San Mateo-based investment fund, HigherOrderVC has announced it’ll soon launch a new cryptocurrency, PressCoin, as part of its mission to empower independent journalists to fight ‘fake’ news and remain objective and financially independent.
PressCoin is essentially the monetization 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.
PressCoin’s blockchain functions as a decentralized ledger of its contributors’ interactions, engagement, and influence on the publishing platform. This means that those that contribute work to a given news site have an opportunity to be paid with PressCoin. The amount they receive is determined by the popularity, quality, and value of their work to each site’s community – it’s peer endorsed.
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