Journalists team up to create PressCoin, the world’s first cryptocurrency aimed at fighting fake news. The ICO is scheduled November 22
The new virtual currency, named PressCoin, is aimed at empowering independent journalists with new tools to stand against fake news, as well as improving their objectiveness and financial independence. PressCoin is reportedly expected to wean journalism off the advertising revenue model, upending corporate media monopolies with collaborative content.
“Today journalists are bound to the vested interests of publishers. More and more publishers are chasing advertising dollars. To get views, they defer to social media platforms. And so does their content. This not only compromises the integrity of quality, independent journalism, it also pushes money onto social media platforms,” says Amit Rathore, PressCoin’s President, as quoted by Payment Week, a New York-based magazine covering mobile payments.