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Dirt Protocol

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Dirt Protocol is a Blockchain​ based startup which attempts to incentivize truth telling. [1]​ The company launched in early July as a protocol for decentralized information curation. [2]

 

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Photo of hands collecting soil as part of the article about Dirt Protocol on CrowdFundInsider.

Mission

The company was launched in early July, 2018, and spearheaded by Yin Wu and her highly selected team of developers who include: Wil Chung​ and Mark Erdmann[3]Ricky Yean​ would also join as Operations manager​. Their mission is not to create a for-profit enterprise but rather a software, or an open data set, for anyone to use for free. [4]​ Their monetization strategy at the moment involves charging users for additional services. [5]​ 

 

The company is headquartered in San Francisco​. [6]

 

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The illustration of how Dirt Protocol will work.

Tokenization 

Dirt Protocol is working in building a single utility token that works across the Dirt platform. There will be a set of tiers for the use of the token in the platform. [7]​ Users will have to stake their token to make edits or add information to the databases of knowledge being organized by the developers. Users can also use the token to challenge entries or disputes - misinformation will be penalized through the loss of tokens. Rewards will be based on improving the information and of adding formidable sources. [8][9]

 

The token will have a governance structure which will either be through centralized moderation or free-for-all voting or a system where votes are weighted by reputation. As Wu says: “The more valuable the network, the more people are contributing information, the more expensive [it becomes to contribute]...  no single party owns that information and can shut off access.” [10]​ 

 

Youtube Video
DIRT Protocol Show & Tell - Token Summit III NYC 2018

The other structure involved in the token as a way to run the network is by building a database that users can use the tokens to improve upon. They aim to provide the tools for developers to build their own databases. [11]​ 

 

Investors

In July 2018, Dirt Protocol announced a $3 million raise. Investors include Fred Ehrsam​, cofounder of Coinbase​, and General Catalyst[12] Other investors include: Greylock, Lightspeed Ventures​, Pantera Capital​, Digital Currency Group​, SV Angel​, Avichal Garg, Elad Gil​, and Linda Xie​. [13]

Name

Dirt Protocol's name indicates dirt being foundational, and necessary for growth. [14]

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Created: 07/12/2018 03:48:11 AM UTC
Last Modified: 07/18/2018 08:13:43 AM UTC