In the blockchain world, many of us are overly familiar with methods that verify transactions on a blockchain such as proof of stake and proof of work. The industry is divided on which is the better option. While they deliberate, a new concept is being created and proven out in real time. How about a method that determines proof of a person’s reputation? Verifying if an individual on a given website is indeed providing valid and trustworthy information that can be validated by anyone?
An unorthodox entrepreneur in the blockchain industry is working on a project that claims that the answer to these questions, called Proof of Reputation, is indeed doable – and it might even change how individuals communicate on the internet forever.
Matt Nolan, the CEO of technology company Menlo One, is creating frameworks that make scalability possible within the blockchain ecosystem. Menlo’s stack helps anyone to create DAO’s and social decentralized applications. Since Menlo One’s platform is open source, anyone can build dapps or marketplaces on their framework such as a decentralized music store or a restaurant review site that incentivizes the contributors in crypto for placing reviews.
Nolan’s first use case of his technology is focusing on stimulating blockchain economics by creating an ICO marketplace that makes marketing as an ICO or investing with an ICO as a token buyer safer and easier.
One way to make this, and any system on the blockchain safer, is to guarantee that people are getting quality information through a model like Proof of Reputation.
For example; if you are a new investor without connections like the elite of Silicon Valley, then you are automatically at a disadvantage. Menlo One proposes to level the playing field by using decentralized structures like proof of reputation and incentivized communications tools (ie: earning pools and bounties of crypto when expert users give high-quality information) that will actually allow a retail investor to have access to the same resources a larger investor has by leveraging the wisdom of the crowd.
What if you want to get information from a professional like a lawyer or a developer regarding a project you are interested in investing in? You as the investor would get high-quality information and the lawyer will be incentivized to provide as much detailed information as they can because they are guaranteed to receive a reward via the Proof of Reputation payout system.
These examples are just a few of many possibilities of crypto-incentivized social communications technologies that could entirely change the way we communicate online. The future internet needs a model where we can hold people accountable from a social perspective to give great quality, trustworthy information and be rewarded at the same time.