LKS Foundation

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LKS Foundation: Non-Fungible Token (NFT) against fake news

2020-04-13 09:02:43

How Blockchain can help to prevent fraud, protect copyright and fight against fake news

The NFT is the special category of LKSCOIN tokens to protect the copyright of digital content

Among the objectives of the LKS Foundation there is to develop LKSCOIN by creating a Non-Fungible Token or NFT to counter fake news and protect the copyright of digital content.

LKSCOIN project: how does NFT work?

The LKSCOIN project to create the Non-Fungible Token envisages a procedure designed to exploit the Blockchain potential and adapting it to the fight against fake news and encouraging the propagation of only certain information, guaranteed by a protected copyright.

How? The LKS Foundation intends to create a real process whereby digital content, content ownership and source identity are connected to each other and recorded according to the fundamental principles of the Blockchain, through a unique and irreversible transaction.

In essence, through a LKSCOIN NFT, it will be possible to combine in a transaction:

  • the Know Your Customer or KYC of the transaction that determines the identity of the person who is carrying out the information deposit transaction;

  • the temporal proof of the existence of a content;

  • the digital content through the link of the content within the social network where it was deposited (such as Cam.TV);

Thanks to this process, given that the Blockchain guarantees not the truth but the existence of information, it becomes clear and certain who the real user-author of the work is in reference to the digital content published and the place and date of publication.

The registration on blockchain allows, in fact, to unambiguously and irreversibly trace back to the initial transaction of creation of the digital content and therefore, thanks to the KYC, to its creator.

What we are talking about is a real blockchain-based model that solves the delicate problem of copyright of digital content shared and dispersed in social networks.

Thanks to the already effective integration of LKSCOIN in the social network Cam.TV and the activation of the IEO - Initial Exchange Offering - of LKS on the hybrid crypto-exchange of Eidoo, the LKS Foundation plans to create the NFT with the funds recovered from the Token Sale.

LKSCOIN against web hoaxes thanks to NFT

To date, the importance of information has been sacked by the continuous viral hoaxes that dominate the web without, in most cases, having adequate tools to deal with it.

In this regard, the development of Non-Fungible Tokens allows the LKS Foundation to create additional objectives to the LKS Core, which make the new digital content market increasingly responsible.

LKSCOIN's NFTs would allow information manipulators to take responsibility for what is published.

And here is a first additional objective: the disincentive to lie. Thanks to the use of the blockchain, each hoax can be traced and therefore, the one who lied can be identified.

Not only that, the process developed by LKSCOIN would also become an incentive for all those categories such as journalists or bloggers who publish news taken from other sources.

A second objective, in fact, is that over time these subjects feel more and more encouraged to look for news that is filed through an NFT because that NFT will give that person who deposited it the responsibility for what has been said.

Omar Baruzzo

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