Blockchain Kill Fake News

A new startup Called Userfeeds is based on a blockchain platform. The whole idea was to combat “fake new” on social media, using Blockchain technology. They use economic incentive to rank content well. We all know that fake political content spreads on a social channel like fire. Without even verifying, it will become viral in seconds and brings out emotional reactions of people. Faux news is comprised of blocks of information that serve a political end. To solve this problem, fact checkers comes to the existence. But the problem with the fact checkers is that who will check if they are right or not.

The problem of fake news is not new. As each person has a freedom to write, whether true or not. An individual can spread a fake news and people can even believe in them. This can spoil the reputation of an individual in seconds. The content ranking is based on likes and votes. So people started creating fake news as it brings more traffic as compared to real news.

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The company has already raised $800k from influential investors like BlueYard Capital, Piotr Smolen, and a coin base cofounder Fred Eh same funding. The rating of content is purely on the basis of the virality of the content. For that publisher were creating “faux Content”. The blockchain is basically a distributed database. The data is kept safe and is updated through an algorithm. If someone asks that if blockchain can kill faux data? Well, the answer will be, maybe yes.  

Userfeed is now using Bitcoin and ethereum method to end the fake news trend. The Bitcoin blockchain seems to solve the faux news problem particularly for debiting or crediting money. This same principle is used to handle the data. Using Bitcoin and ethereum, they are trying to create transparency in content network algorithms. They are thinking that they will allow developers, publishers, and users to run ranking to produce search results, recommendation systems, top 10 lists.

This would help publishers, developers, and advertisers and will help in improving the organic ranking of people who don't believe in the likes, votes or even links. Also, it can help in preventing trolling, spam.

The team of two includes Maciej Olpinski who have worked with Youtube and Google aswell and Greg Kapkowski who is the co-founder and CTO. Contributors of bitcoin are getting digital coins. Userfeeds’ company is suggesting third parties fund the project with an advertisement.