Speaking at ELEV8CON in Las Vegas on Dec. 10, founder and CEO of Celsius Network Alex Mashinsky said that there is a war brewing between centralized and decentralized networks.
“The centralization of the Internet by companies such as Facebook and Google has created a distorted reality where fake news and blatant lies get the same treatment as documented truths,” said Mashinsky.
Mashinsky said that the rise of centralized social media networks has resulted in an increase in fake news, causing a great deal of confusion regarding the basic facts of issues and events.
Mashinsky also noted that fake news stories tend to increase reader engagement, which is then gets converted into huge profits for companies like Facebook and Google.
“If such lies bring engagement (which is immediately converted into huge profits) then they deserve to be pushed and promoted by the world’s best algorithms, which work tirelessly to extract every dollar out of them. No need to worry about our democracy or human rights, corporate mega-profits can cure all ills if we just issue PR that we donated 1% of what we made to a school or the disabled,” said Mashinsky.
A blockchain-based solution
Mashinsky told Cointelegraph that a blockchain-based data platform is the only solution capable of combating fake news. A system such as this can verify the identity of users and the authenticity of data, bringing a much-needed layer of transparency to the online world.
Mashinsky mentioned that a project like EOS Voice, which uses blockchain technology to record the inner operations of its network, will be one of the first decentralized applications to bring trust to the internet. EOS Voice is a social media platform that was unveiled by EOS creator Block.One. The beta version is scheduled to launch on Feb.14, 2020.
Unlike centralized social media networks that extract personal user information without permission, all operations across EOS Voice are recorded on the blockchain. Moreover, while Mashinsky…