Irish entrepreneur says blockchain can restore trust in global media

Dubliner Ciaran Murray has a big idea. A very big idea.  He wants to restore trust in global media. Murray  believes his Olas Foundation, a non-profit, can use blockchain to democratise access to non-private information and become the most trusted media platform on the internet. 

In our current polarised world, where culture wars continue to deepen idealogical divides, this is the 21st century equivalent of cutting the Gordian knot. According to a new Gallup poll, only 7% of US adults have a ‘great deal’ of trust in news media. Meanwhile, 38% of Americans say they have none at all. And it Is not just a trust issue – lower barriers to entry are eroding the hegemony of legacy media and fueling a rise in citizen or independent journalism.

Press freedom

Centred around the idea of “decentralised knowledge”, Murray and Olas are aiming to create an ownerless media institution based on open internet protocols rather than privately owned platforms. 

The vision provides an economically sustainable solution to journalists and news institutions, minimising the influence of concentrated interests, and incentivising the publication of unbiased and accurate information.

This presents an alternative to the current knowledge sharing system; its decentralised structure ensures that no singular entity holds control, while disseminating power to users.

To achieve this, Olas looks to implement market and reputation-based protocols to incentivise accuracy, integrity and reliability in the platform’s content to create a highly trustworthy information platform.

 Its quality control mechanism incentivises knowledgeable reader participation in the review of information published, ensuring high standards are adhered to in the production of news and information.

Preservation of standards

Speaking on the launch of the project, Murray said, “We are passionate about the preservation of high-quality journalism and scientific research, while increasing its availability to the public. 

The current media industry is facing a dire economic situation and is plagued with bias and a resultant lack of trust. Olas aims to minimise bias and return more value to content creators by removing hierarchical control of the media. 

As CEO and Founder, Murray holds a wealth of experience in the blockchain and Web3 space. Aside from advising on numerous blockchain projects throughout the years, and releasing a synthetics assets proof-of-concept last year, he previously worked in the media industry for British Sky Broadcasting.

Information for all

Olas’s content will be composed of independent contributions from various individuals, with payouts to contributors dependent on performance in review markets. Its quadratic funding model provides the industry with a much more suitable and sustainable economic model for information than the advertising and subscriptions models. 

The platform will also enable payments to contributors in the form of tipping, which will be as easy as liking a post on social media. Murray expects the model to return far more value to journalists and scientists than legacy systems. 

The information on the Olas database will be freely accessible to all. Review markets will decide the quality and accuracy of information, with funds returned to the protocol from low quality content being recycled into supporting future contributors. Olas’ upcoming token sale will provide the opportunity to support the company’s mission and contribute to the future of the organisation.

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