Decentralized News Network (DNN) ICO Review
Table of Contents
What is the Decentralized News Network (DNN)?
Currently, the media industry is extremely centralized. As of 2017, 90% of news in the American media originates from one of six companies: Comcast Corporation, News Corporation, The Walt Disney Company, Viacom Inc, Time Warner Inc, and CBS Corporation. This means that the breadth of news available to consumers is limited and likely reflects the viewpoints and biases of the six controlling companies.
The Decentralized News Network (DNN) is a blockchain-based solution to the increasingly centralized news industry. Using the Ethereum blockchain and smart contracts as its backbone, the Decentralized News Network relies on its users for generation, curation, hosting, and consumption of media. By decentralizing the media storage and distribution network on the blockchain, DNN resists censorship of the media.
Inside the Decentralized News Network
The goal of the Decentralized News Network is to increase the diversity of news by decentralizing it using blockchain technology. The DNN whitepaper describes a system in which users contribute and are rewarded for their efforts.
The Decentralized News Network is designed to have four types of actors: writers, reviewers, readers, and publishers. Each plays an important role in the DNN and has ways to earn DNN tokens by completing their assigned duties. The four roles within the DNN network are described as follows:
- Writers/reporters: Create content and submit it for possible publication on the DNN. Writers pay tokens to have their article considered for publication and earn DNN points (which are converted to tokens on a bi-weekly basis) if published. Writers also can earn tokens by tipping if their article generates reader interest.
- Reviewers: Seven reviewers review each article for adherence to community standards. Reviewers bid tokens to be allowed to review an article. Reviewers can earn DNN points when an article that they reviewed is published.
- Readers: Consume news content and can comment on, add notes to, share, tip, bookmark, and request articles. Readers pay tokens to view and comment on articles or top writers. Readers can earn DNN points by suggesting an article that is accepted for publication.
- Publishers: Decentralized news storage and provider. Publishers hold their tokens and earn DNN points for each published article proportional to their number of held tokens.
The number of DNN tokens is fixed from the beginning. The initial allocation of DNN tokens is as follows:
- Token sale (40%): Available for purchase during public sale. Unsold tokens transferred to DNN holding
- Retained by DNN (11%): Tokens held by smart contract to be released as growth milestones are met
- Founders (10%): Compensation for DNN founders with 10 month vesting period
- Private presale (20%): Closed sale occurring one month before the presale. Unsold tokens transferred to crowdsale
- Advisors (14%): Compensation for individuals and firms who helped design and implement the DNN platform
- Writer accounts (4%): Allocated to attract writers and new content right after mainnet launch
- Bounty program (1%): Open bounty program lasting until last day of the crowdsale
Through the private presale and crowdsale, the DNN team will earn currency in the form of Ether tokens. The tokens earned through the crowdsale will have the following allocation:
- General and Administrative (35%): Cost of business operation and managerial compensation
- Development (40%): Costs of developing and maintaining the product
- Legal (10%): Legal expenses for setting up and running the company
- Marketing (10%): Public relations, media coverage, community building/management, and advertising
- Miscellaneous (5%): Travel, lodging, and conference attendance
The Decentralized News Network roadmap reaches over a year into the future and includes milestones from the initial public release of the network to the beginning of local and regional news appearing on DNN.
- November 2016: Conceptualization
- December 2016: Technical and market research
- January 2017: Initial alpha development
- February 2017: Team building and drafting of whitepaper
- May 2017: Whitepaper publication
- July 2017: Alpha testnet release
- Quarter 4 2017: Bug bounty program and product refinement
- Quarter 4 2017: Presale and crowdsale
- Quarter 1 2018: Hiring
- Quarter 4 2018: Beta mainnet release
- Quarter 1 2019: Production mainnet release
- Quarter 2 2019: Community building (writers, readers, reviewers, publishers)
- Quarter 3 2019: Regional and localized news released on DNN
The Decentralized News Network is being developed by a small team of experienced developers and startup veterans.
- Samit Singh (CEO): Experienced web and mobile developer focusing on the design of DNN’s user interface and experience.
- Dondrey Taylor (CTO): Web and mobile full-stack developer concentrating on developing DNN’s codebase and designing how the DNN network will be distributed.
- Mališa Pušonja (Project Manager): Chief R&D engineer at Devana Labs, focused on rapid prototyping and developing Minimum Viable Products (MVPS)
- Andrej Cvoro (Solidity Developer): Freelance software developer
- Uros Radovanovic (Solidity Developer): Software developer at Devana Labs
The Decentralized News Network team is supported by a large network of advisors. The advising team includes experts in blockchains, mathematics, social sciences, and the media, covering all of the needs of the Decentralized News Network.
- Justin Festa: Chief Digital Officer at LittleThings
- Ian Scarffe: Founder at Crypto Consulting and Investments LTD
- Matt Chwierut: Research Director at Smith + Crown
- Rebecca (Grace) Rachmany: CEO at DAO Leadership
- Aly Madhavji: Founder and Former CEO at Global DCX
- Mayank Banerjee: Co-Founder and CEO at Compass News
- Pietro Speroni di Fenizio, PhD: Mathematician and Researcher
- Dario D’Aprile: Former Vice-President of Publishing at National Geographic
- Richard Mills, PhD: Social Scientist at the University of Cambridge
- Mossy Wittenberg: Editor at KYC360 Global Technologies
The Decentralized News Network is designed to reduce the centralization of the news and media industry. By taking advantage of blockchain technology and user incentivization, the Decentralized News Network is creating a self-sustaining ecosystem where content is generated, curated, stored, and distributed in a manner that resists censorship and escapes the bias of centralized news organizations.
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