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Decentralized Prediction Market for News Articles on the Ethereum Blockchain

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Decentralized prediction market for news articles on the Ethereum blockchain.

A system where through crowdsourcing and a reputation system the market determines the quality of news.

Essentially every user (that is, a journalist) has some reputation and they can choose to share an article and it will have the same reputation as the author has for the first few moments. Then, the rest of users will start betting (real or fake) on the quality of the article. If the vote is the same as the average state of the quality of the article a few months later (this is assuming that in an infinite time series the market will naturally reach consensus on the real state of the article) the voter gets extra reputation points, so the next time he shares an article it will have a higher reputation score by default. Therefore, journalists are incentivized to vote on the quality of other articles and do so in an honest way (it’s the safest bet based on the previous assumption) in order to maximize their own profits (the reputation of their own articles will increase since they become journalists more “trustworthy”).

After a journalist publishes an article and gets voted, he can choose to share the block or txid (probably through the use of an API) to show people that his article is verified as real and therefore he’s a trustworthy journalist (his article having been peer-reviewed?). Thus, it’s useful for journalists who are fighting hate campaigns or want a stamp saying that what he writes is not fake news.

I’ve implemented a few contracts and have a super early version I built with Truffle and Lite-Server.

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Decentralized Prediction Market for News Articles on the Ethereum Blockchain

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