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Sequoia India Leads $3 Million Round for Token Startup Tackling ‘Fake News’

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Venture capital company Sequoia India has led a $Three million seed spherical for blockchain startup Band Protocol, which incentivizes dependable content material manufacturers with token rewards and staking.

Announcing the inside track on Tuesday, the Thailand-based startup stated that different taking part traders within the spherical incorporated Dunamu & Partners (the challenge arm of the operator of South Korean crypto change Upbit) and early-stage funding company SeaX. A Sequoia India spokesperson showed to CoinDesk that it had led the investment.

Founded in 2017, Band Protocol gives a platform that permits customers to create token-curated communities, enabling, it says, platform monetization and governance. The seed funding will pass towards dashing up product building, in addition to serving to determine the company’s marketplace technique.

According to its website, the “band” token is used as an as financial incentive, harnessing the “wisdom of crowd” to increase a competent wisdom base for a group. Data curators should stake the token, which incentivizes honesty, the startup says, whilst “bad actors are punished.”

“Active users and content creators are rightfully rewarded for their contribution and retain the power they deserve as data owner. This allows potential monetization and governance of online communities,” the company defined.

The announcement cites a 2018 Ipsos study of 19,000 women and men throughout 27 international locations suggesting that just about 50 % of the ones polled have been have been taken in by way of faux information tales and handiest came upon later.

Band Protocol co-founder and CEO Soravis Srinawakoon stated:

“As blockchain developers and technology enthusiasts, we have noticed a growing unavailability of trustable data on the internet, coupled with the rising trend of fake news.”

The startup’s imaginative and prescient is to “bring online, digital communities together by creating a blockchain-enabled platform for transparent and reliable data,” he defined.

The product additionally has “clear applications” for credit score bureaus and fraud detection, compliance and identification verification corporations, in addition to websites that supply on-line boards, consistent with the company.

In order to lift consumer adoption, Band Protocol stated it is usually exploring a couple of scaling answers on ethereum, in addition to Tendermint, a blockchain consensus undertaking.

U.S. dollars symbol by the use of Shutterstock 

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