• Mon. Aug 15th, 2022

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What is Web3 Encyclopedia?

A little about the Encyclopedia wTa: The Emerging Web3 Encyclopedia!

Web3 has been discussed for some time, but the current drop in the crypto market has put a stop to most of the major initiatives. The hike has flattened down a little, but some folks are still working underground. In today’s article, we’ll look at the new web3 encyclopedia!

What is Encyclopedia wTa?

Let’s quote the company’s own words:

Encyclopedia wTa is a Web 3.0 powered educational technology, lifelong learning and teaching platform with paid professional trainers and courses for adults and students.

In other words, it is an updated version of the existing encyclopedia. The startup positions itself as a means to improve on web2’s outdated learning model. Down the line, the ENCwTa plans to establish extra platforms for students with poor financial conditions.

The core elements of ENCwTa are a low-cost learning framework. ENCwTa intends to offer the same courses as high-priced courses given through premium sites, but at a lower cost.

Second, as we have seen in the case of Wikipedia, general editors are not compensated for their efforts. In the instance of ENCwTa, contributions are rewarded. This incentivizing scheme encourages users to contribute more frequently and increases adoption.

Another important initiative of ENCwTa is the use of blockchain to restructure the education industry’s revenue distribution. This serves as a transparent method for the benefit of all parties.

ENCwTa Ecosystem

In keeping with its decentralization principle, Encyclopedia hosts users’ academic documents on a proprietary distributed storage system.

To break it down further, they have Content Creators in the ENCwTa ecosystem. On the platform, these content creators can earn money in a variety of ways such as when users access their content and documents.

Viewers come next. These viewers or simply users can access any document on the encyclopedia without special add-ons or hardware.

Another category of contributors is Content Enhancer. They act as a service provider to content creators. Their services include marketing, translation, documentation, and so on. They can receive benefits based on the mutual agreement between the content enhancer and the content creator.

These were the key players in the ENCwTa ecosystem; additional participants included storage providers, advertisers, etc.

ENCwTa Token

ENCwTa (you can check the token on CMC or click here) is the officially established token of the encyclopedia.

The token is used for all the financial purposes inside the ecosystem. The creators are rewarded through the same token which is currently trading at $0.1118. Encyclopedia wTa is up 10.47% in the last 24 hours. The current CoinMarketCap ranking is #5849.

The max total supply is 5,000,000 ENCWTA coins, while the circulating supply is 2,000,000 ENCWTA coins. 40% of the total supply is locked for 2 years and 10% is allocated for the development funds. Around 8–9% tax is present for buying and selling process. The tax amount is distributed among development, marketing, liquidity update, and reserve.

The Bottom Line

The concept behind ENCwTa appears to be a promising one aimed at disrupting the unequal education industry. Establishing transparency while rewarding the contributors is the key to restructuring the education sector. However, the concept is still theoretical to the most extent and requires due diligence before any consideration.

The content provided in this article is not sponsored and is correct upto the best of my knowledge. This article is not financial advice and we are not responsible for any action taken in response to this article!

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What is Web3 Encyclopedia? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.