ICorrect is an interesting idea. It’ll work until someone fakes their way on to it and then it could lose all its trustability. Even at present, it is difficult to trust it entirely, as there is no real proof that anyone on the site is who they say they are.

The general idea of a “set the record” straight site is very strong, just look at FullFact.org and FactCheck.org. There’s always Snopes for the urban legends as well.