The quality of journalism has reached an all-time low, increasing political polarization and placing democracy itself at risk.
The established news media, including Internet-based players such as Facebook, cannot steer clear of political and corporate influence, and the public knows it.
The only way to alleviate the bias is to remove the reliance of news on advertising revenues.
The solution is a more decentralized media where many opinions are accessible and complex subjects are organized into subtopics and navigable. Blockchain technology provides the foundation for such a decentralized platform.
PressCoin, a new cryptocurrency, uses blockchain technology to support large scale collaboration for journalism, elections monitoring and citizen action networks.
PressCoin is built on Quintype, a cloud-based technology that creates data-driven, real-time and intelligent omnichannel experiences. The technology provides the foundation for PressCoin’s new news services.
By partnering with CointypeX, PressCoin will operate with other cryptocurrencies and fiat currencies, providing a bridge between its independent publisher crypto-economy and the rest of the world.
CointypeX will enable PressCoin NEWS token conversion into all fiat currencies by means of a regulator compliant live Know Your Customer process. Investors will be able to buy PressCoin tokens using existing channels such as credit cards, debit cards, wire transfers, EFT, etc. Existing cryptocurrencies such as bitcoin, Ethereum and Litecoin are also accepted.
The PressCoin tokens, for their part, are unique from other cryptocurrency tokens in that they are equity backed. Presscoin PLC’s management will adhere to shareholder and transparency requirements of United Kingdom public companies.
The Need Is Great
The need for a more decentralized media platform is critical to the survival of independent journalism.
Digital players like Facebook and Google currently monopolize content revenue. Facebook, for example, generates most of its revenue from content its users share, but it does not share its profits with its content creators. Decentralization of this value creation and redistribution unlocks the potential for massive revenue into the new PressCoin ecosystem.
PressCoin protocols will capture the economic value of engaged reader interactions with publishers, such as creating content for reporting, running exit polls or focus groups, moderating comments or questioning a politician. The decentralized value is captured for each contributor and compensation is provided in PressCoin currency. In real time, anyone can convert PressCoin into any other currency in the world, allowing for real-world use, instantly, at near zero cost.
This ecosystem creates a sustainable foundation for independent journalism.
A Collaborative Platform
The ecosystem will support an array of independent media companies on a mesh of connected utilities, tools and capabilities. By sharing data analytic frameworks, market analysis, CMSes and other tools, publishers in the ecosystem will be able to reach readers, attract investment and build revenue streams at far less cost than they would be able to do acting independently.
This widens the circle of participation and motivates participants to contribute in ways that support journalism forms valued by the wider community.
The PressCoin platform will be open to any media company that wishes to join the PressCoin ecosystem and adhere to its protocols. In creating a common protocol and a data set that powers each platform, the ecosystem will create a model for a “post Facebook” journalism.
PressCoin will be the first journalism platform to integrate with a social network to address possible solutions to problems.
The ecosystem will include five platforms, respectively focused on: investigative reporting, positive solutions journalism, elections monitoring and analysis, hyperlocal news, and citizen journalism.
The elections platform NextElection tracks elections worldwide and organizes content around incumbents, challengers and issues critical to the races. Data driven polling and organized exchanges allow the population to have a transparent view of the political environment. This allows election races to be run in a more transparent manner.
ICO: 100 Million Tokens
A total of 100 million PressCoin tokens worth $100 million will be issued in the token offering, representing 40% of PressCoin. The post ICO value will be $250 million.
Once the ICO completes, the tokens will trade on the CointypeX exchange and all major exchanges.
The PressCoin ICO is one of the first ICOs which is accepting direct fiat money investment, including USD, EUR, GBP, Indian rupees and other currencies via a live regulatory Know Your Customer (KYC) process, thanks to a partnership with a new Swiss-bank powered trading platform, CointypeX.
The PressCoin model moves away from “old journalism” revenue models that rely on advertising, donations and/or grants. Digital marketing and advertising require a new approach beyond the “attention economy” of the old model.
PressCoin provides a way forward for journalism in a very dark time for the industry. Powered by blockchain technology and crypto-currency fundamentals, and supported by a global team of award-winning journalists. We think it’s worth a shot.
PressCoin is in pre-ICO this week, and will be in ICO on Dec. 11. More details are here: http://ico.presscoin.com