Wikipedia, which receives it material largely from unpaid, anonymous contributors has a new competitor.

Google is taking the wraps off its own internet encyclopedia called “Knol”.

Knol says Google, is designed to give people a chance to show off and profit from  their expertise on any topic.

For the past seven months Knol, had been limited to an invitation-only audience of contributors and readers.

But today anyone with a Google account will be able to submit an article and, if they choose, have ads displayed through the Adsence. The contributing author and Google will share any revenue generated from the ads, which are supposed to be related to the topic covered in the Knol.

The advertising option could encourage people to write more entries about commercial subjects than the more academic topics covered in traditional encyclopedias.

Wikipedia already has nearly 2.5 million english articles and millions more in dozens of other languages.

Knol is starting out with several hundred entries.

Unlike Wikipedia, knol requires the authors to identify themselves to help the audience assess the source’s credibility. Google doesn’t intend to screen the submissions for accuracy, but will rely on its search formulas to highlight the articles that readers believe are credible.