Is blockchain technology the answer to finding truth in journalism?
A duo from New Jersey thinks so and they’ve shared this post with me.
Samit Singh and Dondrey Taylor found themselves in a state of dismay following the 2016 US presidential election, like many other Americans, because of fake news and political agenda in mass media. In response, the duo launched the Decentralized News Network (DNN) with the goal of creating a platform “by the people for the people” using digital currency. DNN uses economic incentives and utilizes the technology used in digital currency so that the content can never be hacked, taken down, or censored.
DNN harnesses the power of the Ethereum blockchain to allow for the fully decentralized network. The idea couldn’t have come at a better time as people are searching for a new approach to news, an alternative that isn’t sensationalized.
This is groundbreaking as the blockchain enables everyone involved to earn if they contribute.
I’ve written about Blockchain technology in terms of cryptocurrencies, this is more about the ‘ledger’ or platform that’s used.
Here’s how the fake new Blockchain works
A writer can put together a news story and submit it to DNN for accuracy and balance. Then, a randomly selected online panel of seven reviewers will assess the article according to DNN’s editorial guidelines. If needed, the reviewers will suggest changes to the writer.
If the article is accepted and published, the writer will receive DNN tokens. The reviewers will also receive tokens for their work too. Anyone can be a reviewer, writer, or reader on DNN.
The value of the DNN tokens will be inline with the value of Ethereum’s ether. Currently, 1ETH is roughly $300 USD.
Who will use DNN?
The site is expected to attract writers and reviewers who are looking for balanced reporting, and most importantly, factual news. The citizen journalism looks to increase the current quality of American journalism and bring back trust and confidence in the mass media.
A recent Gallup poll stated that Americans’ trust in the mass media hit an all time low following the election. Since the DNN system is decentralized, it cannot be dominated by a corporate news organization with a political agenda. The power harnessed from the blockchain allows for complete decentralization.
Rather than selling advertising or soliciting donations like mainstream media, Singh and Taylor will fund the system by selling DNN tokens on digital token exchanges all over the world.
The DNN duo have been successfully mining Ethereum’s ether tokens for more than two years. Mining for tokens involves running software on a computer that solves mathematical algorithms to complete transactions on the blockchain.
DNN encourages the ordinary person to contribute to the site with the initial focus on political stories. DNN officially launched in May and the site is already gaining traction because of its transparency. Corporate bias is removed thanks to a lack of advertising and sponsored content.
DNN can even display how money is made and the transactions that take place including whom the tokens are paid out to.
“In a world where people are getting their news on social platforms instead of news outlets, it’s becoming harder and harder to find articles that are factual and well balanced.”
Micropublishing has exploded over the past decade and that means that anyone with a computer can start a website and publish anything they want, regardless of fact or fiction. Opinion is often passed off as fact and taken at face value. Because of this, facts don’t carry the same weight they once did. It’s becoming virtually impossible to distinguish between fact and fiction. Thus, transparency and trust now outweigh fact.
This open community of like-minded people is empowering and denotes trustworthiness since each person involved is seeking the same result, unfiltered truth. DNN is poised to change the face of journalism, as we know it. By bringing integrity and independence back into the news, readers are able to focus on the facts and not the noise created by corporations.