San Mateo-based investment fund, HigherOrderVC has announced it’ll soon launch a new cryptocurrency, PressCoin, as part of its mission to empower independent journalists to fight ‘fake’ news and remain objective and financially independent, Payment Week reported.
PressCoin takes value from a participating news site's paid elements and distributes financial rewards to its content creators. Those who contribute work to a given news site have an opportunity to be paid with PressCoin. The amount they receive is determined by the popularity, quality, and value of their work to each site's community - it's peer endorsed.
Contentcreators can then accept, trade, and exchange PressCoin for other crypto- orfiat currencies, using zero-fee digital wallets from HigherOrderVC-owned Cointype, which is coming out of stealth in the very near future.
"Today journalists are bound to vested interests of publishers. More and more publishers defer to social media platforms to get views. This not only compromises the integrity of quality, independent journalism, but also pushes money onto social media platforms," said Amit Rathore, PressCoin's President.
"Consequently,a great deal of what social media users see is part of an insular circle of 'attention grabbing' superficial non-news. PressCoin was set up to counter allof this, and to empower legitimate journalists to produce the stories that need telling in an impartial, balanced way,” he added.
The company is launching a 28 day ICO on November 22, in order to raise the financing needed to continue its expansion, and offer everyone the opportunity to invest in the platform. Each token is backed by an actual share of the company, and token holders become shareholders, creating a powerful and globalasset-backed currency and economy.
PressCoinplans to publicly release 100,000,000 units to investors during the ICO. At the time of release, 1 PressCoin will be worth US$1.
PressCoin will be the first ICO to accept existing cryptocurrencies and 170+ fiat currencies around the world.