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Blockchain can stamp out fake news and rebuild trust in mass media

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Fact-checking agencies are in charge of verifying facts and claims in the news that may be distorted in the process of rewriting or for any political purposes. The news text may consist of truthful information written in a neutral format peculiar to the news, but one sentence may contain a false fact or claim whose origin is unknown. In addition, the state itself has begun to produce false information, as was the case with former U.S. President Donald Trump’s famous Twitter account.

The main strength of fake news is the rapid speed with which it disseminates. While false information has always existed, the internet makes it worse every year. The high speed of fake news sharing has the potential to directly affect public relations and have serious political and economic consequences that are sometimes difficult to predict. This is not to mention that it has become difficult to trace the original source and at what iteration true news might have become false.

Why is it so difficult to fight fake news?

Public literacy can help in the fight against false information, as online news is often characterized by unverified facts and a lack of originality. Today, it is very easy to create a misleading message or article: You just need a digital platform for the first publication, then fake news is spread by users themselves, and their number increases exponentially.

Also, the publication of fake news often generates profits for the platform owners through embedded advertising, and they are in no hurry to give up this way of generating revenue. Another problem is the misinterpretation of the source of the news. For example, a city government issues an ordinance about new restrictions because of the COVID-19 pandemic, but the media can interpret this differently for the sake of traffic, clickbait and uniqueness. Any fact-checker will advise you in such a case to “always see the source.” In reality, there is no guarantee that the user will do so because the news flow is enormous and there is no time or habit to check everything.

Technologies against fake news

In addition to manual fact-checking, there are technologies for fighting fake news, like automated source finding, or an anti-plagiarism system. Sometimes fake-news producers manage to obfuscate such systems when the original source is lost.

There are more projects and studies about using various machine learning techniques to identify inaccurate information. These projects are most often based on stylistic analysis of texts and a model that has been trained on fake-news text examples. Nonetheless, there are also limitations here, such as the collection and markup of the database, as it is a very time-consuming process. Also, in many publications that sin with false news, the style of news with false information is not different from that of news with truthful information.

The same applies to bloggers on social media platforms. That said, there are examples of successful projects, such as when Twitter acquired a British artificial intelligence-based startup to help it combat the amount of fake news being spread on its platform.

How can blockchain help?

First of all, because of the very principle of its operation. A distributed ledger system involves not only the secure storage of data and the use of cryptographic encryption but also the impossibility of arbitrary changes. Smart contracts store text, images/videos and their sources on a blockchain. Anything that goes into the registry will have source data, namely who posted a particular news item — whether it be an article, photo or video — and who the source is of a particular quote. This is relevant, for example, for news agencies or government press releases whose information may be distorted when disseminated by other media.

Reliability and permanence of the original news are achieved by technology features such as cryptographic hashing, digital signatures and distributed consensus. In the proposed solution, the blockchain system for media consists of the following elements:

  • Enrollment smart contract
  • Update identity smart contract
  • Revoke identity smart contract
  • Evolvable reputation set.

Blockchain also solves another problem where media outlets retroactively change news or publication dates. The source can be traced by recording a timestamp using a “blockchain-based approach for decentralized distributed storage for tracing the origin of the news.” This is especially relevant during election campaigns or for tracing the source of hate speech and libel.

With the help of blockchain platforms, news sites can increase their transparency, and getting to the source of misinformation will become much easier and, more importantly, faster. Not only will this help another end-user verify the information, but it will also provide evidence of the metadata collected at each stage.

Now, before posting fake news, authors will have to consider that there is a way to find those responsible for its creation and dissemination, as distributed registry technology contains all the information about the data from the very first moment it appears.

What else will media collaboration with blockchain provide?

The main problem at the state level that legislators face today is the balance between human freedoms and preserving the public interest. Even in countries where the constitution prohibits passing a law restricting the freedom of speech, there are now attempts to regulate fake news, which is perceived ambiguously. At the same time, one cannot ignore the damage that disinformation does to journalism, undermining public trust in news reporting and news services and platforms in general.

If we imagine a news portal based on blockchain technology, it automatically means that it can take full advantage of it. And it is not just about a new level of transparency and security through a distributed registry but also about new ways of monetization. The ongoing struggle in many countries between big players such as Facebook and Google and governments that want to protect the rights of authors of text, video and other content is a clear indication that monetization is becoming an increasingly important issue.

How can the author of a news article, for example, get paid fairly when such giants as Facebook and Google freely post it on their resources while paying no compensation to the author? Putting the news on a blockchain portal, on the other hand, would allow a payment system to be set up for anyone who wants to read the articles, and payment could be made either through non-cash payments from bank cards or from the platform’s own tokens.

