SCOOP NZ | Why I am supporting the PressCoin ICO - Alastair Thompson

A Crypto Currency Boom is fuelling a new startup financing market - But can it help Save The News?



For the past couple of weeks I’ve been working behind the scenes getting to know the team behind, the latest participant in the remarkable Initial Coin Offering (ICO) boom which is rocking financial markets around the world, and which may well herald an inflection point in the history of money.

Scoop Co-editor Joseph Cederwall brought PressCoin to my attention initially. And after exploring the PressCoin website and reading the white-paper, my initial impression of PressCoin – just three weeks ago- was one of admiration for the audaciousness of their plans, mixed with a healthy dose of skepticism.

As I dug deeper, and got to know the crew, I embarked on a fairly steep learning curve. To understand their plans I needed to better understand the blockchain itself (which can perhaps be most easily thought of in the case of PressCoin as trust mediation technology which can be used to facilitate cooperation) as well as the extraordinary boom in Crypto Currencies (1500% growth over the past 12 months). One of the things I quickly stumbled upon is the fact that it is in all likelihood the ICO Boom which started in earnest in July this year – that has been driving the explosion in the broader Crypto Currency market - and most spectacularly and the value of Bitcoin (BTC) the oldest and, for now, most valuable crypto-currency in the market.

The report that follows (Part one of a two part series) outlines what I have discovered in my inquiries, about PressCoin and its plans and the people and businesses behind it. It also provides some context around recent developments in the #FutureOfNews debate, to assist those who might consider investing in PressCoin to better understand the business processes the PressCoin project is hoping to address and disrupt.

And I conclude by talking briefly about why I decided to join the team working on the project.

My Conclusion: The PressCoin ICO is certainly worth consideration, and if you are interested in the future of news like I am probably worth investing a few dollars in. Hence my deciding to join the effort to help it succeed.

From what I can see most ICOs tend to be based around traditional disruptive high risk technology plans – companies hoping to be disruptive, to achieve exponential growth, and which aspire to join the ranks of the unicorns - or failing that be bought out by one of them.

PressCoin by contrast is at its heart a collaborative play, a venture which plans to build its future around assisting an existing industry to better chart its path through troubled waters in a cooperative manner.

And in a sense therefore it is a blockchain venture that plays directly to the promise inherent in this remarkable new technology - and indeed into the promise that the internet showed in its early days.

Of course like everything at the bleeding edge of this technological maelstrom, it is a high risk investment. But at the same time it has - in my view a more credible plan than most, the possibility of systemic change - albeit a remote one, plus a great spirit.

And consequently I have become a supporter and joined the team.

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Amit Rathore