The newest ICO to cross our desk is DNN, which is short for the Decentralized News Network. This is a token that aims to disrupt the news industry.
Why does news need to be decentralized? The current problem is that six giant media conglomerates control 90% of the news that Americans read and watch. This means that the news that is often released, is not necessarily news that is important to the public, but news that is important to the bottom line. Large corporate entities control what news is distributed, and they influence what writers can report on.
The average person is aware that the news is often biased, and due to this they attempt to find news via social media. This often leads people into a realm of fake news, as no one can verify the authenticity of the reporting.
DNN solves these problems via the DNN token. The whitepaper explains this in detail, but to summarize tokens are paid out to writers, a team that reviews the authenticity and accuracy of the news articles, as well as those who are involved in the entire DNN ecosystem. Multiple techniques are used to verify that news is truly unbiased, and this is done by having random reviewers for each article.
The second question is why do we need the blockchain? The whitepaper does a clear job of explaining this:
“DNN’s has the ability to democratize traditional news media for several reasons:
Since the blockchain contains data in time-stamped blocks that chain together, being continuously added and archived, it becomes nearly impossible for outsiders to manipulate existing data or information within the distributed ledger.
Next, the blockchain decentralizes authority to publish content on DNN. There is no single source that controls the message and feel of published works, which is something that is all too commonly witnessed with traditional media. DNN is not tethered to any special interests or political agendas, nor is it vying for a substantial chunk of ad revenue, which puts it in a category separate from most publications that are tied down to a bigger entity.
Lastly, the blockchain’s core value rests on trust. The technology achieves a state of implicit trust, thereby securing a system where contributors don’t need to know one another or be associated”
The DNN token is in pre-ICO, and the official ICO launch is in nine days. We will carefully be monitoring this ICO, as it has the potential to be both disruptive and transformative.