Changing the woeful business trajectory for news publishing through Blockchain auditing and growth building markets is the ambitious goal of PressCoin’s NEWS cryptocurrency. But is the news industry ready for crypto-disruption? Why haven’t digital news publishers been able to innovate past their ever shrinking advertising yields? And most importantly, what is the economic opportunity for investors?
We talked to PressCoin designer Amit Rathore and asked him how PressCoin’s crypto-economy intends to change the news game and create wealth.
The “new one percent”
PressCoin’s plan to remake the news, and with it democracy, begins with the goal of building services to provide the information needs of what Rathore calls the “new one percent.” He says:
“These are people who are seeking more than the endless argument that often passes for news these days. Professionals looking for actionable information, who need to know what is going on, consumers who want facts and opportunities for respectful, useful discussion of news events, and civil society members who seeking action and solutions.”
But while PressCoin’s initial plan involves building media platforms, it doesn’t intend to become a media company itself. PressCoin wants to support a decentralised, pluralist, free media - not become the media. Rathore says:
“Our starting point will be a suite of new publishing platforms and e-commerce tools which will demonstrate how a better experience for news consumers can drive new revenue streams for publishers. These initial platforms will target specific areas of the public sphere - elections, investigative reporting, local and hyperlocal news and citizen journalism.”
Two platforms were recently released in alpha, Next Election and Insurge Intelligence.
“The news industry needs to start treating its readers and viewers as an integral and valuable part of the ecosystem rather than as bystanders or mere consumers. Or as a product to be sold to advertisers, as Facebook and Google do. And most importantly the news business needs to get back into the business of selling news.”