Opinion The restoration of trust in information through Blockchain
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Forecasting markets are currently one of the most exciting applications of blockchain technology. In the third quarter of this year alone, these markets saw a staggering $3.1 billion in betting volume. This success is no accident. Polymarket, the leading prediction market platform, has managed to capture mainstream attention and influence major events, earning itself the reputation of being crypto’s first “killer app.” In fact, Polymarket holds a staggering 99% share of the prediction market. An excellent example of this is the 2024 US elections, where Polymarket managed to reach American households through mainstream media, extending its reach beyond the crypto community and showcasing the transformative potential of blockchain technology in our interaction with knowledge.
However, it’s important to note that prediction markets are just one aspect of a much larger shift in generating and verifying information. This shift represents an evolution from the proven success of crowdsourced platforms like Wikipedia and Reddit to a whole new level.
Wikipedia and Reddit were groundbreaking platforms that revolutionized the way collective wisdom could be harnessed. Wikipedia’s open-editing model created a global hub for knowledge, leveraging diverse contributions to build a widely trusted resource. Reddit, on the other hand, facilitated public discourse by allowing users to upvote or downvote content, indicating the community’s consensus on what was valuable and reliable. These platforms democratized access to information and opinions in a way that centralized media could never achieve.
However, despite their success, these platforms had their flaws. Wikipedia, for all its strengths, struggled to maintain neutrality due to content wars and biased edits that were inevitable in its open-editing system. Reddit, despite its promise of democratized opinions, often unintentionally favored clickbait or sensationalism, prioritizing content that attracted votes over accuracy. These two platforms, among many others, remained vulnerable to manipulation, misinformation, organized brigades, and groupthink, even as they continued to be widely used.
This is where blockchain technology comes in, and this evolution is not just optional—it is essential.
Blockchain addresses the very issues that have plagued crowdsourcing platforms for years: trust, accuracy, and sustainability. While these platforms were built on the principle of collective wisdom, they lacked the necessary protocols to prevent misinformation and bias from infiltrating the system. This is similar to the problems seen in traditional media, where even with the best intentions, flawed systems can undermine credibility. Blockchain provides the missing piece: transparency, accountability, and a system of incentives that prioritize truth over popularity.
Every edit, vote, or contribution on a blockchain-enabled platform is recorded immutably, making it impossible to manipulate the system in the shadows. The transparency offered by blockchain protocols fundamentally changes the dynamics of accountability and trust, addressing the challenges faced by open-editing systems. These protocols make it impossible to set up multiple accounts to manipulate outcomes, ensuring a level of radical transparency that allows users to depend on the integrity of information.
As demonstrated by Polymarket, prediction markets offer a solution that Reddit’s voting system cannot: the reward of truth over popularity. While Reddit’s upvote system allows the community to surface popular content, popularity does not equate to truth. The system can be easily manipulated, leading to clickbait headlines rising to the top, even if they are misleading or inaccurate. Prediction markets, however, require participants to bet on what they believe to be true. Accuracy, not attention, becomes the determining factor, creating a self-regulating system that prioritizes verifiable truth.
Blockchain also provides a solution to the broken financial model of journalism. Traditional crowdsourced platforms have struggled to create sustainable financial models without compromising quality. Blockchain introduces decentralized funding models, such as quadratic funding, where the community, rather than advertisers or corporate interests, decides which content receives funding. This creates a self-sustaining system where high-quality journalism can thrive, free from paywalls or ad-driven content. Information becomes a public good that remains accessible and free, with blockchain ensuring its preservation.
Beyond information, blockchain is also decentralizing opinion. Instead of leaving public discourse in the hands of corporate media and a few influential voices, prediction markets allow the crowd to determine which journalism or research holds weight. People not only consume news but also stake their reputation and money on what they believe to be accurate. Over time, the crowd validates what is true, creating a decentralized system that makes it much harder for bad actors to manipulate public opinion.
Most importantly, blockchain brings accountability, something that traditional crowdsourcing platforms often lack. On these platforms, users can contribute anonymously or without facing any consequences. This creates opportunities for trolls, bots, and bad actors to distort the system. Blockchain solves this issue by ensuring that every decision made is fully auditable. There is a clear chain of responsibility, holding users accountable for their actions. Anonymity is no longer possible, as blockchain ensures that contributors must stand by the integrity of the information they support.
The future of crowdsourcing and blockchain is clear. Traditional crowdsourced platforms are already outdated. While Wikipedia and Reddit were revolutionary in their time, they are unable to address the issues of trust, bias, and financial sustainability that we face today. Blockchain is not just the next step; it is the necessary evolution.
In the future, crowdsourced platforms will not only be places to gather information but also active marketplaces where users decide the quality, truth, and value of content, rather than centralized gatekeepers. Blockchain, prediction markets, and decentralized funding models like quadratic funding are already building this future. These tools are not optional add-ons; they form the foundation of a decentralized, transparent internet where unbiased, high-quality journalism and research flourish.
So, it’s no longer a question of “if” blockchain will bring the next evolution—it’s a matter of “when.”
