According to the company, users who share their knowledge by answering questions will receive Quest Gold, which can be redeemed for $100 or $50 Amazon.com gift cards. Askville.com plans to launch a site called Questville.com for users to use their Quest Gold for other activities.

According to Informationweek, the site competes with Yahoo’s Answers. AOL also plans to enter this market with the acquisition of Yedda, a social search questions and answer service.

Microsoft also launched its Live QnA service with its Windows Live applications last year. However, Live QnA continues to be in the beta testing stage even after the final launch of Windows Live earlier this month.

Source: ComputerWire daily updates