First of all, the term "fake news" is something that always twists my stomach. The media manipulation has always been there, perhaps in a different scale though. One side accuses all liberal articles of being fake news when at the sime time producing articles, where any person with common sense sees the nonsense, by the dozen. The other side has been caught many times faking stuff to get clicks and run their own agenda while pointing fingers at all right-wing articles. Financials are no different - shilling always their own agenda, spreading FUD against competition.
Me, I like to read between the lines. I try to get the valuable information from the news, and leave hearsay as hearsay. But still, often we still fall victim to make-believe, an we don't know if we're reading a legit piece or funbling around in the dark and being spoon-fed nonsense?
Here comes Yin Wu, the founder of Dirt Protocol. Wu, a successful entrepreneur, having created multiple startup businesses and taken them off the ground, was looking to find his footing in the cryptocurrency scene, only to be hit by a myriad of FUD (fear, uncertainty and doubt).
Immediately baffled by the situation, Wu founded Dirt Protocol and managed to crowdfund $3 million in the first round from investors to launch their vetting database. According to Wu, people have an incentive to produce more accurate news pieces, when they have more "skin in the game". Newsbtc.com reports:
The Dirt Protocol aims at being a tool chest for developers to build their own databases which can be focused on speacilized topics. A single token will work across the entire platform and users will need to stake tokens in order to create new posts, dispute someone elses or vote when a dispute has been made.
While Wu thinks financial factor will eliminate a big amount of misinformation, I personally belive that this, if initially launched successfully and gotten enough attention, has the potential to become the playground for the rich and powerful. And I am not alone in this - TechCrunch asks "who will eventually decide, which information is correct?" The most powerful ones?
To be seen. An interesting project nevertheless. Good luck, Dirt Protocol!
Materials:
Here's some lighter materials for you to start the day:
Based on comic by Adam Ellis, via reddit.com
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