The IQ token is a DeFi (Decentralized Finance), Non-Fungible Token (NFT), and oracle token centred around bringing the world’s knowledge on-chain from finance to art to data. The IQ token is multichain available on Ethereum (ETH), Binance Smart Chain (BSC), Polygon, and EOS. The IQ token will also be the native token of the upcoming Brainchain, the first blockchain dedicated to bringing real-world knowledge on-chain. The IQ token was first launched in 2018 and powers Everipedia encyclopedia, the decentralized prediction market PredIQt, the first-party oracle service Everipedia OraQles, and HiIQ.
HiIQ is an IQ staking service that allows IQ holders to stake and lock up their IQ to earn token rewards. Non-Fungible Token (NFT) rewards will also be launching soon.
HiIQ launched on August 4, 2021, and was created to incentivize IQ holders to become long-term holders who stake and lock up their IQ tokens. The HiIQ staking system allows IQ holders to choose how long they want to lock up their IQ for, the longer they lock up their IQ for the greater the amount of rewards and the greater chance they will have to gain limited edition NFTs.
HiIQ should increase the utility of the IQ token by rewarding long term IQ holders, encouraging holders to lock up their IQ reducing the circulating supply of IQ. HiIQ should also bring in new IQ holders who want to stake to earn token rewards and NFTs.
There are already 30 Juicy J’s Journey NFTs reserved for HiIQ stakers. The limited collection of NFTs was created by the Academy Award-winning and Grammy-nominated hip hop artist Juicy J in collaboration with Everipedia.
IQ Token Rewards
1 million IQ tokens are minted daily for HiIQ stakers. The IQ token rewards are distributed to HiIQ stakers in real-time. HiIQ can claim their IQ rewards as soon they are earned or leave them and claim them later.
IQ holders can earn both IQ and FXS tokens by supplying liquidity to the incentivized IQ-FRAX pool on Uniswap and staking their LP tokens on Frax Finance. Frax Finance is the world’s largest algorithmic stablecoin and the first fractional algorithmic stablecoin.
The incentivized pool was created to increase the level of liquidity of the IQ token on Ethereum in preparation for the launch of Brainchain in Q4 2021.
In Q4, Everipedia will launch Brainchain, the first blockchain dedicated to bringing real-world knowledge on-chain. Brainchain as doing what Libra wanted to do for stablecoin as what Brainchain will actually do for knowledge and on-chain data+permanence+oracles+more. Brainchain’s leading validators will be world-class institutions that are household names. The IQ token will be the native staking asset in this chain. Individuals who hold enough IQ to stake a full IQ roll in the consensus mechanism can create blocks with leading companies.
Everipedia is actively looking at Polkadot’s Substrate as the leading candidate for building Brainchain. The Substrate framework is>Ethereum, Binance Smart Chain (BSC), and Polygon (formerly Matic Network) allowing Brainchain to become the go-to oracle solution for blockchain developers looking to use on-chain data and knowledge from trusted institutions. Data providers that are trusted institutions will serve as the validators of Brainchain and be rewarded with IQ tokens for publishing data on-chain. This will allow organizations from government departments to media companies to financial data companies to sports leagues to be rewarded for bringing their knowledge on-chain while also giving developers trustworthy data that can be used for a variety of applications.
In 2018, the IQ token launched and the Everipedia encyclopedia moved onto the blockchain. The Everipedia encyclopedia is the first and largest on-chain encyclopedia. Every edit and vote is recorded on the blockchain. Everipedia’s pages have been read more than 500 million times and editors have edited the Everipedia encyclopedia and staked IQ hundreds of thousands of times.
The Everipedia encyclopedia is fully governed by the IQ token holders who can approve edits and create network-wide rules that govern the encyclopedia. Holding IQ tokens allows content contributors to have a stake in and own the content they contribute and the tokens will also deter malicious individuals from adding incorrect or false information to Everipedia pages. Rather than requiring an army of editors to ensure that phony, spam or malicious updates are quickly removed from articles, the IQ blockchain uses both a cost and reward methodology to simultaneously punish bad actors and reward positive contributions.
PredIQt is a prediction market designed to be run 100% autonomously by willing market participants using the IQ token. Since PredIQt is governed by the IQ token there is no need for a central authority to create/resolve markets. In order to properly incentivize the market creators, resolvers, and promoters that form the core of the PredIQt ecosystem, market participants are charged fees that are paid in IQ.
Market creators are required to burn 2500 IQ to create a market as a market proposal fee. They are then able to earn market creation fees. Once the market is created, market creators start earning a 2.5% market creation fee which is charged to traders who buy and sell shares in the market. The market proposal fee discourages users from spamming markets while the market creation fees incentives users who create markets that traders find useful.
Traders are also charged a 2.5% market resolver fee which goes to the resolvers who stake their IQ and vote to resolve markets when a market matures. The fee acts as compensation for the resolvers who perform the valuable task of locking up their IQ while voting on a market resolution.
As the volume of trading increases on PredIQt the value of the fees going to market creators and resolvers increases. This makes it more valuable to stake IQ as a market resolver or burn IQ as a market creator increasing the value and demand for the IQ token.
Lastly, a 1% referral fee is charged to traders. This referral fee goes to promoters who share referral links. They earn a 1% referral fee when traders use their link to buy or sell shares in a market.
PredIQt V2 will launch in Q3 with the goal of becoming the number one prediction market for major events. Currently, prediction markets on topics ranging from NBA games to elections are resolved by decentralized communities that take several days to come to a consensus or directly by prediction market companies that have no connection to the data used in the market. PredIQt V2 markets will instead be resolved instantly by trusted institutions and the official data providers for sports, music, and other events using our OraQle software. Billions of dollars are traded in both DeFi and CeFi where trades are settled in milliseconds, with PredIQt V2 our goal is to bring that level of speed and security to prediction markets and make PredIQt V2 as big as dexes like Uniswap. To ensure maximum liquidity PredIQt V2 will be cross-chain running on Ethereum Layer 2 and all major blockchains. To create prediction markets and start earning IQ, PredIQt participants must get and burn IQ. As PredIQt V2 grows, demand for the IQ token will rise and the supply will drop as people get and burn more IQ to create markets.
On July 12, 2018, Everipedia airdropped 51% of the IQ token supply to EOS holders. Everipedia Co-Founder and CTO Travis Moore explained that by doing an airdrop Everipedia would ensure the widest possible distribution of IQ tokens with every EOS holder receiving tokens.
“The airdrop will play a significant role in helping Everipedia accomplish as wide of a distribution as possible for IQ tokens.”