Blockchain is heading towards a phase where companies integrate the technology to find solutions to real life problems. In a space where investors remain highly suspicious of where to invest in their assets, one of the major features of an ICO they look for to make an investment is whether the technology that the startup offers addresses any real time issue.
RedPen is a leading startup that aims to inhibit the negatives that go around in the scopes of journalism. Specifically RedPen offers solutions to fake news and yellow journalism, moving journalism more towards integrity. As implied from its whitepaper, the company is meant to act as check over the polluted journalism that goes around massive space of internet. Of course, RedPen integrates the technologies of Blockchain and Artificial Intelligence to achieve this. Major work load of the company revolves around creating interactive summaries, comparing content and conversations, and highlighting author reputation to allow people and communities to quickly understand what the internet is going all on about.
The Problem with the Internet
We all know the internet of today. Although, very simple to operate, but the connectivity of billions of people inevitably gives rise to complexity. The emergence of the internet has completely shifted the paradigms of journalism. the journalism done 30 years ago was simply not the same. Even though with the help of the internet, journalism has been taken to the next level, industries have had been slow to appropriately adapt to this change. The industry is failing to cater to the challenges, brought in by the adoption of the internet in the journalism space; these obstacles include: understanding audiences, producing satisfying user experiences, rewarding creators, and unobtrusively monetizing content.
The internet being so open means that hypothetically anyone can produce content – express their opinions and thoughts. Every piece of information on the internet competes to grab attention. Lets not forget: not everything on the internet is true; the internet has also become a huge source of misinformation and fake news. In a scenario like this, it is difficult for the consumers of information to gauge not only the authenticity of any thing they come across but also to consider the worth of any piece of information.
The entire journalism space on the online and offline space being in major flaws provides RedPen a massive target market. RedPen caters to the needs of news consumers, social media consumers, publishers, brands, enterprises and purpose-driven organizations.
What RedPen has to Offer
RedPen’s vision is divided into five broad categories: time, accountability, decentralized control, context and awareness. It aims to provide maximum relevant information and data in an effecient manner while ensuring transparency along with privacy. It wants to capture people’s opinions, embracing and illuminating biases. RedPen does not want its platform to be centralized and be governed by a majority or one entity, it will do so by taking in crowd-sourced viewpoints and presenting information in a way that fulfills people’s thirst for to discover and learn. In its own words: “RedPen showcases what the Internet feels, thinks, and says, while highlighting author reputation.”
RedPen is like a layer of intelligence that sits on top of the web; it captures the Internet’s attention graph. The system aggregates, analyzes, and synthesizes diverse information being written and discussed in one place. Through a simple user experience, RedPen aims to identify relevant context, summarize public opinion, and highlight author perspectives.
RedPen makes use of the latest technologies which enables it to filter tonnes of information and present it in a well-organized manner. The RedPen platform uses Artificial Intelligence, analytics as well as blockchain. Each of these is meant to cater to the a specific need.
The artificial intelligence algorithms used at RedPen analyse the information being circulated around the internet as input. This information is gathered from various places like news channels and social media. However, the major task that RedPen undertakes is organizing the data in a way that users get to know the truths that run the latest trends. It does so by drawing a distinguished line between facts and opinions of authors. Moreover, the criteria to select a certain data as valid is not just the number of likes or shares a certain post/piece of information receives; RedPen also takes other parameters into consideration. The major function of the artificial intelligence include: data mining, continuous correlation, and natural language.
RedPen has a unique use base for blockchain. As used Everipedia, a blockchain-based encyclopedia, RedPen uses the distributed ledger technology provided by the blockchain to allow users to vote on accuracy, confirm perspectives of different authors, and validate the results provided by RedPen. For this purpose, RedPen is making use of the Ethereum ERC-20 token.
Users of RedPen can be both, content-consumers as well as content-generators.
Among other things, one of the main uses of the blockchain technology by RedPen is authenticating and verifying source attribution. After all, it is necessary for any user to take note of the author they read the content of. An author’s opinion, who has no experience in a certain discipline cannot be worth of the one who has a good know-how of his/her industry.
RedPen uses the “proof of reputation” engine to determine the reputation of different authors. According to the whitepaper, RedPen’s technologies “combine analytic inferences with user input stored in the blockchain to compare and contrast information, attribute relationships, and transparently define reputation as a pivotal differentiator of RedPen.” This essentially makes this technology open-sourced – something that the company is very optimistic about.
The RPN Token
RedPen has a ERC-20 token named RPC. It is used to purchase memberships and avail other services. Premium membership at RedPen gives access to RedPen reputations throughout the platform. Further incentives to premium members include participation in ongoing public polls, early releases, testing features of RedPen which would still be in beta phase.
The token is also used to:
•Request new Content Sources and Authors to be added to RedPen
•Renew RedPen Membership and receive a discount
The company keeps a sustainable way of revenue as the the RedPen Membership expires after a year, and has to be renewed in order to continue to avail its services.
RedPen is currently holding its Token Generation Event which is to take place in numerous phases. Currently the the Presale is active which will be followed by Sale 1 and Sale 2. Participants in the Token Generation Event are required to go through the screening processes to comply with KYC/AML “Know Your Customer” and “Anti-Money-Laundering” regulations.
- 2015 Q4: Concept Developed
concepts created and visually designed
- 2016 Q1: Initial R&D
Developed proof of concept software around event detection, entity extraction, clustering, and entity correlation analysis
- 2016 Q2/Q3: Tech Prototypes Created
initial web-based demos to obtain market validation and get feedback
- 2016 Q4: Acquired Data is Social Inc
Acquired talent and IP; initial tech focused on social media conversation, network analysis, audience, and attention analysis
- 2017 Q2/Q3: ALPHA Dev Developed
initial mobile application and software to detect story similarity and summarize language comparison
- 2017 Q4: Initial RPN Token Survey App
Created initial application for token holder surveys
- 2018 Q3: Begin Presale
Token Generation Event Presale; Continue development and testing
- 2018 Q4 / 2019 Q1: Sale 1 / RedPen Release – Invite Only
Token Generation Event Sale 1; Release RedPen Mobile app; focused on Crypto and Blockchain topics; Story summaries to include relationships to people places and things; Author reputation; User interaction and Commenting; Expand advisors
- 2019 Q2: RedPen Release
Public Establish working group to advance Open Source Reputation; Continued RedPen releases; Expand focus to Entertainment topics; Advanced context around bias, emotion, and conclusions; Smart Dialogue; Establish media partnerships
- 2019 Q3/Q4: Sale 2
Token Generation Event Sale 2; International meetups and expand partnerships; Continue to acquire users; Expand advisors and partnerships