I previously released an article overviewing and reviewing NOIZ Chain, a decentralised advertising network utilising blockchain and artificial intelligence in order to prevent ad fraud in the form of spam bots, and provide a more beneficial experience for both consumers and publishers/ advertisers.
I covered aspects such as project and vision overview, technology snapshot, the NOIZ Chain team, and ICO details. But I also promised follow-ups to review some of the most interesting aspects of the NOIZ Chain project that deserve further analysis. The first of these aspects is the consensus voting mechanism, which we will dig into deeper here with this snapshot review.
Consensus System
NOIZ Chain’s consensus voting system will be implemented into the NOIZ platform in order to provide a more reliable, fair, and quality experience for all parties.
Essentially, a consensus is an agreement which has been established between multiple parties. In the case of NOIZ Chain, there are actually four different types of party involved within the ecosystem:
- Advertisers
- Publishers
- Consumers
- Social Impact Organisations
Each of these players occupies a crucial role in the NOIZ Chain ecosystem, and it’s important to ensure all actors are performing in the best interests of the whole. This is where the consensus voting system comes into practice- the system will allow each party to vote positively or negatively towards the other parties involved meaning that each actor will have a platform for their comment on the actions of another player, incentivising beneficial behaviour all-round.
Let’s use the position of an advertiser in the currently existing traditional ad exchange platforms, as an example. As an advertiser, I could potentially upload an ad to the network I was using, that linked to my website which promotes a campsite in the Lake District here in the UK. So a prospective customer likes the array of facilities and idyllic views from my campsite and decides to book a week slot. The advertiser then asks the customer for a 40% up-front deposit, which they provide, and happily provide directions to my little plot of camping luxury.
Well, in this case unfortunately for the customer it turns out that this advertiser happened to be a dishonest actor looking to fill the unwanted spaces on his second rate campsite- half of the facilities promised are broken or unusable, and all of the scenic images were actually stock photos of nearby areas and the ‘campsite’ is actually situated in a muddy valley.
Here’s where NOIZ Chain’s consensus voting mechanism shines: this type of action is much less likely to occur on the NOIZ Chain network, because if it did then that actor would be ‘downvoted’ against by the other actors in the ecosystem (the publishers, consumers and social impact organisations) and that misleading ad and misleading actor would be visibly penalised by the voting system.
My Take
Therefore, NOIZ Chain’s consensus voting mechanism will effectively ensure that all players in the ecosystem are behaving in mutual best interests by a form of social moderation: this system means that it is the community itself which determines whether a specific actor is viewed as ‘good’ or ‘bad’ for the ecosystem.
This type of social responsibility is an essential part of a healthy decentralised network, and puts the power of governance largely in the hands of the community. This system of community self-moderation will undoubtedly incentivise mutually beneficial behaviour from all actors and provide a more beneficial opportunity for those themselves looking to be genuinely beneficial for the ecosystem.
Of course, as with any network there will be bad actors who at least attempt to play the system. And some of them are very intelligent at doing so. However with a social feedback mechanism such as NOIZE Chain's solution, the effort involved quickly outweighs potential reward for bad actors- only helpful behaviour is incentivised, and bad behaviour is less fruitful.
To reiterate the summary of my previous article, it’s not often that a project manages to develop a solution to a substantial multi-billion dollar problem whilst providing a more beneficial and engaging user experience. This is exactly the type of innovative concept that blockchain and AI technology is best utilised for, and if the team can deliver this is going to change the ad space and beyond without a doubt.
Find out more about the NOIZ Chain project at https://noizchain.com/ & in their Telegram group: https://t.me/noizchainenglish
Community powered projects like this are going to be what attracts users into the space overall I think. Nice find, have followed you!