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General Questions
What is Fact Protocol?
Fact Protocol is a decentralized/web3 fact-checking system and verifiability layer that powers a multitude of dApps and tools to combat fake news and mis/disinformation. Fact Protocol is powered by blockchain technology, distributed community contributions, and incentivization mechanics.
Who make decisions for Fact Protocol?
Decisions are made through governance vote. Upon successful governance vote, rules are formed and decisions are enforced within the Protocol. All FACT token holders except NRs and NVs can exercise their right to governance vote. This default rule is enacted to avoid issues related to conflict of interest.
Who are News Registrars and what do they do?
News Registrars (NRs) are the elected stakeholders of Fact Protocol who will contribute to the project by registering the latest news on the platform governed by Protocol with references to reliable sources for verification.
Who are News Validators and what do they do?
News Validators (NVs) are community users with patrol rights. NVs will validate news registered by News Registrars (NRs) and they will either vote positive or negative based on the outcome of their independent verification through references provided and/or manual research.
What is Sua Sponte Fact-checking?
The Fact Protocol will also have independent fact-checkers who are drawn from reputed journalism colleges/universities, non-profit news organizations, and also experienced freelance journalists.
These fact-checkers work on designated and regionally organized category/sub-categories. They perform fact-checking independently but on Fact Protocol’s behalf. The fact-checkers can assume only one of the two-factor roles, i.e. either News Registrar or News Validator.
What is Appeal Provision in the Fact Protocol White Paper?
The protocol will allow NRs to appeal their failed registrations if they believe that the negative votes given by NVs on their submissions are invalid. The appealed news/fact will go through the same validation process specified in the protocol, but only this time the new NVs will vote.
Upon a successful appeal, the initial negative votes given by the NVs will become invalid and any tokens awarded to them for such votes will be retracted and then they are awarded to NRs for the inconvenience caused to them.
What is Incentive Lock/Unlock?
Tokens distributed as an incentive for both NRs and NVs are unlocked 60 days after they receive them. This period may be changed through a governance vote and the same is communicated via Fact Protocol’s official channels.
This default rule is enacted to ensure the sincere participation from contributing communities and help the platform grow sustainably.
FACT Token
What is FACT token?
FACT is a native crypto token/digital asset of the Fact Protocol ecosystem that is used across its ecosystem of dApps and use cases. Stakeholders will get incentivized with FACT tokens for their contribution to the decentralized fact-checking platform and extended applications.
What is the maximum supply of FACT token?
FACT token has a maximum supply of 1 billion. Refer to FACT tokenomics for further information.
FACT token is available on which blockchain?
Fact Protocol supports multi-blockchains therefore FACT token is issued on multiple public blockchains. Initially, FACT is available on Ethereum, Solana, and BNB Chain. FACT may also use L2 solutions such as Polygon PoS for further scaling, availability, and demand compliance. If the protocol supports any other blockchain, the same will be communicated through official channels.
Why FACT Token Burn?
The Fact Protocol also adopts a token-burning mechanism that will support its native token in terms of intrinsic value establishment and its price appreciation.
The token burn has become an industry-standard practice to ensure the project’s sustainable growth and also for rewarding the long-standing communities by creating organic scarcity/deflation because no decentralized project can flourish and achieve its goals without its communities.