Feedback Platform — decentralized news platform

4 min readJul 18, 2018

What is Feedback?

Feedback will be a news platform for the community, by the community. Feedback will operate using the Feedback Platform; a news platform that works on a whole new level. The platform aims to disrupt the biased, one-sided and money-controlled mainstream media outlets.

Why Feedback?
As our world is growing so rapidly, as well as the amount of news we are consuming, we feel it is our duty to bring light into the darkness. Due to the internet and social media, news travels faster than it ever has and we are now consuming more news than ever. The news is a billion-dollar industry created by society, controlled by politics and money. Tabloid journalism is controlling the market and it seems harder and harder to find unbiased, factual, non-judgmental news; the news we read every day has become unreliable. News should be controlled and checked by the society, by different people from different backgrounds. This way, biased tabloid journalism can be countered and factual news will be provided by the community. The Feedback Platform will offer news from all sides of the story, powered by the community itself. With the Feedback Platform, news can be controlled by society once again.

How will the Feedback Platform work?

The Feedback Platform is designed to verify the credibility of articles, using a hybrid Proof of Stake & Proof of Trust-mechanism. Consumers can follow newspapers, magazines or any other news-providing institute on the Feedback Platform, by paying a monthly fee to the platform. They can connect articles to each other, give comments and thereby offer a different perspective to other users. Consumers can earn Feedback Tokens (XFBX) by doing so. The more up votes a connection between articles or a comment gets, the more Feed tokens they will be paid by the platform. If a connection or comment gets down votes, it will be reviewed by (a random selection of) respected users of the platform and possibly be removed. Users are also allowed to publish their own articles, comment on written articles and of course, share it with the world via the in-app share functionality. By publishing articles that obtain a lot of upvotes or reads, they can earn Feed tokens as well.

How will the Feedback Token be used?

The Feedback Platform utilizes the Feedback Token (XFBX) in a hybrid Proof of Stake and Proof of Trust-mechanism. When someone posts ‘fake news*’, you risk losing your Stake. The higher your status of trust, the higher your rewards will be.

*Fake news can be seen as fake or edited articles or videos that are proven to be untrue.

Hybrid Proof of Stake / Proof of Trust-mechanism

We’ve chosen for a hybrid PoS/PoT-mechanism.

The random Proof of Stake-mechanism is used to uphold the Feedback Platform on the Blockchain mainnet. We have decided to use a random-mechanism, since we feel this is the most fair way of upholding the network in regards to gains made out of Proof of Stake. Everybody is equal in our PoS-mechanism.

The Proof of Trust-mechanism is used to upheld the integrity of the network. The more trust you get, the more tokens you are rewarded. These two combined make for a network that is infinitely scalable and impossible to defraud, or with the risk of losing your tokens.

Bounty program

The Feedback Platform will use a bounty program to gain awareness around the world. You’ll be able to earn Feedback Tokens (XFBX) by referrals, joining our community program, doing micro-tasks and helping the team out with several on-going projects.

Bounty #1:

The first bounty starts of right now with your vote on how to call the coin after the mainnet launch! Go ahead and vote through the Google Form: https://docs.google.com/forms/d/e/1FAIpQLSfb2u0CrE0536d3ODBH5x3D3wbgMq2dhFE9D4J-_rXw4E2XIQ/viewform?c=0&w=1. The bounty for your vote will be 500.000 XFBX. We’ve filled in some options already, but you’re welcome to add your own. We have a maximum of 500 contestants so better hurry up!

Distribution & Mainnet

We have chosen for a simple and straight-forward form of distribution, to give anyone around the world a fair chance of gaining XFBX before the Feedback Platform mainnet launches. The distribution will be done using the WavesDex platform. The distributed tokens will be swapped for usable Feedback Tokens (XFBX) when the mainnet launches.

There are six phases of distribution.

Use of funds:

Distribution 50%

Developers 5%

Team 5%

Bounty 10%

Future partners 5%

Reserve 10%

Links:

Twitter: @FeedbackX_io

Telegram Chat: @FeedbackPlatform

Telegram Channel: @FeedbackPlatformChannel