By looking around at recent major media market and related startup events we have come to a conclusion: Media is heading towards decentralization today.
Blockchain will transform our everyday transactions, because it’s capable to establish trust and able to provide a simple way to change ownership of almost any goods — even media contents.
REPORTER COMMUNITY AMONGST PEERS UTILIZING BLOCKCHAIN
We recognized that most of the new ventures in the media space are (or willing to be) using blockchain technology to guarantee content integrity, service quality and process transactions automatically. We strongly believe that today’s media is at the brink of decentralization, and the near future may result in tokenization of existing media businesses.
We developed and launched an MVP app and web platform for User Generated Contents (UGC) a year ago. Today we already have 30k+ installs from 136 countries, and 100+ media clients of the platform.
As a ‘cross industry’ solution we’ve started an ICO, based on our new blockchain based development. We are using Blockchain to verify and validate the content – against content manipulation. 4 ‘big fishes’ are on the board as beta testers. We also have a detailed development plan for additional features (AI implementation and micro api’s for sellable livestreaming contents).
There are many different types of tokens currently being minted around the world, such as “network tokens” or “fuel”, “equity-type” digital assets and even “debt” structures, however in the case of the Reporter Community NewsToken token sale, our tokens represents royalty rights to future user generated content being published and purchased on our Reporter Community marketplace.
With this in mind, we, at Reporter Community, are launching our NEWS token, placing effort specifically in being as transparent and accountable as we could so potential token buyers obtain a clear understanding of our mission, vision and the expected returns that we aim to deliver on. To do so we focused on three key areas, where we hope to bring extra value to our backers:
1. “It’s not just an idea – we have a working product”
Yes, we have launched the Reporter app for both iOS and Android, developed a user base of more than 25 000 citizen journalists, and secured the interest of many global news outlets. We firmly believe in our ability to execute and deliver on our plan and roadmap. We have a strong community: 50K+ followers on Twitter or Instagram to stay up to date with our product and daily content.
2. Publishing financial forecasts for proper valuation
Budgets, action plans and delivery roadmaps are important and critical to ensure transparency and accountability to all our stakeholders: clients, investors and token owners. We’ve written our token sales documentation in a manner consistent with these beliefs, and therefore we have included our forward-looking financial forecasts for the operations, beyond the usual use of funds chart, action plan and roadmap.
3. Escrow and transparency audit
More than words and promises to token buyers, we’ve partnered with Mithqal.io to bring independent third party verification and validation, as an assurance to potential token buyers that everything we claim and plan is on the up-and-up. Beyond auditing our token sales, Mithqal’s team will serve as the escrow of record on the multi-sig account holding project backing tokens, and any funds will be released only once the appropriate structure is in place, all required documents are signed and sealed.
The initial funding raised through the token sale will go towards development of our blockchain content verification, smart contract settlement and growing the UGC community and in return a 15% perpetual royalty right on all content sold through the marketplace will be awarded to token owners.
By offering full transparency as well as eliminating the middleman and the third parties, smart contracts could ultimately have a profound impact on companies of the media industry.
Through smart contracts media companies can exchange content, data, texts or anything of value in a transparent, frictionless way while avoiding the third party services. They can perform calculations, store information (like metadata of a media content) and send transactions to other accounts if the certain conditions are met (execute set of instructions that two parties have agreed to in advance).
Here are six advantages of smart contracts (in our case NewsToken) can bring to the media industry:
1. Trust: while data (metadata, additional data of a news story etc.) are encrypted on a shared ledger, smart contracts regulate how parties can have access to them anytime creating a trusted environment.
2. Transparency: for organizations like big media outlets, smart contracts add another level of transparency to dealings like sources of media content, clear information on copyright possession etc.
3. Autonomy: there is no need to rely on centralized third parties, who could act as gatekeepers of authentic media content
4. Immutable: media data can be recorded in a particular manner — even encrypted, if needed — which is resilient to manipulation, as any retroactive change would impact the whole chain which is clearly identifiable by all participants
5. Redundancy: media data are stored across the network in multiple instances on the blockchain, which can’t ever be “lost” or deleted without the shutdown of the entire network.
6. Speed & savings: smart contracts automatically self-execute when triggered according to preset rules, thereby saving operations time and costs related to settlement for all involved parties.
Reporter’s NewsToken ICO is out to kill ’fake news’ in the UGC field. We’re accepting contributions in ETH, in XEM (NEM’s native cryptocoins – we have a strategic partnership with NEM Community for tokensales and development phases too) and also XRP (Ripple’s cryptocoins).
Find more: www.reportercommunity.tech