Wikinomics

This term 'Wikinomics' was created by Williams and Tapscott to describe the effectiveness of user collaboration on websites (also known as wiki's) to achieve a far better standard of information on a topic. The largest example of this today would be Wikipedia. This would be classed as a wiki because users can add or remove information on any of the pages provided by this site and there is also links to other pages on this website. Therefore growing the amount of research hosted by the site more and more each day.
The four main principles of this Wikinomics theory would be:

• Peering. This is said to replace the hierarchical form of use among the majority of websites these days and provides the wiki's with a more collaborative approach to this new concept. 
• Ideagloras. This represents a place on the internet where a large group of people or businesses go to exchange information amongst each other. 
• Prosumers. This new word was created to describe the usual consumers of information becoming producers of it aswell through the means of social networking. An example of this would be through the website 'Twitter'. This is a perfect example because anyone can post up any news you like and it can easily be shared or viewed by thousands of people. 
• Globalization. This means that there is no geographical limit as to where you can view wiki's as long as you have an internet connection and a device to let you access it. This means that wiki's can be updated by almost anyone therefore acquiring a greater and possibly more accurate piece of information.