The Lunyr (LUN) community rallies in support Following a long overdue makeover of the alt-coin This makeover.seems to have sparked new life into Ethereum based cryptocurrency.
The ‘Ethereum-based Wikipedia’, Lunyr pocketed an astonishing 149% gain as the alt-coin almost doubled its value from $15.20 to $37.92, with a trading volume of $153,775,000 which was just $1,522,930 a few days ago.
The main reason behind This bullish behavior was caused due to Lunyr’s most recent development update. This update witnessed a total makeover of the homepage, a Gas reimbursement system for its users and a brand-new plagiarism software too.
Although based on Lunyr’s previous history the bearish breakout couldn’t last long as the price was quickly back to normal which retested the resistance twice with little success.
But this time its chances of breaking $40 mark looks rather promising based on the latest innovations on its platform. This is the first time since the start of this month that Lunyr’s native token, LUN managed to surpass the $30 mark.
All about Lunyr Coin
For those who are relatively new to hear about this project, Lunyr is a crowdsourced knowledge platform where broadcasters submit factual articles on a particular topic. The content is then closely reviewed by listed contributors who either accept or reject an article based on its quality. Given the article is approved, the writer then gets approved as a contributor to the platform and is presented with the opportunity to review the works of new applicants.A listed contributor receives their Rewards in the form of contribution points (CBN) and Honor points (HNR).
An adequate amount of LUN tokens are given to each writer based on their accumulated CBN points within that time frame, At the end of a time of two-week period
HNR points represent voting power for each listed contributor and can be spent on voting for key development proposals on the platform.
Although not so differentiated from Wikipedia, Lunyr understands the need for peer-verified information and aims to become the central go-to Encyclopedia of the Internet.
The biggest difference between Lunyr and Wikipedia comes from the fact that Wikipedia does not allow advertising on its website in spite having a #5 rating on Livewire’s list of Top 10 Most Popular Sites of 2018.
Back in 2011, Vincent Juhel made an estimate that Wikipedia was losing out an advertising revenue potential of almost 1.6billion – and further quoted “we can expect that figure to be at least double since that publication”.
This is exactly the kind of opportunity Lunyr was hoping comes their way they are ready to take full advantage of this revenue potential and are highly banking on this opportunity to create demand for their LUN token. In order to advertise on Lunyr’s website, advertising ventures will require LUN tokens for buying ad-space, they expect this move to create of scarcity for the token, which will, in turn, drive up its price.
For now, Lunyr looks to have returned to orbit, But it still is rather too early say anything concrete. Only time can tell whether it will be able to hold these gains as the current bearish market takes its toll.