If you own one of the 160,000 EOS accounts that hold IQ tokens, we have some exciting updates in the works that will allow you to use your IQ in more ways.
As an IQ stakeholder, you are already aware that you get rewarded by writing articles, curating content and participating in voting on Everipedia. But what if we told you that you could earn IQ by allowing others to do this on your behalf?
Introducing: Editor Guilds (Earn Passive Income by Investing in Knowledgeable People)
Almost one year since airdropping IQ tokens to those who owned EOS before the snapshot, we noticed a significant amount of IQ tokens that could have been staked in the network but were not. We believe there may be several reasons for this, but the main ones being that people either don’t have enough free time to be an active editor or aren’t interested enough themselves to curate content and create articles on Everipedia.
In any case, we believe it is important to put IQ tokens in the power of editors who will utilize them in a way that will make the knowledge base more valuable.
This is where the idea of editor guilds comes into play…
What are editor guilds?
An editor guild is a group of people interested in individuals who research, verify, and add information to a particular topic on Everipedia.
Essentially, the IQ team is building a delegated staking system specifically for the IQ token.
This concept might sound similar to those who are familiar with how proxy voting works on EOS:
- An EOS holder delegates the voting power they have to an active EOS account in which another community member/group controls.
- That EOS community member/group votes for governance actions on the network on the EOS holder’s behalf.
The difference: when you supply IQ tokens to another editor, not only will the IQ Network’s proxies be able to vote with your IQ… they will also be able to edit and create wiki articles on your behalf.
So what? (What’s in it for me?)
Once the editor guild feature is launched, you as an IQ stakeholder will actually be rewarded with additional IQ tokens for any proposals they make that the community accepts on the network.
When you delegate your IQ to a trustworthy and knowledgeable person on the network, you earn 50% of the newly minted tokens; the editor earns the other 50%.
In addition to the people who have already invested in IQ, we believe other organizations, communities, and even EOS projects will emulate our initial model and build funds for their community members to contribute to.
This could also be an alternative for well-established organizations to take part in the editing and verification processes by creating their own services and organization accounts on the network.
- A media company (media editor guilds) can select editors to add and verify information about current events and news-related items.
- A music production company (music editor guilds) can select editors or set up accounts for people to create biographies for their artists and producers, new singles, etc.
- Academic researchers (scholastic editor guilds) can utilize Everipedia to cite recently published papers from their educational institution.
How will the editor guilds work?
From a technical perspective, editor guilds work the same way as EOS block producers and block producer voting. Anyone with IQ can “delegate”/vote for another EOS account to edit with their stake of tokens by calling a new delegateIQ function in the Everipedia smart contract. When someone delegates their IQ, their IQ is locked in their own wallet as if it was staked for editing. The EOS account that has IQ delegated to them can then edit with that amount and the rewards are split between the delegator and the contributor; any slashing is applied to the original IQ holder’s balance.
An Everipedia referendum will be held for IQ tokenholders to vote for (or against) changes to the smart contracts (everipdiaiq and eparticlectr) to allow people to delegate their IQ to other EOS accounts. Everyone will have 21 days to vote.