Categories: CryptoNews

Ethereum-based Benefactory Will Change The Media Landscape

Getting coverage about news and events in the cryptocurrency space can be a difficult task. Most mainstream media outlets pay little to no attention to this ecosystem unless there is dramatic news. Moreover, most news submissions will not be picked up unless there is a fee involved. But what if we could change all of that, with Benefactory, a decentralised application that may shape the future of news reporting.

Benefactory Does Things A Bit Differently

The decentralised Benefactory application will let communities fund grant proposals. This could have many different implications, including getting more media coverage, funding development, or sponsoring an event. What is even more interesting is how all contributors will have their own individual history of “pledges”, which will be publicly visible on the Ethereum blockchain.

In a way, Benefactory takes crowdfunding to a whole new level, as it can be community curated. Contributors are treated in a  respectful manner and companies who contribute get attention from potential future employees or partners. From a media perspective, publications will earn loyalty from their communities, which will help boost traffic.

Using Common Press, communities and publications can set up their own funded news coverage. Instead of relying on generating revenue from advertisers or Google Adsense, the community would sponsor the costs of investigative journalism.  As more community members contribute, the “financial bearing” becomes smaller per individual contributor.

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It would be possible to commission specific news coverage, which can then be published wherever people want. There would no longer be a need to be loyal to one or a handful news outlets. Sharing knowledge and information in a distributed manner will help reach a bigger audience as well.

But this concept can be taken much further than just media coverage. Quality translations, educational tools, and significant economic activity all need to be broadcasted to the world. The internet lets us connect to anyone in the world, and the blockchain allows us to pay them, wherever they may be at any given time. Benefactory and Common Press are two concepts to keep an eye on for the future; that much is certain.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx

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