Startup develops Dirt blockchain Procedure, working on the concept of Wikipedia

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Startup Dirt is establishing a Procedure to secure the investments of major market participants. It will be based upon the blockchain and permits users to observe information and to validate them. The business revealed Wednesday, July 11.

In the first investment round of a start-up Dirt involved is understood in the cryptocurrency market business and mutual fund Pantera Capital, equity capital, Digital Currency Group, as well as exchange Coinbase co-founder Fred Er (Fred Ehrsam). Dirt all the agents reported on the participation of 15 endeavor partners and 11 organisation angels. At the minute the job has actually managed to raise $3 million

The funds collected Dirt invest to compose the blockchain platform and confirmation system, which will enable to confirm or deny the accuracy of the data. The aim of the task is to arrange diverse data from all over the world and make access to them totally free, so that they might use for their own advantage new applications and services. As the company declares, the principle of operation of the Protocol will resemble Wikipedia, that is, to position the information in it can anybody, however anybody can this info and check. For an identified incorrect information, the member will get settlement in the kind of tokens. The system is totally decentralized, without the presence of any of the curators from the top.

“In this new “decentralized” world, we still require some centralized trustworthy sources”,– states the head of Dirt Yin Wu (Wu Yin). “For example, Twitter helps us to identify who is a genuine individual, CoinMarketCap shows the price of cryptocurrencies. We need a method to determine exactly what holds true and to build trust without the involvement of third-party “arbitrators”. Dirt does with the data the same, what Wikipedia did to the encyclopedia”.

It deserves keeping in mind that the last time the blockchain is significantly used by big companies not just storage, however likewise to verify the data. Last month, the us payment giant Mastercard patented technology confirmation of your payment card clients when making purchases on the basis of the public blockchain. And at the end of last year it ended up being known that Apple is dealing with a verification system timestamp based upon a distributed computer registry.