Sunday, 10 December 2017 – San Mateo, California: PressCoin’s ICO which opens today is the largest crowdfunded project for independent news media ever attempted.
And it is needed. Trust in news media is at all time low globally. And democracy is failing because of it.
Over the past 10 years, many solutions have been promoted to solve the news crisis, but all have failed. PressCoin is different than anything tried before. It is the first solution designed to grow organically and virally cure the disease that is killing the global news industry.
PressCoin is issuing a new cryptocurrency (ticker NEWS ) by way of a crowd-sale of shares in a new business venture. The UK-based company that has staff in India, United States, France, and New Zealand at the moment.
“We are building the infrastructure, shared business services, shared crypto/fiat currency services, and reference platforms for an effective, network response to all that is presently going wrong in the news industry,” says PressCoin PLC co-founder Amit Rathore.
Rathore, born in Bangalore India, and now based in San Francisco works in Venture Capital and Crypto-Fintech. He has a background in developing both high-tech media technology cloud software (Quintype), and crypto/fiat banking and trading (CointypeX). Both are companies Rathore co-founded. His previous background is in large-scale Internet e-commerce.
In PressCoin, working with a large group of leading journalists – an enthusiastic and growing group of volunteers, and with the assistance of some corporate-banking friends, he is bringing his Crypto and News worlds together.
The PressCoin Initial Coin Offering (ICO) which begins on Monday December 11th, and runs for four weeks, will join a wave of technology ICOs which started in July this year.
An ICO involves the creation of a new cryptocurrency and selling this on an open market, in a similar way to the listing of a company under an Initial Public Offering (IPO). A feature, or perhaps limitation, of the ICO market is that most require investment to be paid for in existing cryptocurrencies.
The several billion dollars raised by these new technology companies in recent months has played an important part in the massive ramp up in the value of the cryptocurrency economy.
PressCoin is unusual as an ICO in three respects:
Rathore explains the reason PressCoin is needed: “The rise of social media platforms has led to a collapse in advertising revenues, and given rise to an avalanche of click-bait factories posing as news organisations”, he says. “And now the ‘attention economy’ is killing journalism, and with it, democracy.”
Rathore sees this as a business opportunity.
“Fragmented, bewildered and competing news companies the world over are experiencing a death spiral of falling content quality, falling revenues, and falling public confidence.
“This has created an opportunity for a new player to build an alternate media ecosystem, owned by the people, serving the needs of the people, and built ground up on principles of cooperation, collaboration, partnership and integrity. Globally accessible, open, unbiased, unfiltered, but moderated, by the people, for the people. Reputation based. On the blockchain.”
“This is the true promise of the BlockChain breakthrough,” Rathore says. “The blockchain provides a means to build scalable trust networks which enable participants supply chains to collaborate to build new revenue streams and to share the wealth they create.”
“With PressCoin we’re enabling that within a very important sphere of human life – news, elections, and media.”
There is also a weakness in the existing system that PressCoin plans to leverage. “The existing media industry is so committed to a culture of rivalry and competition that it finds itself divided and helpless to face its true enemy,” says Rathore.
“By using PressCoin as a means to reward and exchange real value within a network of investors, entrepreneurs, editors, writers, producers, curators, commenters, readers, technologists, developers, inventors, users, subscribers, and participants of all kinds – companies in the PressCoin eco-system will have an inherent advantage over traditional media.”
Powered by blockchain, cryptocurrency, and an accelerator investment arm, the PressCoin ICO will enable a network of new journalism and news media companies, to take a fundamentally different approach to how the media economy works.
PressCoin has already invested in several companies that are in various stages of development.