What is Finnoq?
Finnoq is an open source protocol for decentralized opinion markets, allowing better decisions for all. Currently, opinion markets are controlled by centralized actors with leveraging instruments intended to augment power. Opinions deriving from such actors are biased and incomplete, and produce clear barriers to objectivity. In response, the Finnoq protocol is the future for collective opinion statements, a digital infrastructure based on the wisdom of the crowd. To ensure the wisdom of the crowd, truth-telling incentives as a subset of game theory are employed.
Psychologists historically thought that crowds suppressed individuality; recently, an alternative conceptualization of crowds emerged where under appropriate conditions, each person brings unique insights and if combined properly, makes the crowd a better decision-maker than most individuals. This phenomenon is known as 1 the wisdom of the crowd, pioneered by James Surowiecki and scientists interested in the matter. Individual answers logically suffer from random error in judgment, where reliance on mathematical combinations of many people’s opinions can produce the best decision. It is already used in prediction polls, prediction markets, internal 2 3 4 company improvement policies and in retail.
On top of this scientific reality, 5 evolving truth-telling algorithms such as the Surprisingly Popular Algorithm and the Bayesian Truth Serum increase the accuracy of collective wisdom results when a lack of knowledge or small group exists. The protocol is represented in three layers and is built on the Ethereum blockchain: the Finnoq Core Layer, Service Layer and Application Layer. The Finnoq Core Layer is the centerpiece of the protocol, used for “Whitelisting” participants, staking FNQ Tokens to create collective statements, evaluating results of opinions based on truth-telling algorithms, and tracking performance over time via the Credibility.