Decentralized News Network – People-Powered Political Blockchain?
You’ve heard of CNN. But now, the cryptocurrency world has DNN – the Decentralized News Network. Find out how DNN will work today in our review.
What Is Decentralized News Network?
Decentralized News Network, or DNN, is a proposed blockchain-based media platform that promises “news by the people, for the people”. The network, found online at DNN.media, describes itself as “a political news platform, combining news creation with decentralized networks to deliver factual content, curated by the community.”
Overall, DNN was founded with three main principles in mind: decentralization, factual content, and a collaborative environment.
The organization was founded specifically to combat the problems seen in news media today. Media outlets, particularly American news outlets, are used primarily as propaganda for private interests. America, unlike many other first world nations, doesn’t have a strong, unbiased source of news – like a public news organization. We live in an era where it’s becoming increasingly difficult to separate “fake news” from “real news”.
Biased reporting is common, and it’s up to users to collect information from multiple sources to form their own opinions. DNN specifically mentions the rise of fake news on its website, and sees decentralization as one of the best solutions to today’s media problem.
How Does Decentralized News Network Work?
DNN is built on the Ethereum blockchain. Using the Ethereum blockchain, DNN has created a truly decentralized network “that can never be hacked into, taken down, or censored.”
Basically, a community of DNN users will decide which content to publish to the DNN blockchain. Using Ethereum’s consensus mechanisms, this community will choose the most relevant content. Ideally, the community will consist of a group of people with different opinions from across the political spectrum. This will ensure only the most factual and objective content rises to the top – not subjective, biased content.
Articles that pass through the strict community will be published to the DNN network and made available to readers. The community is incentivized (by DNN tokens) to review, edit, comment, and vote on all DNN content. DNN tokens will be a crucial part of the platform’s ecosystem.
Writers receive a reward whenever their work is published to the DNN blockchain, for example, and when their work is accepted by the majority of reviewers. Reviewers earn a reward by accepting or rejecting articles based on their degree of accuracy. Finally, readers earn DNN tokens simply for reading DNN content, or participating in engagement activities like commenting.
Decentralized News Network Features
DNN separates its features into different sections based on its three main principles: decentralization, factuality, and collaboration.
Some of the key features of the platform include:
Content published on DNN is stored on the Ethereum blockchain. It’s immutable. Once it’s on the blockchain, it cannot be altered. This makes it more difficult to suppress writer content.
No Central Authority:
Traditional media outlets have a central authority to decide what is news and what isn’t news. DNN relies on consensus among content reviewers instead of a central authority to decide what content should be published. Of course, some argue that a decentralized system could lead to more “populist” content being broadcast across DNN, but the goal is to attract a community with disparate opinions to ensure the most relevant news pieces are published.
Once DNN’s content is published, it’s updated across community-managed servers. Each server retains a copy of everything published to the network. That content is permanent. Just like other blockchain technologies, you cannot alter past records without a ridiculous amount of computing power.
DNN promises to present news in a thoroughly accurate way. The utopian goal of DNN is to publish content that combines “the openness and freedom of blogs with the formal fact-checking of news organizations.” Here’s how DNN plans to do that:
Robust Review System:
The extensive DNN review process allows fact checkers to validate writer-submitted content for overall accuracy and legitimacy. Before a story gets placed on the DNN blockchain, it will need to go through a significant fact checking process to ensure only the most objective, factual content gets posted on the Decentralized News Network.
DNN’s guidelines and content policies will dictate how reviewers vet articles before they’re published. DNN will publish a series of comprehensive guidelines to ensure content meets strict quality standards.
DNN will have a collaborative feedback process, where reviewers can attach notes to content to communicate with writers – similar to how peer-reviewed literature works in academia.
In addition to decentralization and factuality, DNN promises to be collaborative. The platform will bring together writers, reviewers, and publishers. These three parties communicate with one another before a story gets published onto the blockchain. The three parties make up the fundamental underlying structure of the network.
The DNN ecosystem revolves around the use of DNN tokens. The more effort a contributor puts into the platform, the more tokens they’ll receive.
Users have an incentive to contribute to the goals of the network. Users can receive DNN tokens in exchange for editing, reviewing, voting, and performing other collective actions. This creates a community “that thrives on incentives”, explains the official website.
Users can switch between reader, writer, and reviewer roles seamlessly in the fluid and open DNN environment. There are no strict user classes, and there’s nothing stopping a user from publishing the next great piece that will be posted on the DNN blockchain.
Who’s Behind Decentralized News Network?
The Decentralized News Network project is being led by Co-Founders Samit Singh and Dondrey Taylor. Samit is an experienced web developer who previously co-founded MiniChat, Inc. along with Dondrey. The pair also created a photo/video app called Tack Video.
Dondrey, on the other hand, is a web and full stack developer who is actively working on DNN’s front-end and back-end codebase.
Samit and Dondrey founded DNN in 2017. It’s unclear when the platform will launch.
Decentralized News Network Conclusion
Decentralized News Network, or DNN, is a blockchain-based alternative to today’s media. Using a decentralized system, DNN incentives a community of people to vote, edit, and review news stories. Once news stories pass a thorough vetting process, they’ll be published onto the Ethereum blockchain, where they can never be edited or altered.
Reforming today’s media system is an altruistic goal. For DNN to be successful, the company will need to rely on a community of people with different opinions who are collectively committed to publishing objective information. If DNN can do that, then the platform could be the next big thing in media.
DNN goes into a surprising amount of detail about their project at their official whitepaper.