Olas Secures €100K Grant from Nethermind Starknet Program, Pioneering Decentralized Knowledge Sharing
Staff Writer • 2024-08-22
Dublin, - The Olas Foundation has officially joined the Nethermind Starknet Grants Program, securing a grant of €100,000. This strategic move marks a significant milestone in the ongoing development of the Olas protocol, a groundbreaking project aimed at transforming the way information is shared and consumed. The grant, awarded to cutting-edge Web3 projects, underscores the potential of Olas to revolutionize the media landscape. Launched in late April 2024, the Olas Foundation is a non-profit organization dedicated to the development of an open-publishing protocol. By leveraging blockchain technology, Olas seeks to democratize access to non-private information, aspiring to become the most trusted media platform on the internet. Founded by Ciaran Murray, the foundation is addressing critical challenges faced by traditional media and knowledge systems, including dwindling revenue streams, the proliferation of misinformation, and growing public distrust. Nethermind, established in 2018, is an Ethereum execution client available across Windows, Linux, and macOS platforms. In April 2024, Nethermind launched the Starknet Grants Program, a fund designed to support developers capable of bringing innovative, user-facing products to the Ethereum ecosystem. With a total fund of $1 million, the program has now extended support to Olas, recognizing its potential to drive substantial innovation in the media sector. In addition to the €100,000 grant, the Olas team will benefit from access to the broader ecosystem, expert guidance from seasoned developers, and the possibility of future funding opportunities. The Olas protocol is poised to create a new kind of media platform characterized by: • A Sustainable Economic Model: Utilizing quadratic funding, Olas offers an alternative to traditional advertising and subscription models, ensuring a more equitable distribution of resources. • Independent Content Contribution: Content on Olas will be sourced from independent contributors, with compensation linked to performance in review markets. The platform’s decentralized structure ensures that no single entity holds control, thereby distributing power to the users. • Market and Reputation-Based Protocols: Olas will implement protocols that promote accuracy, integrity, and reliability, addressing the challenges of misinformation and bias in today’s media. • Robust Quality Control Mechanisms: By encouraging knowledgeable readers to review and verify information, Olas aims to maintain the highest standards of news and information production. The Olas team is confident that their platform will provide a viable alternative to contemporary media institutions, offering unparalleled value to readers, researchers, and journalists alike. With the support of the Starknet grant, the Olas team will focus on developing its Opinion Markets. This platform will allow contributors to offer diverse opinions and predictions on various topics. A key differentiator for Olas’ Opinion Market is its use of advanced prediction market structures, such as Bayesian Truth Serum (BTS) or the Surprisingly Popular Algorithm (SPA). These structures are designed to address the flaws in traditional prediction markets, where participants are often incentivized to bet on what they believe the majority thinks is true, rather than what they know to be true. To achieve this innovative prediction market, and by extension the Opinion Market, the Olas team will concentrate on: • Developing a Working BTS Algorithm: This algorithm will be implemented in Cairo for on-chain execution on Starknet, ensuring transparency and reliability. • Devising a Method for Private or Secret Voting on Starknet: This will enhance the security and integrity of the prediction market, encouraging genuine participation. The Olas Foundation’s partnership with Nethermind’s Starknet Grants Program signals a new era of decentralized knowledge-sharing, with the potential to redefine the future of media.
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