Multiple start-ups are making attempts to create a new blockchain based business model for journalism. Traditional business model based on advertising revenues is in distress caused by a strong competition with Facebook and Google. Media is in protracted crisis due to the rapid development of information technologies and various issues ranging from eternal censorship to fake news.
Skeptics believe that the idea of creating so-called decentralized content markets is far too abstruse to really press traditional journalistic models and brands.
Nevertheless, there is no argument that traditional media is undergoing a huge transformation which seems crucial to its survival. Blockchain will take the media to the new level. The technology will allow content creators and their authors to guarantee the confidentiality of information, receive a monetary reward for creating and distributing unique content within individual eco-systems and projects. Authors will be able to directly “deliver” their work to the reader without intermediaries, restrictions and censorship.
Civil is a marketplace where all financial transactions and expenses are controlled by journalists and their sponsor readers. The technology should allow authors to plan release dates of different materials on various sites. In particular, contributors will be able to agree to an exclusive placement on any site, while blockchain will provide the necessary “window” between the first and subsequent publications. Civil plans to help blockchain restore media trust and credibility in the era of fake news.
Users can support two types of associations called newsrooms and stations. Newsrooms are created by readers. There they will spend money on stories that they find the most interesting. Journalists will work on the topics community will deem the best. Stations will be created by famous journalists. In order to create a station, a journalist will have to write a few stories for newsrooms first.
Associated Press and Forbes have already joined the platform. This experiment will help to understand whether using blockchain to release materials can help increase readers confidence. In the future, technology may open up new ways to engage the audience and become an additional source of income.
Decentralized news network (DNN)
DNN is an Ethereum based network aimed to create impartial and honest content encouraging its creators. The main focus is speculated to be on the political news, that must be objective, especially nowadays.
People can create content that will be fact-checked without running the risk of being changed or deleted upon release.
All parties involved in creating the final version of the article are rewarded with ecosystem tokens based on users’ material interest and content accuracy, rather than advertising revenues and corporate interests.
Lunyr is an Ethereum based decentralized global knowledge base that rewards users with application tokens for reviewing and providing information. Lunur’s long-term vision is to build a knowledge-base API that developers can use to create next-generation decentralized applications in virtual or augmented reality.
Lunyr should be the first step towards a new future of decentralized knowledge sharing. In the early stages, Lunyr aims to become an important reference for the Ethereum community in order to receive the latest news on Ethereum. It will cover relevant information on past and future events, conferences, milestones, and more.
The Steemit platform is designed to host copyright content: texts, video, and audio. There, you can earn in various ways by creating content that is interesting to people. It’s a vote based system where voters are called “curators”.
A stabilizing mechanism used for the economic system is Steem Dollar (SBD). This coin has a fixed 1:1 SBD to USD ratio, meaning 1 SBD will get you 1 USD. Cryptocurrency Steem Dollars are freely traded on exchanges, which helps to attract investors to the platform.
In order to use the services of the platform, you need to exchange Steem Dollars for Steem Power (SP) in your wallet. This token gives the right to vote and receive rewards. It’s a direct interaction between the content creator and readers, therefore no commission is charged.
Steemit has a high degree of protection from hackers. Although, there have already been detected cases of cyber-attacks. For example, in June 2016, 85,000 dollars were stolen from purses.
Snip is a community-driven decentralized news platform. This is a place where authors can receive awards based on popularity of their posts and comments.
Snip will use an ERC20 standard for Ethereum called SnipCoin as a mean of payment to make purchases and reward the authors. The project will release 10,000,000,000 tokens.
Experts believe that blockchain technology will give readers the opportunity to keep track of all changes made to publications at any given time and no editing will be able to hide the source. This will guarantee the observance of the intellectual property rights since any changes in the text create a new publication, and any republication will contain an automatically generated link to the original text and its author.
It seems that the blockchain really brings radical change to the world of journalism. It is difficult to say if all social networks users are going to be receiving money for posting in a few years time. But it is already clear that current events look a lot like the death of paper media witnessed by a whole generation. And this is not the end.