Coinbase Launches Fact Check Portal to Combat Crypto Industry-Related Misrepresentations

“We will use Fact Check to combat Coinbase or cryptocurrency-related misinformation and misrepresentations shared globally.”

Coinbase Launches Fact Check Portal to Combat Crypto Industry-Related Misrepresentations

Coinbase CEO Brian Armstrong recently announced on the company’s blog that it will launch a fact-checking portal called Fact Check.

In a May 27 post titled “Announcing Coinbase Fact Check: Decentralizing Truth in the Age of Misinformation” (“Announcing Coinbase Fact Check: Decentralizing Truth in the Age of Misinformation”), Armstrong expressed the company’s vision to combat misinformation against Coinbase and the crypto industry as a whole.

“We will use Fact Check to combat Coinbase or cryptocurrency-related misinformation and misrepresentation shared globally.”
The subtitle of this article reads, “Every tech company should become a media company by going directly to its audience.” He also states in this post that this would not be difficult to achieve: “Whether it’s traditional media, social media or corporate media, we’re all just typing on the Internet.”

The title of Armstrong’s blog post suggests that at some point in the future, fact-checking will involve some form of decentralization, but that the current “fact-checking” is only for articles that respond to what Coinbase considers “misinformation.

In other words, Coinbase intends to post articles on Fact Check to express its views on issues related to Coinbase and cryptocurrencies.

Some people may think they already do this. In fact, Fact Check currently contains four fairly standard blog posts: Coinbase’s response to a negative Coinbase article in the New York Times, the company’s response to “misinformation” related to Coinbase executives selling their shares, as well as an opinion piece on the impact of the Bitcoin environment and another opinion piece on the use of cryptocurrencies in illegal activities.

Armstrong claims that Fact Check will be considered a “source of facts.

“In order to be a source of facts, companies will increasingly need to be willing to share facts that also negatively impact them. There is no better way to build trust than by sharing mistakes.”
Armstrong is notoriously reluctant to deal with the media and claims in 2020 that more and more company leaders are choosing to reach out to customers directly rather than deal with mainstream journalists by.

“Posting to our own blogs/tweets/YouTube to speak our minds and talk to our customers ourselves, rather than having an objective (and sometimes completely snarky) article quoting us.”
Armstrong later stated in the post that Coinbase will become more proactive in content creation and may embrace blockchain-based fact-checking in the future.

“In the future, it may also move to more crypto-native platforms, such as Bitclout or Crypto Prophecy Machine. In the long run, the real source of the facts will be available on the chain, with an accompanying cryptographic signature.”
Some companies and news organizations are already experimenting with blockchain for fact-checking and verification.

In April 2020, Italian news agency Ansa launched a blockchain-based news tracking system that enables users to verify the source of any news that appears on any of the company’s media platforms.

In October 2020, U.S. telecommunications giant Verizon launched an open source blockchain-based newsroom product that uses “cryptographic principles” to bind and protect news published by the company, however, the company noted at the time that “only text changes are currently tracked on the blockchain. “

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/coinbase-launches-fact-check-portal-to-combat-crypto-industry-related-misrepresentations/
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