What is Lunyr (LUN)?
Future of LUN Cryptocurrency and know how to buy LUN

#1: What is a LUN?

We’ve all heard of cryptocurrencies and know how they’ve taken the world by the storm. However, most cryptocurrencies are just rehashes of established implementations of the blockchain technology, focusing mainly on crypto-transactions.

LUN: The Basics

  1. Lunyr (pronounced Lunar), however, is one of the most unique implementations of blockchain yet, aiming to be a decentralized, and peer-to-peer knowledge database, aka the “Blockchain-based Wikipedia”.
  2. It strives to be the most innovative and comprehensive source of knowledge in domains like crypto projects, technology, finance, law, investment, and more, on the web.

LUN Development

  1. The cofounders of Lunyr are Arnold Pham, Andrew Tran, and Christopher Smith.
  2. The Lunyr ICO ended on 26th April 2017, with around USD 0.3 million in capital being generated.
  3. The open beta was then launched on 30th January 2018. It is based on the Ethereum network.
  4. The reward system which enables writers to earn rewards for authoring articles was also launched at the same time, allowing writers to earn LUN coins in exchange for quality pieces.
  5. Initially, Lunyr will mostly focus on the world of cryptocurrencies and related domains, with emphasis on up and coming projects. After an active and dedicated community of readers and writers is developed, Lunyr will branch into other areas such as science and technology, investment, finance, etc.

 

#2: What are the benefits of Lunyr?

LUN Technology

  1. Unlike most other cryptocurrencies, Lunyr is a peer-to-peer, decentralized, and crowdsourced knowledge encyclopedia, which uses tokens called LUN as rewards for peer-reviewing and contributing articles.
  2. It is developed on the Ethereum network and is fully integrated into the Ethereum ecosystem.
  3. The LUN coins (or tokens) serve as an incentive to users who author articles or review articles written by others. This encourages active participation, the contribution of information and peer-reviewing of articles to ensure quality standards are met and accuracy is maintained. Once a submission is approved, the author receives a reward in the form of contribution points and honor points, CBN and HNR respectively. These points are non-transferrable, ensuring only contributors to the network are holders of CBN and HNR. The CBN is converted to LUN coins after the end of the two week reward period, while HNR points are used as tokens for voting on proposals and disputes.
  4. LUN coins follow the ERC20 token standard. Owing to nature and intended usage for LUN coins, they are not mineable, and have a fixed total supply of 2,703,356. LUN coins will be generated from the advertising revenue, with a growth rate of approximately 3% per year.
  5. LUN coins can also be used to buy ad-space on the platform, unlike Wikipedia which does not allow ads to run on its pages.
  6. Lunyr uses the InterPlanetary File System (IPFS)[1] protocol to store data on the platform which allows for easy, decentralised, and peer-to-peer content re-distribution and enhancement.
  7. All Lunyr submissions will go through a peer-review process and will be approved for submission only if they pass. This ensures that malicious or incorrect content is not promoted. All users whose submitted articles are approved must also review other submissions.

Key Features

  1. Innovative Approach to using Blockchain Technology - Lunyr is unique in its vision, and usage of the blockchain technology in order to provide a comprehensive, decentralised, crowdsource, and peer-reviewed vault of knowledge, open and free to everyone.
  2. Revolutionary Lunyr API - Lunyr aims to not only be a knowledge encyclopedia for the web, but also intends to enhance the blockchain technology by giving DApps (Decentralised Applications) the ability to tap into the knowledge base and access real-time data. This innovative feature can be used in applications ranging from Virtual Reality to Artificial Intelligence.
  3. Resistant to censorship and incorrect or malicious data - The decentralised and peer-to-peer nature of Lunyr allows all content on the knowledge-base to be free from manipulation, and censorship. Since all submissions are peer-reviewed by the community, the chances of incorrect or dubious data making its way onto the encyclopedia are very low.
  4. Decentralized Autonomous Organisation - Lunyr is a Decentralized Autonomous Organisation (DAO)[2], which means that there is no central authority or body governing the Lunyr ecosystem, which allows for truly decentralised monitoring and upkeep of the network.
  5. Incentives for contributors - Unlike other crowdsourced knowledge databases, Lunyr provides rewards with real-world value for contributors in the form of LUN coins or tokens, which can then be used just like any other altcoin.
  6. Easy way to advertise services or products - There are an estimated 470 million unique visitors to Wikipedia each month, viewing around 19 billion pages monthly. The ability to advertise products on services on a similar platform, such as Lunyr, is revolutionary and a game-changer in the world of advertising and market penetration.

