The brainstorming on this idea of decentralized news portal happened in March 2021. Initially the plan was to work on "Reviews" sector but later the team pivoted and focused on News sector. A lot of paperworks and documentations were done. To build a working prototype, team decided to fork DASH blockchain and implement all the changes to fit RECAP ecosystem; but failure to handle proper use case, we move to Zilliqa blockchain to run prototype. With this successful prototype in Zilliqa, now we achieved confidence on our proof of concept. No more fake news, no more paid-up news - this slogan motivates us to bring 100% decentral news portal.
What it does
Check the prototype: buzzernepal.com to see what it does.
News articles on this platform are published, validated and circulated without any central authority. Even the advertisement placement goes through decentralized community decision. This will mimick the traditonal news industry into complete end-to-end blockchain system.
News Submission Process: Anyone can submit news and track it in smart contract regarding publication, trust score and earnings. News Publication Process: Anyone can become a validator and participates in news publication process in decentralized way with IPFS. News Validation Process: Community will set up standards based on voting to validate all news with governance portal. Advertisement Submission Process: Anyone can submit advertisements of any kind. Advertisement Placement Process: Validators participate in selection and approval of advertisements similar to news articles. Reward Distribution Process: Smart Contract distributes the rewards to eligible participants.
How we built it
To build up this POC, team build up was huge task. Once team got integrated with RECAP, RedChillies and Kalks Media partnership, we worked on analyzing the news industry and formulating our system of trustless news portal.
Challenges we ran into
The first challenge was figuring out tokenomics of this ecosystem for Writers, Validators and Advertisers. We had to build merit-based and utility-based minting of tokens. Second challenge we ran into was when we failed with DASH fork. Another challenge we had was in handling users in prototype. We were receiving more than 400 articles per week which was not anticipated at all.
Accomplishments that we're proud of
We are extremely proud of Trust Score and Validation Score system that we build for bringing decentralized news portal. We are proud of our team integrity and laser focused mission.
What we learned
We learned we can build decentralized news portal; the fight against fake news media is possible.
What's next for Review Capital (RECAP)
Launching in multiple blockchain ecosystem to bring mass adoption. Launching location based news portal and category based news portal.