In the end, the combination of blockchain technology and the digital economy could be the basis for an independent, free press platform with journalists and users on an equal footing, without intermediaries.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Arsenii Tretiakov is the head of public relations at the Distributed Ledger Technologies Center of St. Petersburg State University. He is researching computer-based methods to detect fake news as a Ph.D. student in media studies at the University Carlos III of Madrid.

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Source: https://cointelegraph.com/news/blockchain-can-stamp-out-fake-news-and-rebuild-trust-in-mass-media

Blockchain

Crypto Scam Watchdog Group Wants To Get Back At Vitalik Buterin

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A crypto scam watchdog group wants to get back at Ethereum’s creator after he got rid of all of his SHIB token holdings. Now, the group created a token that dumps ETH for rival BNB as we can see more in our latest Ethereum news today.

The market for SHIB collapsed after Buterin got rid of all of his tokens and now one crypto scam watchdog group wants revenge. The Telegram group War on Rugs hates rug pulls but now they are trying to rug pull Ethereum. The group says it’s composed of developers and auditors that created the Rug Ethereum token in retaliation for the ETH co-founder Vitalik Buterin’s decisions o transfer millions of his SHIB tokens to charity while at the same time he crashed the market for the token:

“Vitalik rug pulled Shiba, innocent investors have been hurt. He should never be shown as a hero for this.”

Binance CEO Changpeng Zhao agreed to list the token on Binance’s Innovation Zone and called SHIB high risk. War on Rugs which looked at the smart contract said that this year Buterin had a huge stake in the token which meant it could be vulnerable. A rug pull is a type of scam where developers leave a project and take investors’ money with them. They are most common in the DeFi space where people can go to get crypto loans, earn interest, and trade assets without getting the help of a financial intermediary or insurance that intermediaries provide.

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Buterin didn’t develop the token so now the creators of the meme token sent trillions of the asset to Buterin who is reversed among ETH acolytes for his intellectual capacity and lack of concern for the things money can buy. Sending the funds to Buterin’s wallet lent the project a veneer of legitimacy while also decreasing the supply because he wouldn’t touch the funds. DeFi researcher Chris Blec said:

“If you consider a ‘rug pull’ to be quickly, without notice, removing a damaging amount of liquidity from a pool, then I guess that’s what Vitalik did. The fact that he never asked for the liquidity in the first place definitely changes things though.The SHIB token project was originally deployed with a specific set of risks and a whole lot of inherent problems. Vitalik didn’t change any of that. He simply exposed the token for what it was.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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Source: https://www.dcforecasts.com/ethereum-news/crypto-scam-watchdog-group-wants-to-get-back-at-vitalik-buterin/

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Blockchain

Bitcoinist Book Club: “The Bitcoin Standard” (Prologue and Chapter 1)

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To lay the foundation for everything we’ll learn in the Bitcoinist Book Club, we had to start with “The Bitcoin Standard” by Saifedean Ammous. A fair amount of experts in the field recommend it as the first Bitcoin book people should read. Does that mean it’s too basic for the Bitcoinist audience? Not at all. Our readers might already be familiar with these concepts, but seeing them used as building blocks to construct a case for Bitcoin is a thing of beauty.

Here’s an introductory deep dive into The Bitcoin Standard and the first iteration of the Bitcoin Book Club.

But first…

About The Coolest Club On Earth

The Bitcoinist Book Club has two different use cases: 

1.- For the superstar-executive-investor on the run, we’ll summarize the must-read books for cryptocurrency enthusiasts. One by one. Chapter by chapter. We read them so you don’t have to, and give you just the meaty bits. 

2.- For the meditative bookworm who’s here for the research, we’ll provide liner notes to accompany your reading. After our book club finishes with the book, you can always come back to refresh the concepts and find crucial quotes. 

Everybody wins.

That’s it. Let’s get into it.

Related Reading | Gold Begins Breakdown Against Bitcoin, Triggering 90% Decline On Per Oz Basis

“The Bitcoin Standard” – Prologue

The book is divided into three parts. The first one discusses the concept of money and everything it implies. The second part goes back in time and analyzes the use of “sound and unsound forms of money throughout history.” The third, finally, gets into Bitcoin and the possibilities it brings to the table, “and analyzes the possible uses of Bitcoin as a form of sound money.”

The prologue also provides a solid definition of what Bitcoin is: 

In essence, Bitcoin offered a payment network with its own native currency, and used a sophisticated method for members to verify all transactions without having to trust in any single member of the network. The currency was issued at a predetermined rate to reward the members who spent their processing power on verifying the transactions, thus providing a reward for their work.

That means Bitcoin is, “the first demonstrably reliable operational example of digital cash and digital hard money.” This is huge. This is what the world needs. And, as we go through this book, we’ll find out exactly why.

