Blockchain Technology Revolutionizing the Fact-Checking Process: An Inside Look with Factland DAO's CEO
Summary:
The Agenda podcast hosts spoke with Evan Hansen, co-founder of Factland DAO, discussing how blockchain technology can enhance the fact-checking process. Currently in beta mode, Factland employs a decentralized approach to fact-checking where anyone can raise a claim for assessment. Jurors, chosen randomly, cast votes to determine the final fact-checked outcome. Once officially launched, jurors will receive FACT tokens for their work, and individuals providing the most compelling evidence will also be rewarded with tokens. Hansen emphasizes that a large, unbiased jury performs better than traditional fact-checking methods often influenced by personal agendas, political bias, and funding sources.
What constitutes reality and accurately stated events? Seems like a straightforward query with an expected response. However, the truth is what's perceived as factual and genuine drastically varies among individuals. Many societies are so divided that it's rare for two individuals to reach a consensus on anything, including distinguishing real news from false ones. Adding social media into the mix makes it almost implausible to identify a single, universally accepted source of truth.
Traditionally, fact-checkers were the unprejudiced arbitrators that helped determine the line between fact and fiction. Websites like Snopes strive to uncover the realities behind recent incidents, while news organizations have designated staff ensuring the authenticity of their tales. Yet, biases exist within these fact-checkers and the institutions they represent, which could potentially affect their investigative processes or bias the issues they scrutinize.
In Episode 28 of The Agenda podcast, hosts Jonathan DeYoung and Ray Salmond conversed with Evan Hansen, founder and CEO of Factland DAO. The discussion revolved around the application of blockchain technology as an unexpected amplifier and balancer for the fact-checking process. Hansen, a media veteran, took his dissatisfaction with the current misinformation state and utilized Web3 to initiate the decentralized autonomous organization.
Factland, which is still in its beta phase, aims to approach fact-checking in a decentralized, DAO-based manner. It currently allows anyone to raise a claim for fact-checking, while others can present evidence supporting or debunking it. A randomly chosen group of jurors then decide the final verdict that are logged and preserved on the Internet Computer.
Once officially launched, the DAO and its associated decentralized application will incorporate expanded Web3 features. The submission process will remain the same, with the addition of jurors receiving FACT tokens as a form of compensation. Other DAO members can place their FACT tokens on the outcome they believe will triumph. Post verdict, those who staked their tokens on the winning side will divide the pool of staked tokens. Individuals providing the most convincing evidence will receive FACT tokens as well.
Hansen points out the possible shortfalls with the current system. He believes that a large group of randomly selected jurors can more effectively and impartially ascertain facts and misinformation than any traditional approach, a conclusion supported by abundant research. In contrast, conventional fact-checking implies allocated "experts" from newsrooms or agencies, decide what's true and false. These experts are often influenced by personal agendas, political bias, and possibly compromising funding sources.
Therefore, the ambition is to scale up with a large pool of participants, eliminating questions about fact-checking bias by decentralizing the process and allowing everyone's voice to be heard.
To hear more about Hansen’s chat on The Agenda - which included discussions on the current misinformation state, the advantages and drawbacks of social media, and the existence of an unbiased "truth" in media - you can listen to the complete episode on Cointelegraph's Podcasts page, Apple Podcasts or Spotify. Don't forget to explore Cointelegraph's other show offerings as well!
Please note, this article is only meant to be a general guide, and should not be considered as legal or investment advice. The viewpoints, thoughts, and perspectives shared in this piece belong solely to the author and are not necessarily reflective or representative of those held by Cointelegraph.
Published At
1/24/2024 4:10:00 PM
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