Non-profit organization dedicated to advancing social impact and educational equity, Olas Foundation announced its participation in the Nethermind Starknet program, receiving a grant of €100,000. This funding supports the ongoing development of the Olas protocol, which aims to transform information sharing and consumption. The grant, provided to forward-thinking Web3 initiatives, further validates the Olas project’s vision.
Nethermind, an Ethereum execution client compatible with Windows, Linux, and macOS, launched its Starknet Grants program in April to support developers creating innovative user-oriented products within the ecosystem. The program has allocated a total of $1 million, with today’s announcement revealing that Olas is among the latest recipients of these grants. This investment from Nethermind aims to advance Olas’ mission and foster innovation in the media sector.
In addition to receiving the €100,000 grant, the Olas team will gain access to the ecosystem, benefit from expert guidance provided by ecosystem developers, and be considered for future funding opportunities.
We are pleased to welcome @OlasProtocol as the latest Nethermind Starknet Grantee! 
Olas is pioneering a decentralized media platform, introducing an innovative economic model and quality control systems. Their goal is to transform traditional news organizations by offering an… pic.twitter.com/pBmGuJ0PWV
— Nethermind Starknet (@NethermindStark) August 20, 2024
Olas Foundation To Advance Its Decentralized Media Platform And Innovative Prediction Markets
Olas aims to develop a media platform that employs a sustainable economic model through quadratic funding, providing an alternative to traditional advertising and subscription methods. The platform will feature content from independent contributors, with payouts determined by performance metrics in review markets. Its decentralized design ensures that no single entity holds control, thereby distributing power among users. Moreover, Olas plans to collaborate with market and reputation-based protocols to uphold accuracy, integrity, and reliability. Additionally, the platform will incorporate a quality control mechanism to encourage informed readers to review content, thereby maintaining high standards in news and information production.
With this grant, the Olas team will focus on developing its Opinion Markets, a platform where contributors can provide diverse opinions and forecasts on a range of topics. Unlike traditional prediction markets, Olas’ Opinion Markets will utilize alternative mechanisms such as Bayesian Truth Serum (BTS) or Surprisingly Popular Algorithm (SPA). These methods aim to address common problems in traditional prediction markets, where participants often bet on what they think the majority believes rather than on what they personally believe to be true.
The Olas Foundation also noted that to develop this new prediction market and the associated Opinion Market, the team will focus on two main areas: creating a functional BTS algorithm using Cairo for on-chain execution on Starknet and developing a method for private or confidential voting also on this platform.
Launched in late April 2024, the Olas Foundation is a non-profit organization focused on developing an open-publishing protocol. By leveraging blockchain technology, the foundation aims to democratize access to non-private information and establish itself as a highly trusted media platform. Founded by Ciaran Murray, the team addresses challenges in traditional media and knowledge systems, including declining revenue, misinformation, and a lack of trust.
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