projects must prioritize intuitive design.
2. Token Utility Must Be Clear
A token should do more than just exist, it must offer tangible, visible value. Contributors need to know how to earn, use and benefit from it. Without clear utility, token based platforms risk losing user trust.
3. Decentralization Requires Action
It’s not enough to say you’re decentralized. Your governance, transparency and decision-making must reflect that. True decentralization builds community ownership, which is essential for longevity.
4. Focus on Niches, Not Giants
Trying to dethrone a tech giant like Wikipedia is unrealistic. By focusing on a crypto niche, IQ.wiki found a sustainable path. Niche dominance is often more achievable and profitable than broad disruption.
5. Community Is Everything
A strong community can sustain a platform through its highs and lows. If users feel valued, heard and part of the mission. They’ll stick around, even through pivots and challenges.
Final Thoughts
The Everipedia Blockchain Encyclopedia was a brave experiment at the intersection of blockchain, information and incentives.
Though it didn’t become the decentralized Wikipedia it once dreamed of, its journey isn’t a failure, it’s a case study.
Today, as IQ.wiki, the platform continues to contribute to the Web3 space in a more focused and attainable way.
Its story reminds us that while blockchain can transform industries, true success comes from clear communication, thoughtful design and user-centered values.
Everipedia may have fallen short of replacing Wikipedia, but it succeeded in pushing the boundaries of what’s possible in decentralized knowledge sharing. And in doing so, it left behind lessons that every Web3 builder should take to heart.
What’s Next?
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