Earlier this week, a new Ethereum-based Stack Overflow-like platform called WEIWARDit to enable users to submit and answer questions for incentives.
In essence, the WEIWARDit team believes its platform is the combination of Ethereum, Quora, Reddit, and Steemit in the sense that it rewards users with accurate and helpful answers with ETH, which has real market value and high liquidity unlike other app coin-based platforms like Steemit.
A few major disadvantages and limitations of platforms like Steemit is their creation and deployment of a cryptocurrency or an app coin that have been proven to be illegitimate by experts in its distribution, pre-mining, and mining phases.
Due to this illegitimacy, Steemit users struggle to convert its local token Steem into actual cryptocurrencies like bitcoin. With ETH and WEIWARDit, users can simply visit various reputable cryptocurrency exchanges such as ShapeShift and Poloniex.
Although users of WEIWARDit can benefit from the highly liquid and secure digital asset in Ethereum, it is set to perform an Initial Coin Offering to raise enough capital in order to maintain and sustain operations for the platform to run.
According to the official ICO roadmap, the offering will be launched in 2017, which all WEIWARDit users can participate.
However, it also states:
“Token holders form the distributed, (mostly) autonomous organisation that is to become WEIWARDit. Token holders share the rights to profits generated proportional to the amount of tokens they hold. WEIWARDit generates profit via a % commission on all tipped answers.”
Some users have expressed their confusion in the necessity of an ICO particularly because WEIWARDit already takes a percentage off each tipped answer. That means, when a user answers a question, a small percentage of that amount will go to the WEIWARDit development team for various costs such as server fees.
The company believes that the question-and-answer market has significantly increased in terms of market value due to the popularity of platforms like StackOverflow and Quora, which has tens of millions of users respectively. Furthermore, Quora is valued at over US$900 million, which is close to a billion dollar valuation.
The underlying concept of WEIWARDit’s incentivized question-and-answer market has been praised by the Ethereum community for its innovative structure.
Source: WEIWARDit, Quora, TechCrunch
Image Credit: Quora