PressCoin: The new(s) kid on the crypto block
PressCoin is a news platform, formed by a group of news organizations and journalists, that aims to sustain funding for independent investigative journalism through the use of cryptocurrency. Describing itself as a "crypto-economy for an independent press," PressCoin deals in a cryptocurrency called 'NEWS,' whose value increases or decreases in accordance with the collective worth of the company. Here's all about it.
Journalists to get NEWS tokens depending on their engagement levels
PressCoin aims to reward in the form of NEWS tokens. This will be done by capturing the economic value of each interaction like creating content for investigative reportage, running exit polls, or moderating comments. This means that journalists, local news organization, and readers will begin to get NEWS tokens depending on their level of participation in the system and the traffic they generate.
PressCoin offers $100 million in ICO till January 21
To develop this virtuous circle of wealth creation that will be the foundation for sustainable and independent journalism, PressCoin is offering $100 million to public investors in its initial coin offering (ICO). Issuing 100 million NEWS tokens at a value of $1 each, this is about 40% of the company. The ICO started on December 11, 2017, and will run until January 21, 2018.
This is how you can participate in PressCoin ICO
The general public can start investing in PressCoin by first setting up an Ether cryptocurrency wallet. Post that, one has to invest at least Rs. 10,000 in the ongoing ICO to be able to become a stakeholder. Once the ICO ends, an equivalent number of NEWS tokens will be transferred to one's wallet from where they can be traded like any other cryptocurrency.
Digital media players hold monopoly over content and revenue: PressCoin
According to the company, the idea of PressCoin was incepted keeping in mind how the massive monopoly of digital players, both in terms of content and revenue, was destroying old business models of media. For example, Google and Facebook reportedly earn over 50% of the entire online marketing revenue currently, leaving no scope for small news organizations to even enter the competition.
PressCoin to reduce the flow of fake news on internet
Besides overthrowing the monopoly of big media players, PressCoin aims at stemming the flow of fake news that the former propagates. For example, Facebook was earlier accused of altering its News Feed to spread bias during the 2016 US Presidential elections, which reportedly influenced the outcome of the election. PressCoin claims to have moderators who filter out fake news and propaganda on the platform.
Here is the team behind PressCoin
PressCoin was co-founded by entrepreneurs Amit Rathore and Nafees Ahmed in 2017. Amit Rathore, based out of the Silicon Valley, also launched Quintype in 2014, which is the software on which the PressCoin platform is based. Nafeez Ahmed is based out of London and is a regular contributor at VICE Media. He is also an investigative journalist and a complex systems analyst.
