Mark Cuban has tweeted his vision of how crypto will transform the news industry
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American entrepreneur and billionaire Mark Cuban has tweeted his vision of how cryptocurrency might transform the news industry and policing in the decades to come.
Showing a level of deep crypto knowledge, the Dallas Maverick owner posited that a challenge platform would be built on an Ethereum scaling solution known as an optimistic rollup.
News organisations would have to post a bond to gain money for “objectively providing info” and could lose their stake if they published information that wasn’t true.
Human only versions will be used to improve policing and other critical services. Police can pay to have anonymous validators and challengers provide consensus on ID. Trustless approaches to many critical social processes will be game changers Agree or Disagree ?
— Mark Cuban (@mcuban) May 31, 2021
Block.one founder and chief executive Brendan Blumer, one of the men behind the cryptocurrency EOS, pointed out in a reply that truth isn’t always easy to discern.
The complexity will be in determining truth, and ensuring such a system doesn’t mature into another plutocratic propagation of the lack-thereof.
The complexity will be in determining truth, and ensuring such a system doesn’t mature into another plutocratic propagation of the lack-thereof, but these types of systems show great promise to create better access to real information. #EdenOS on #EOS is worth looking at.
— Brendan Blumer (@BrendanBlumer) June 1, 2021
The cryptocurrency Chainlink uses oracles to fetch information such as index fund prices into smart contracts, but obviously telling truth from fiction in a news story is far more complicated.
A blockchain project called Civil launched in 2017 with a token that participants could use to fund news organisations they believe in, but it folded in 2010.