Crpto Platform DIRT Raises $3 Million to Combat Fake News on Blockchain
A cryptocurrency platform called Dirt has raised US $3 million in a seed funding to combat fake news using blockchain technology.
Its mission, in an age of fake news, is to put truth itself on the blockchain and to make use of blockchain to construct a trusted platform for structured knowledge.
The corporate is making a protocol often called Grime for crowdsourcing trusted info, utilizing the safe and clear decentralized ledger expertise behind blockchain. It’s just like the “Wikipedia for structured knowledge,” the corporate stated.
Wu told TechCrunch,“The market today is still unregulated, with the high incentive for people to spread misinformation for personal gain,”
The idea has an economically utilitarian charm to it. On paper, one might see the spreading of fake news as an activity with potentially high rewards and a very low cost. There will always be various reasons to spread fake news and there’s not much to be done about that, so instead, you can adjust the cost of doing so.
“Think of Dirt as a set of rules that make it economically irrational to spread false information,” said Dirt founder Yin Wu. “With Dirt, if you want to spread a piece of information, you’d need to stake a [DIRT] token.”
Grime is a protocol for decentralized info gathering that makes it “economically irrational for a mislead persist within the community.” The corporate describes an algorithm for writing and validating info that makes use of token staking to incentivize honesty.
DIRT joins the rising checklist of blockchain startups and tasks which might be utilizing the expertise to insure the veracity of data.
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