A pair of entrepreneurs from New Jersey has reportedly launched a blockchain based news network called Decentralized News Network (DNN). The goal i
A pair of entrepreneurs from New Jersey has reportedly launched a blockchain based news network called Decentralized News Network (DNN).
The goal is to create a news platform, where writers can submit articles. The latter will be reviewed by fact checkers who will receive a reward in the form of digital tokens.
“It`s completely free to readers.”, as the CEO of the company Samit Sigh said in an interview with cryptocoinnews.com.
“You can read for free, but you can only read it passively. The reader needs tokens to take actions like suggesting ideas be written about or to comment on a story. It is a subscription, but there’s no recurring monthly bill”, as he added.
According Singh and the CTO Dondrey Taylor, this may lead to better reporting.
“The site has users who specialize in areas to use the platform to create articles that are neutral”, commented Taylor.
“We will have reviewers on the platform who will keep our articles within journalistic guidelines. Most importantly, we plan to put together an advisory board containing experienced journalists.”, as he explained further.
The idea came in response to the way the media covered President Trump`s firing of FBI Director Jim Corney.
“Our focus has shifted from a philosophically neutral position to just making sure that everything is referenced to a reliable published source,” Singh said. “Now that opens up a new question, a new can of worms. What if this ‘reliable source’ is misleading? What if a writer cites something from the New York Times and the New York Times eventually backtracks, saying they made a mistake? Then what?”, he elaborated on the problem.
Better reporting thanks to Blockchain
Speaking to cryptocoinnews.com, Singh and Taylor expressed an opinion that an Ethereum based platform that doesn`t rely on any particular entity might be more fact based than traditional news.
“That`s when the idea formed and it kind of took about three months to figure out how to build it.”, as Singh said in an interview with the online media.
“We had to really start studying the workings of Ethereum`s blockchain. That`s where it all started.”, he said.
However, writers and fact checkers are to be incentivized through the blockchain technology.
“The technology makes it possible to -I know it sounds crazy- but we`re kind of inherently deriving value from peoples` engagement and rewarding everyone on the network for their contributions.”, as he stated.
The project has been funded by Ether up to this point. Singh and Taylor are said to be planing a launch of an ICO to raise additional investments.