Social media has truly changed the way we communicate with each other, and it’s not all positive. One of the biggest concerns is the spread of online misinformation, which can cause real harm to individuals and society as a whole. The problem is that the more people read and share misinformation, the more it gets amplified by various algorithms, creating an out-of-control cycle.
One glaring example was during the height of the pandemic, when a significant amount of online misinformation was spread on Facebook. In particular, the false claim that hydroxychloroquine was an effective treatment. This claim was spread widely on social media, leading some people to take the drug without a doctor’s prescription or oversight, resulting in serious harm to some individuals, including hospitalizations and deaths.
Similarly, the misinformation about the 2020 US presidential election is another obvious example of fake news causing real harm. False claims about widespread voter fraud and election rigging were widely shared on social media, leading to a mob storming the US Capitol building on January 6, 2021. This resulted in five deaths and multiple people injured, as well as damage to the building and disruption of the democratic process.
Big social media platforms like Facebook and Twitter have tried to tackle the problem of misinformation, but with billions of users it’s difficult for moderators to keep up. Moreover, misinformation often doesn’t come from a single source, but from all nooks and crannies of the internet. So, what can be done to combat this issue?
This is where Exorde comes in
Exode has created a decentralized information management network using blockchain technology and artificial intelligence to address the problem of misinformation. The platform, which is based on the Ethereum Layer 2 SKALE network and uses a combination of IPFS and Filecoin for storage, is designed to extract and analyze publicly available data from social networks and online news publications. The project utilizes blockchain technology and artificial intelligence, effectively eliminating the centralization bias of tech companies. The Exorde platform is maintained by a decentralized global community of contributors, currently numbering over 70,000, who are hard at work gathering information in any language.
The collected data is then processed by a Natural Language Processing AI which can determine people’s reactions to a given event or topic via sentiment analysis. With thousands of contributors worldwide coming to the same conclusion, Exorde is perfect for removing bias on any topic. Exorde’s decentralized platform and community-based approach to collecting and analyzing data provide a unique solution to the problem of misinformation on social media.
A multi-functional solution
Outlined in Exorde’s whitepaper are a number of applications, including market forecasts, E-reputation, and search trend analytics. By utilizing global sentiment analysis, Exorde can predict market trends with high accuracy, providing users with customized alerts and data-driven trading decisions. For example, existing social networks can be used to predict market trends with high accuracy. Exorde leverages this approach by utilizing global sentiment analysis to forecast fluctuations in the market for different tokens and stocks. The Exorde Index analyzes global sentiment in real-time and provides users with reliable market predictions.
Moreover, Exorde can also be used to analyze sentiment related to brands, public figures, and current events. E-reputation is a metric that captures the overall live sentiment expressed by people on social networks concerning a particular subject specified by the client. Businesses and individuals can get valuable insights into public sentiment, enabling them to effectively manage their online reputation. When a web search is performed, the language used can significantly affect the availability of information. A considerable amount of data related to client queries is often not visible to the end-user. As a result, users are frequently exposed to similar viewpoints, which can further polarize opinions and lead to the creation of echo bubbles, similar to what happens on social media platforms. To counter such misinformation, Exorde’s Web Analysis tool allows anyone to access any piece of information without restrictions.
Participation is still open
At the center of the Exorde network is EXD, the native ERC-20 token of the Exorde ecosystem. The token economy is designed to reward its community, with users earning EXD tokens and reputation points for contributing to the network. The token economy features a powerful reward system, which incentivizes users to contribute to the platform. Use-cases of the EXD token include protocol fees, bounties, participant rewards, and staking. In exchange for their contributions to the network, users earn EXD tokens per completed task plus reputation points, allowing them to participate in governance, staking, and other network activities.Read more about the token fundamentals here.
Exorde has already launched its Testnet and raised $2.5 million. However, you still have the opportunity to become an early contributor by participating in the public sale. The EXD public token sale is split into three tiers, with the first tier selling at $0.33/EXD for the first 500,000 EXD tokens sold, the second tier selling at $0.34/EXD for the next 1,500,000 EXD tokens sold, and the third tier selling at $0.35/EXD for the last 10,000,000 EXD tokens.
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