Amit Rathore (PressCoin designer) talked about how PressCoin’s crypto-economy intends to change the news game and create wealth.
PressCoin aims to build services in order to provide the information that needs of what Rathore calls the “new one percent.” Actually, there are a different type of people: the professionals that are looking for actionable information, the consumers that want facts and opportunities for useful discussion of news events, and the civil society members that are seeking action and solutions.
First, PressCoin plans to build media platforms, but it doesn’t intend to become a media company itself. Actually, PressCoin only wants to support a decentralized, pluralist, free media. So, they will build new publishing platforms and e-commerce tools for a better experience, and news consumers can drive new revenue streams for publishers. Furthermore, these platforms are for specific areas of the public sphere such as elections, investigative reporting, local and hyperlocal news and citizen journalism.
Actually, two platforms (such as Next Election and Insurge Intelligence) were recently released in alpha.
Additionally, the news industry must treat its readers and viewers as an integral and valuable part of the ecosystem. Furthermore, the news business needs to sell news again.
Rathore thinks that it’s possible to challenge the supremacy of the platform giants in the digital advertising space.
For example, last year Yahoo (as a news business) was vulnerable to innovation. In June it sold its publishing business to Verizon for $4.5 billion. Back in 2000 Yahoo publishing business was valued at $125 billion, but from 2006 till now 2018, Yahoo had some business problems. So, it doesn’t matter how big a company is because it remains vulnerable to innovation.
PressCoin is struggling, but news publishers want to find new solutions to the problem of declining revenues and influence.
Yahoo built new content, and it’s part of Facebook’s rise and Google’s success. But these relationships (Facebook and Google) are failing for publishers.
So, this is a divided industry, and big companies don’t know how to cooperate or build internal markets or transform itself. These big companies need technology solutions, and an open bazaar model to help show the way.
PressCoin aims to build reference implementations. This will demonstrate how publishers can go beyond publishing passive content, and it will take reader engagement to a deeper level. So, using these new marketplaces for trading in content and traffic, publishers will cooperate and thrive.
So, news companies said that they are disrupted by the internet giants. These new companies focus on competing with each other rather than creating a cohesive collaboration strategy.
PressCoin aims to create a win-win solution for publishers using multiple Blockchains, so this could change the news business trajectory.
Using Blockchain technology, they can have trust between players, and it creates economic value.
Rathore is focusing on the cloud-based, smart, API driven, big data-driven technologies that he built at Quintype, which would accelerate innovation in the digital news market. The quintype suite enables publisher migration to a new omni-channel post-Facebook publishing world. The quintype suite will provide the foundation for what Rathore calls the PressCoin OS (PressCoin Stack).
Most news publishers use HTML, but millennial news consumers aren’t even using Facebook or NY Times. So, it is needed a sophisticated new technology stack, which looks like Facebook’s or Google’s and it must be data native. Indeed, this transition must be simple and revenue positive.
Furthermore, digital news also needs to learn from social media because consumers want to interact with their news. The internet has many news consumers that are able to add value to publishing products, and some of them would like to be rewarded for their efforts. PressCoin is working for its readers and publishers and everyone in the value chain.
Furthermore, news content needs a market because the news must travel fast and influence what happens in the real world. So, they need to speed up the flow of content through the system. Furthermore, they want to use fair rewards that are paid for quality work. So, PressCoin will use Blockchain-based crypto content markets to build a super efficient market in verified news content.
In conclusion, they will be reaching a large and influential readership capable of holding the powerful to account. Furthermore, they will be using interconnected platforms that together address news and the public sphere.
Additionally, the PressCoin ICO is raising $100 mln.