A coalition of news organizations and journalists in various parts of the world have banded together to create a cryptocurrency to sustain funding for investigative journalism. Called PressCoin, the digital currency was made to get rid of the advertising revenue model, decentralize funding sources, and upend corporate media monopolies with collaborative content that strengthens civic participation around the world.
A 28-day initial coin offering (ICO) is scheduled to begin November 22, with one PressCoin for sale at the value of $1.
“If PressCoin succeeds, I’m going to delete my Patreon account. Kind of a different ball game,” Nafeez Ahmed told VentureBeat in a Skype interview.
Ahmed, a London-based contributor to Vice and other periodicals, is editor of Insurge Intelligence, PressCoin’s flagship publication. Ahmed has raised funding for the online publication since 2014 by taking monthly subscriptions from readers through the crowdfunding site Patreon.
The Ethereum-based currency will be distributed to the wallets of both readers and journalists based on the level of engagement they are able to create, as measured using the Quintype content management system.
Readers will receive PressCoin for generating insights from thoughtful conversation. Compensation levels for readers and journalists will be based on reputation documented and recorded in the blockchain. PressCoin publications will not allow readers to engage in comments or interact with anonymous accounts.
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