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.
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