Jimmy Wales, founder of Wikipedia's online encyclopedia, said he will set up a new Internet search site hoping to compete with Google and Yahoo.

Going to add a competitor to Google and Yahoo images 1 Jimmy Wales will work with amazon.com to launch a new search engine that uses a user-based interactive open portal technology like Wikipedia (launched in 2003).

The project is called Wikiasari - a combination of the word "wiki" (Hawaiian means "fast") and the word "asari" (Japanese means "search everywhere").

Jimmy Wales also said his intention to develop a commercial version of the search engine is expected to be released around the first quarter of next year. Earlier this year, Jimmy Wales received a pledge to grant millions of dollars from amazon.com for the Wikiasari project.