If you live in America (or even if you don’t), it’s become quite clear that there has been a slow, long decline in the quality of journalism and news. “Fake news” became quite prevalent throughout 2017, and click-bait articles continue to dominate the web, each one beckoning for your attention. The digital monoliths of Google and Facebook continue to gobble up both ad revenue and attention while profiting off of the content we create and share for free. In return, they give us back the empty satisfaction of “likes”, and little else.
PressCoin is out to end the madness, or better yet, help us regain our collective sanity in the realm of media, news, and journalism. How, might you ask? By fundamentally redesigning how to create, design, fund, market, and deliver media. Before we dive in, have a look at their intro video below.
PressCoin, the largest ever crowdfunding campaign for news media, is a new crypto-infrastructure set out to build an alternative global media ecosystem, owned by the people, serving the needs of the people. PressCoin is aiming to fundamentally redesign how to create, design, fund, market, and deliver journalism and news. Their tokens are unique, as they’re the first to be equity-backed tokens. Meaning your not just holding an empty token, you’re owning a piece of the company itself. Per their whitepaper, “PressCoin is backed by a public limited company and is issuing stock to back each ICO token. Each NEWS token will map to a share in the company and all eligible token holders will receive dividends.”
They recently launched their ICO, and it will be running until January 22nd. 100 million NEWS tokens will be available during their ICO, and each NEWS token will be worth $1 at launch. Any unsold NEWS tokens during the ICO period will be burned.
The value of PressCoin goes beyond a singular platform or the value of their token itself. PressCoin is a protocol that will capture the economic value of each interaction – such as creating content for an investigative report, or running exit polls or elections focus groups, to moderating comments or raking a politician.
Any platform, say, The Huffington Post or Medium, that wishes to utilize the PressCoin platform can – as long as they adhere to PressCoins system of protocols. According to PressCoin, “by creating a common protocol, and a shared set of data and financial services that power each platform, the resulting system is a future-proof model of post-Facebook journalism and news ecosystem.”
The PressCoin platform compensates all co-creators with revenue share and real asset ownership of the PressCoin eco-system. According to PressCoin, this includes “journalists, citizens, NGOs, local news organizations, local businesses, and all other partners.” With this, a free and independent press can truly thrive once again, especially financially, as content creators and investors alike can be directly rewarded with NEWS tokens.
The PressCoin asset and technology stack (seen above) is already tried and true and fully fleshed out. Amit Rathore, one of PressCoin’s co-founders, has also developed Quintype, a “data-driven publishing platform for digital media organizations and content creators.” The Quintype product stack has already been utilized by the likes of Bloomberg and The Guardian, and it includes an open news desk system, search and discovery engine, as well as a self-publishing platform that enables writers to push their content out to any device or channel.
Gunther Sonnenfeld, another co-founder of PressCoin, shared how this stack can easily be integrated with other existing websites and businesses, proving the elasticity of the PressCoin economy. “We can integrate our stack with any system and can adapt our protocols to empower any business model. We can also refine or adapt business models with our system.”
CoinTypeX, another creation of Amit Rathore’s, is the main exchange that PressCoin will be launching upon. One of the unique features of it is that it allows you to not only trade for cryptocurrencies, but people can trade tokens and other cryptos for fiat currencies, meaning PressCoin will be very liquid upon launch.
In an interview with Cointelegraph, Rathore went on to share how both Quintype and CoinType will combine to power the PressCoin eco-system:
- Shared Design Philosophy – Open Collaboration, Partnership, and Decentralization
- Shared Technology Infrastructure – Seamless media technology cloud, underlying big-data systems, advanced APIs for engagement and analytics
- Shared Business Services – Consumer Data Intelligence, Monetization, Enterprise Sales, Ecosystem Partnerships, Strategic Relations
- Shared Developer Network – This fertile playground for agile experiments in the news/media/journalism sphere
- Shared Fiat/Crypto Financial Services Infrastructure – Built on Cointype
- Shared Venture Arm – Foster disruption within the ecosystem
The PressCoin ICO is running until January 22nd, and you can participate here.
Keep up with them on social media at the following links!