the currency analytics TCAT eradicate fake news

Is the Currency Analytics thinking of creating The REAL NEWSCHAIN? Eradicating the fakes in Crypto News.

June 22, 2020 Off By Ayobami Abiola

News is life. Getting updated about happenings around one is a way to show that one is truly alive. But when the news is misaligned, mismanaged, and fake, it can kill. The blockchain technology is not an exception to the plague of fake news that has ravaged the internet today. There is no way to truly ascertain the truth today except you are a researcher or a journalist. Top news media tell a slanted truth to suit their own purse and really, who can blame them- they are in the business to make a profit. The Currency Analytics has been doing it’s best to provide real and updated news, it hasn’t stopped in its developments to provide an ecosystem that always reports unbiased news. 

Leading the Way- Showing an Example of how it’s done 

More recently, the news on the Currency Analytics website has been focused on bringing the up and coming cryptocurrency projects to the limelight so people can see what is going on in the alts world. More often than none,  people have the notion that crypto news is only the ‘happenings’ around bitcoin. But the truth is, happenings around alternative currencies can give a solid foundation or background to what REAL news is all about. Large crypto media should shift focus a little from the ‘big’ happenings and celebrate the ‘small’ wins in the alts to promote blockchain adoption as The Currency Analytics is doing. 

Can Blockchain Eradicate Fake news? 

Fake news is a turmoil, it happens when someone or a group of people solely fabricate thoughts and present it as real events. Just like the centralized banking system,  when the news is controlled by a central system, slanted truth cannot be ruled out. Yes, of course, the principle of blockchain technology can be adapted to solve fake news and slanted truth syndrome. 

Just like independent nodes, there can be independent qualified journalists which have been certified and voted in by the community to investigate, confirm or disapprove any news just like a Delegated Proof of Stake Algorithm. 

The news writer or caster, in this case, can be an independent reporter that reports news from all over the world just like a transaction initiator on the blockchain. The news itself can be seen as a transaction. 

There must be time given for the independent journalists to confirm or disapprove submitted article. This corresponds to the block times. This should be short enough so that the news will not be stale before it is published finally. 

In a case like this, reputation score can be adapted to ease the process, a writer with higher reputation can get news confirmed very quickly and so on. Journalists with a higher score can increase a news score hugely when they approve it. Lower reputations will tell on the rewards for all parties involved. 

Authenticity Assurance 

The system painted above is quite self-authenticating. The community can use their coins to vote journalists on a frequent basis. This is aside from the fact that they must have passed through some scrutiny before they are presented to be voted for by the community. The journalists scrutinize the article submitted by writers or reporters and determine their reputation scores. This kind of system doesn’t prevent a journalist from writing and submitting news since they are first reporters before being a validator. 

Why will it work? 

Every member of the ecosystem described above will work tirelessly to protect a system where their funds are kept just like on the blockchain technology. 

The Shadow of things to come 

The Currency Analytics added the emoticons to the end of each article for people to vote or downvote a piece of news according to the predisposition of the reader. This is like the platform is showing the vision of things to come. Does it show that TCA is working to bring to life The Real Newschain?

Have any suggestions? feel free to reach out to us via the comments section.