The prologue cannot end without a familiar disclaimer: “This book does not offer investment advice.” Of course it doesn’t, and everybody involved resents the implication.

BTCUSD chart for 05/15/2021 - TradingView

BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com

“The Bitcoin Standard” – Chapter 1: Money

The main function of money is as a medium of exchange. The second is as a store of value, and the third is as a unit of account. We need money because barter is not an efficient enough system for a complex society. So, “A good that assumes the role of a widely accepted medium of exchange is called money.” It doesn’t matter what it is and it doesn’t have to be “government paper.

What the market looks for in potential money is salability. That is, “the ease with which a good can be sold on the market whenever its holder desires, with the least loss in its price.” If that characteristic persists across time, then the asset displays an “ability to hold value into the future.” So, it becomes a store of value.

It therefore follows that for something to assume a monetary role, it has to be costly to produce, otherwise the temptation to make money on the cheap will destroy the wealth of the savers, and destroy the incentive anyone has to save in this medium.

If it’s difficult to produce new “monetary units,” that’s “hard money.” If it isn’t, then it’s “easy money.” Over time, people who use hard money will tremendously outperform people who use easy money. A constant increase in the supply will erode the purchasing power of the easy money, it’s as simple as that. The law of supply and demand never fails.

The ratio between the stock and flow is a reliable indicator of a good’s hardness as money, and how well it is suited to playing a monetary role.

With flow being the “extra production that will be made in the next time period.” These core concepts are the basis for PlanB’s Stock-To-Flow model. And this is the main reason that model works, “The higher the ratio of the stock to the flow, the more likely a good is to maintain its value over time.” Or to, you know… augment its value. 

It’s time to talk about liquidity, “the more people accept a monetary medium, the more liquid it is.” And acceptance throughout a community is the characteristic that allows for pricing to be, “expressed in its terms, which allows it to play the third function of money: unit of account.

So, money plays “the roles of medium of exchange to allow specialization; store of value to create future-orientation and incentivize individuals to direct resources to investment instead of consumption; and unit of account to allow economic calculation of profits and losses.

So simple, and yet it eludes even the smartest of us. 

Related Reading | A new year – new opportunities in crypto

A Critique, Because It Can’t All Be Positive

This sentence should’ve been heavily edited, it sounds like a bad joke:

Producers can specialize in producing capital goods that will only produce final consumer goods after longer intervals, which allows for more productive and superior products.

Five product-related words in a row? Come on! And, as a bonus, in the same paragraph:

The production of these tools stretches the duration of the production process significantly while also increasing its productivity.

Three more product-related words? That’s a total of eight in the same paragraph. Too much.

*

Stay tuned for the next installment of the Bitcoinist Book Club.

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Source: https://bitcoinist.com/bitcoinist-book-club-the-bitcoin-standard-prologue-and-chapter-1/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoinist-book-club-the-bitcoin-standard-prologue-and-chapter-1

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Blockchain

Twitter CEO Jack Dorsey says he would forever work to make bitcoin better.

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Twitter CEO Jack Dorsey expressed his support for the leading cryptocurrency bitcoin on his microblogging platform Twitter, in response to a tweet by the Square chief financial officer, Amrita Ahuja. “Our bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative,” Ms Ahuja wrote on Twitter. These comments came a few days after Elon Musk’s Tesla suspended bitcoin payments. 

Square’s Bitcoin asset is valued at $410m. 

Square is a digital payments company founded by Twitter chief executive and Jim Kelvey and launched in 2020. The company valued at over $100 billion in 2020 is evaluating Bitcoin as an investment opportunity. Square has purchased a total of $220 million Bitcoin to date. Its Bitcoin asset is valued at $410m. Bitcoin was trading at $48,523.20 on Saturday and is down 13 percent over the past five days since Tesla announced to drop the cryptocurrency as a payment method. “Square is doing exactly this for bitcoin with @SqCrypto,” Jack Dorsey had tweeted last year. 

Tesla suspends the bitcoin payment option citing environmental reasons. 

Less than two months after Elon Musk had announced to accept the leading cryptocurrency bitcoin payments for Tesla vehicles, the company discontinued its support. Elon Musk announced that the reason they are suspending bitcoin payments is because of environmental concerns. Bitcoin mining uses specialized computers that use massive energy for the process of mining. However, Tesla would continue to retain bitcoin holdings that it acquired sometime in January this year. The leading electric car maker had purchased $1.5 billion worth of bitcoins earlier this year, sending the price of the leading cryptocurrency to new highs. 

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Source: https://coinnounce.com/twitter-ceo-jack-dorsey-says-he-would-forever-work-to-make-bitcoin-better/

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