Finnoq is an open source protocol for decentralized opinion markets, based on the wisdom of the crowd to foster better decisions for all. Currently, opinion markets are controlled by centralized actors. The protocol is represented in three layers: the Finnoq Core Layer, Service Layer, and Application Layer. On top of the Application layer, a diverse and non-exhaustive set of use cases have been identified for future development and partnership. Collective, decentralized opinion formation on the Finnoq protocol creates more robust and intuitive information to make better decisions.
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Problems and Challenges
For millennia, power has been a construct of an actor’s resources (i.e. monetary, physical, psychological) and the ability to leverage resources towards an expected result. Regarding psychological resources, accepted opinions derive from and are controlled by centralized actors. Their resulting influence is expressed through a myriad of leveraging mechanisms, including print and social media, enterprise, and evaluatory institutions. The noise created through such instruments – for all actors old, new, and subsequent – persuades participant opinions; as a result, their opinions increasingly lack critical objectivity before decisions are made, both big and small. Each individually-distorted opinion shapes decisions, collectively steering societal values, market trends, cyclical bubbles, and systemic failure to the detriment of neglected human potential.
Micro and Macro-Level Subjectivity
In general, opinions are subjective and reflect the personal view of individuals toward
a perceived reality. Precisely, for this reason, is it hazardous if one must rely on the
opinions of a single person or organization. When trusting a single person’s opinion,
diversity of perspective is non-existent.
These challenges result in bias and distortion, representing an enormous demand for change in the process of decision-making. Centralized actors maintain power constructs that shape the individual opinions of many, who then make decisions for the power preservation of those centralized actors. Systemically, this is shown in many facets of daily life. First, receiving an objective opinion from anyone is already difficult; trusting only one opinion categorically lacks diversity, and trusting many opinions without proper survey design skews results. Second, the information age provides everyone with nearly-unlimited information, yet targets user preferences and creates personally-uniform echo chambers to confirm beliefs, desires, and sentiments at the expense of diversity.
The wisdom of the Crowd
The wisdom of the crowd is already employed in prediction polls ( Atanasov et al., 2015), prediction markets (Bassamboo, Cui and Moreno, 2015), internal company improvement policies, as well as in retail (Petro, 2018). However, when discussing decentralized opinion markets, there are currently no solutions in the marketplace for all end users, as the phenomenon is only over one century old.
A decentralized protocol for collective opinion statements represents the solution to
overcoming bias in opinion markets. By establishing the crowd as a driving force, they
create a process by which collective opinions are formed and hence, better decisions
can be made. This is accomplished by not allowing the opinion of centralized actors
to dominate; by transferring the responsibility of opinion formation to a globalized,
interdependent, and decentralized community, they leverage the wisdom of the crowd.
The entire truth-telling incentive model is shaped in a way which allows every
member of the crowd to give the best possible answer, Therefore, they use the
Bayesian Truth Serum (Prelec 2004).
The blockchain serves as the basis for the entire protocol, and is necessary in order to
create a self-regulating, open source ecosystem that is shaped by the Finnoq Core
Layer in an optimally fair and secure way. The main functions of the blockchain are
two-fold: safe reproduction of FNQ Staking Contracts and creation of transparent
and forgery-proof votes (through Smart Contracts). Additionally, the blockchain
serves as a basis for decentralized governance, where all changes in the protocol can
The Finnoq Protocol
Finnoq Core Layer
The Finnoq Core Layer is the centerpiece of the protocol. It represents the basis and
funnels single subjective opinions into a collective statement. An API is provided
allowing communication between Finnoq Core and Service Layer. Opinion formation
process takes place within the Finnoq Core Layer, including the evaluation of the
results of opinions based on Surprisingly Popular Algorithm.
In the Service Layer, different modules (e.g. question types, voting parameters, etc.)
can be initiated and integrated by developers. Therefore, module developers need to
implement provided interfaces to guarantee standardized API calls across modules.
Modules represent logic blocks and provide the possibility to implement diverse
functions. Several modules (at least two) can be connected, enabling standardized
templates. Additionally, templates enable the possibilities for various use-cases to
use modules with predefined parameters.
Applications connect Market Creators to the Finnoq ecosystem, and become the point at which opinion formation processes starts. Therefore, it is crucial that Applications provide an appropriate user interface, enabling users to interact. Developers can choose of a variety of provided modules or templates by calling the respective API, using already-tested functionality that is proven to execute.
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