Dirt Protocol raises $3M for a decentralized, blockchain-based approach to information vetting – TechCrunch
The staff at Dust Protocol is utilizing blockchain know-how to create a brand new method to confirm data.
The startup doesn’t plan to launch its platform till later this 12 months, nevertheless it introduced at present that it has raised $three million in seed funding from Common Catalyst, Greylock, Lightspeed, Pantera Capital, Digital Forex Group, SV Angel, Avichal Garg, Elad Gil, Fred Ehrsam Linda Xi and others.
Founder Yin Wu beforehand created lockscreen startup Echo (acquired by Microsoft in 2015) and laundry startup Prim. She advised me that after turning into within the cryptocurrency business, she was involved in regards to the concern, uncertainty and doubt round coin choices — in any case, we’ve coated a number of ICOs the place firms seem to have disappeared with individuals’s cash.
“The market at present continues to be unregulated, with excessive incentive for individuals to unfold misinformation for private acquire,” Wu stated.
Her answer? Construct databases the place anybody can contribute data, however the place they’ve “pores and skin within the recreation,” so there’s a monetary penalty in the event that they’re not truthful.
Dust Protocol isn’t attempting to create a single, definitive knowledge repository, however somewhat to offer the instruments for builders to construct their very own databases. These databases may deal with issues like ICOs (offering data just like the staff, the traders and the variety of tokens in circulation), or on-line publishers (to assist advertisers keep away from bots), or skilled listings and membership lists.
There will likely be a single token that works throughout the Dust platform. Customers might want to stake tokens so as to add new data to databases, to problem an entry or to vote in disputes — you’ll be penalized (by dropping tokens) for including misinformation and rewarded for hunting down misinformation.
Whereas that ought to create an financial incentive for individuals to not simply keep away from inaccuracies but additionally to actively take away them, it doesn’t totally deal with the query of figuring out the reality — who, in the end, will get to determine whether or not an entry is correct? Wu stated Dust will help a wide range of totally different “governance buildings,” whether or not that’s centralized moderation, free-for-all voting or a system the place votes are weighted by status.
Wu additionally urged that the system is designed in a approach to discourage concerted misinformation campaigns. For one factor, hoaxers will most likely wish to goal the extra common databases, however these are additionally those that ought to entice extra lively moderation. Plus, she stated, “The extra priceless the community, the extra persons are contributing data, the costlier [it becomes to contribute].”
A recurring theme in our dialog is the benefit of a “decentralized” method to knowledge verification. Wu stated that isn’t at all times the precise approach to go, however she stated it is smart when there’s an enormous platform with the centralized vetting that works too slowly, or in conditions the place “you possibly can’t belief the curator” of knowledge, or with knowledge units which are simply proprietary and costly to entry — whereas it’s important to purchase tokens to contribute data, Wu stated that Dust Protocol datasets needs to be freely accessible, and “no single occasion owns that data and might shut off entry.”
In the same vein, she stated Dust Protcool isn’t at the moment centered on making a living. Finally, the enterprise mannequin will most likely contain some mixture of giving the software program away at no cost and charging for added providers.
“We’re centered on creating this open dataset that anybody can use,” Wu stated. “If we obtain that purpose, I’m assured that some monetization will come up.”
Supply hyperlink – https://techcrunch.com/2018/07/11/dirt-protocol/