 

#3: How to Buy & store Lunyr?

How to buy Lunyr

LUN cannot be mined. Instead, they can be earned as rewards for writing quality articles and peer-reviewing other submissions on the Lunyr knowledge network.

LUN coins can also be used to purchase advertising space on the Lunyr platform

LUN Wallet

While Lunyr does not have a custom wallet, since it is an ERC20 token based on Ethereum, this means LUN coins can be stored in any Ethereum wallet. Some popular choices are MyEtherWallet and Mist Ethereum wallet.

CoinSwitch

While most cryptocurrency exchanges simply provide you with a platform to buy or sell the LUN cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, helps you make the right decision by providing the prices for LUN on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate LUN wallet from the exchange to store your LUN cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of Lunyr?

Price Graph

Also Read: Complete Analysis of Lunyr | Live Lunyr (LUN) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

11.74

11.82

11.35

11.78

8043190

26983000

May 01, 2018

13.44

13.56

12.54

13.56

3167800

30893100

Apr 01, 2018

7.68

7.9

6.92

7.16

1433090

17639800

Mar 01, 2018

21.82

23.66

20.77

21.74

8127310

50128700

Feb 01, 2018

31.34

32.4

21.19

23.11

12500600

72024100

Jan 01, 2018

23.51

26.25

22.49

23.42

2868610

54019200

Dec 01, 2017

5

5.58

4.88

5.31

86692

11484400

Nov 01, 2017

5.2

5.23

4.72

4.83

179895

11939700

Oct 01, 2017

8.88

9.36

8.51

8.55

527229

20414700

Sep 01, 2017

13.05

13.48

12.56

12.67

1553520

29984000

Aug 01, 2017

2.55

2.75

2.45

2.73

153618

5849350

Jul 01, 2017

2.98

3

2.77

2.85

181429

6857420

Jun 01, 2017

2.65

2.79

2.43

2.79

181962

6086480

May 01, 2017

2.47

2.86

2.01

2.56

309766

-


LUN has enjoyed a steady growth in popularity since its launch. The coin is predicted to reach USD 19.960 by 2019 [3], and USD 65.112 within 5 years, giving Lunyr a very positive outlook.

 

#5: How is Lunyr different from other cryptos?

  1. Lunyr is vastly different from almost all other cryptocurrencies, like Bitcoin or Ethereum, in its vision and purpose. While other cryptocurrencies focus on emulating transactions such as those with fiat currencies, Lunyr aims to use LUN coins or token to incentivize users to create a decentralised, crowdsourced, and peer-to-peer vault of knowledge, that can be accessed, shared, and updated by anyone, without fear of censorship.
  2. The Lunyr platform provides a unique and innovative way to exchange and share knowledge, along with providing a new, and comprehensive method of advertising products or services to a vast demographic, a feature other coins do not possess.
  3. LUN coins cannot be mined, unlike other cryptocurrencies, and thus the total environmental effect of the Lunyr network is almost negligible compared to the power consumption of coins such as Bitcoin.

 

#6: Should you invest in Lunyr?

While investing in any cryptocurrency is dependant on their inherently volatile nature, the innovation and robustness of Lunyr, combined with an active and experienced development team and dedicated community, make Lunyr worth a look into for investing. Lunyr has had an increase of almost 338.96% [4] between its ICO and June 2018.

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