From blockchain to blockchain… PressCoin is a large project with lots of moving parts. While the currency (NEWS) tokens are on Ethereum, the PressCoin project itself will use various blockchain technologies as the right use-case demands. In the end, the ledger is what is the most important, and the rest being runtime implementation choices.
Blockchain – the Distributed Public Ledger
From many points of view, the fact that blockchain gives you a publicly auditable ledger without a central authority, should be plenty information to understand how this fundamentally changes everything. PressCoin is just one of many, many use-cases of blockchain, and the cryptocurrency is one such. Here’s another, a conversation from an architecture point of view. We’d love to hear what others have to say – PressCoin is a journey for everyone!
PressCoin and Blockchain for Story Publishing
Generally, writing story and publishing to all readers is nothing unusual and out of the box apart from writers skills. What is special about using the PressCoin technology stack? The blockchain based PressCoin platform is committed to be extremely transparent, and so must support a well-regulated mechanism for all the participants, end to end. The PressCoin value-adds then, for this use-case, right out of the box are…
- Completely decentralized platform
- The Story, submitted by, say a journalist, is immediately rippled to all the participating nodes.
- No monopoly of Story publishers
- As every node has the story available, there are multiple publishers ready to publish story
- No tampering of story content
- Stories cannot be hacked as every activity on the Story by any node will be executed on all nodes and will be validated. So, if one node is hacked and so Story is tampered, still the network does not accepts. Hackers have to hack entire network and that’s quite unlikely.
- Well evaluated Stories
- PressCoin Platform’s key offering is moderated content. Every possible activity is moderated manually. No ‘Robot’ is involved to miss in the approval process, only in assistive tasks.
- Publisher has choice to publish only reputed stories based on evaluation.
- Readers have choice to buy only reputed stories.
- No monopoly of Story Moderators
- Story evaluation is decentralized too. Anybody can evaluate story, reputation drives acceptance. So if one moderator is polluting the process, there are others who will have balanced it out and the Story reputation calculation is genuine always.
- Every participant is well engaged with monetary gains and reputation building
- Each activity performed on a Story, end to end, is recorded with on the blockchain. Journalist pays to submit the story. Moderators earns by moderating stories. Publisher earns by publishing stories. Readers pay to buy the story. Readers may earn by being a productive and genuine critic. Journalist earns by share of revenue, based on contribution, as does everyone else!
- Thus earnings for each participant is monetary, but also reputation credits.
- The entire ecosystem (machines and humans) trades over PressCoin cryptocurrency
- No high forex charges.
- The talent is recognized transparently by reputation calculators
- The talent is rewarded transparently as all trading details are public. Everybody knows who paid what and how earned what in the entire life cycle of story.
Below visuals ought to give a fair idea of how the PressCoin Newzchain will work. Below is the high level, and pseudo technical flow for any Story, participants, and activities performed by participants on a Story.
Figure 1 : The story, participants and activities
Below visual gives reasonable picture of how a story goes through series of trades. A simple accounting is described below, which, of course is super-high-level and only shows pseudo-code. The numbers used in the diagram are just to explain the calculations and are not real, and actual cryptocurrency calculations will be different:
Figure 2 : The story, participants and trading
Several parts of the ecosystem will be open sourced. Do let us know in comments and on Twitter – what bits you think are critical to be open-source @realPressCoin
The truth is that cryptocurrency and blockchain driven systems are in their infancy, and a lot of learning still has to be done by the community as a whole, before something that works for everyone emerges. PressCoin is the first attempt at doing this at scale, so interoperability and transparency is extremely important.