PressCoin takes its value from a participating news site’s paid elements and distributes financial rewards to its content creators
Journalists from across the globe are joining hands with a California-based investment firm HigherOrderVC to create a cryptocurrency named PressCoin that will provide financial support for future journalism.
The PressCoin, as per a report in the Payment Week, is “essentially the monetisation component of a blockchain-based publishing platform. It’s a cryptocurrency that takes value from a participating news site’s paid elements such as native ad revenue and subscription fees and distributes financial rewards to its content creators.”
The new virtual currency comes up with an aim to find a solution for the challenges that are faced by the media world and journalists in the current environment, such as the heavy dependence on advertisements and corporate capital that often affects the smooth operation of journalism, especially when it comes to investigative journalism.
The new cryptocurrency will not be dependent on the existing financial framework. It is aiming to take journalism away from this dependence and empower journalists with power and ability to stand against fake news by improving their objectivity.
As per the PressCoin website, the system will be able ‘to support a diverse array of independent media companies upon a mesh of interconnected utilities, tools and capabilities.’ This new system will not only aid in bringing various elements within the media structure closer to each other, it will also broaden the horizon of the traditional media structure by pushing money into modern media platforms such as the social media.The new cryptocurency will be offered at an initial price of $1 and will be available from Wednesday as part of the 28-day initial coin offering (ICO) that will also see the public release of 10 crore units.