Lunyr (LUN) Back in Orbit After New Dev Update Edges it Over the $30 Mark
The Lunyr (LUN) community rallies in support after a much-needed makeover brings the alt-coin back into the game.
Lunyr, the ‘Ethereum-based Wikipedia’ banked a healthy 149% gain as the alt-coin ran from $15.20 to $37.92, with a trading volume of $153,775,000 compared to a mere $1,522,930 a few days before.
The bullish behaviour was spurred on by Lunyr’s latest development update which included a total revamp of the homepage, new plagiarism software and a Gas reimbursement system for its users.
This is the first time since the start of February that Lunyr’s native token, LUN, has surpassed the $30 mark and looked promising enough to break $40, but a bearish breakout quickly corrected the price which has since retested the resistance twice with little success.
What is Lunyr Coin?
For those of you that are unfamiliar with the project, Lunyr is a crowdsourced knowledge platform where contributors submit factual articles on any chosen subject. The content is then peer reviewed by listed contributors who either accept or reject an article based on its quality. If an article is successful, the writer will become a contributor on the platform and will get the opportunity to review other works from new applicants. Rewards are given in the form of contribution points (CBN) and Honor points (HNR).
At the end of each two-week period, a proportional amount of LUN tokens are given to each writer based on their accumulated CBN points within that time frame.
HNR points act as voting power for each individual and can be spent on voting for key development proposals on the platform.
Though it is not too dissimilar from Wikipedia, Lunyr recognises the need for peer-verified information and hopes to become the central go-to Encyclopedia of the Internet.
However, perhaps the biggest difference comes from the fact that Wikipedia does not allow advertising on its website despite Lifewire rating it #5 on the list of Top 10 Most Popular Sites of 2018.
Vincent Juhel back in 2011 estimated that Wikipedia was losing an advertising revenue potential of $1.6billion - we can expect that figure to be at least double since that publication.
It is this revenue potential that Lunyr hopes to capture to create demand for their LUN token. In order to advertise on the website, advertising vendors will need these LUN tokens in order to buy ad-space, with the aim of creating scarcity for the token, driving up its price.
While Lunyr appears to be back in orbit, it remains to be seen whether it will be able to hold these gains as the current bearish market takes it toll.