PUBLISHER RANKINGS


See archived payouts




Addressing a broken business model...

The problems of bias in the media can’t be fully addressed by just formatting the news differently. We also have to go to the root of the problem: which is the flawed freemium advertising model, which has impoverished news commentators, and increased the stranglehold that advertisers have over journalists.

In the past, people used to pay for news. Local papers thrived as paying subscribers guaranteed a stable income to journalists, allowing them to pursue quality and integrity. However, as the internet appeared, people could suddenly get their news online… for free. Over the ensuing decades, newspaper revenues plummeted, and more and more journalists were laid off. Expensive and high-quality reporting was largely put away in favor of anything that would drive traffic, clicks and ads. Meanwhile, journalists and political commentators entered a dog-eat-dog business climate where they had to increasingly appeal to a hard-core niche in order to stay relevant. Thus driving the trend of political news, and telling people what they want to hear.

To bring back quality journalism, we need to get people to pay for quality. We need to bring back the old subscription model which made the industry thrive, while at the same time embracing new technologies to deliver a superior experience to users. The problem is that in our day and age, people are reluctant to pay a monthly fee for a news service: no single news source has such a broad scope, or commands such respect. Thus, publishers have a lot of trouble monetizing their content properly, and are being paid far less than what they actually worth. However, while people aren't willing to pay a monthly fee for a single paper or magazine, they would be willing to pay a fee for an all-encompassing aggregator that gives them a the best of everything.




NewsCoin

The idea we have is to create a cryptocurrency, which will take the comparatively large revenues earned by a subscription based news aggregator like woscker, and distribute them to all the different publishers, based on how important their contribution was to the site overall. Every day, 200 NewsCoins are created:

- 70% go to the publications posting their exclusive paywall content on woscker.

- 10% go to publishers posting non-paywall links on the free version of woscker

- 20% goes to the website itself, to pay for servers, engineers, and to reward investors.

The goal is to give publishers a convenient source of income, which decreases their dependence on advertisers and donations. Advertising’s return per user is just too low, and there just aren’t enough users who would be willing to donate to make that business model work.

However, by creating an all-encompassing service, Woscker allows both independent journalists and news organizations to properly monetize their work. Combining news content to make a product more valuable than the sum of its parts, and then giving each contributor his share of the profits.



Why use a cryptocurrency?
And what gives NewsCoin it's value?

NewsCoins value comes from the fact that once it is implemented, all of Woscker’s revenues will go into repurchasing NewsCoins on the open market at whatever their current price is. When the coins are repurchased, they are destroyed, thus making all the remaining coins far more valuable.

We use a cryptocurrency, because we want to tie the financial success of publishers with the success of the platform. You see, if they publicize the platform, the value of their NewsCoin holdings rises significantly. Furthermore, we need a mechanism to reward early adopters of the system, who will publish on the platform when there are relatively few paying subscribers, but also when there is far less competition for each coin.



Why this doesn’t exist... yet

Of course, the cryptocurrency I’ve just described doesn’t exist yet, for one simple reason: financial regulations. You see, if we make a promise to repurchase the currency in this way, we would technically make it into a kind of financial security, which would mean we have to register with the SEC, and comply with their regulations.

As you can imagine, registering a new kind of financial security is not exactly easy. Thus, to properly implement the system, we will need a lot of time and money. Things we are currently short on.







NewsTokens

However, in the interest of testing the system, we have released a kind of beta-NewsCoin called NewsToken (WSKR). This token functions in the same way as NewsCoin, but does not have any monetary value tied to it.

We hope to eventually make these NewsTokens convertible into NewsCoins when we do our ICO, however it is not clear if this will be possible. Thus for now, just take them as a way to test the system, and to keep score.




How NewsTokens are awarded

Each day, 200 NewsTokens are awarded to the publishers who published on that day.

The compensation will depend on the quality of the articles submitted to the terminal. Specifically, it will depend on how highly the community rates the following 4 criteria :

- Broadness

- Importance

- Quality

- Uniqueness

The scores given to the articles are equivalent to the number of points the article will get. For example, if the broadness score of an article is 9, you get 9 points for that score. A penalty is subtracted if the community rated the article you published lower than your initial rating (this is to prevent publishers from rating their content too highly).

Finally, a total score is tallied, which in this case, is 26.29 points. The amount of coins you get for this article depends on how many points were earned by all publishers throughout the day. So for example, let's say for all the articles published on a given day, 1000 points have been earned.

This means your share of that is approximately 1/38, since 26.29 is equal to 2.629% of the 1000 point total. This means you will be given 2.629% of the tokens awarded on that day : 0.02629 * 200 = 5.258 WSKR Tokens awarded to you for your contribution.



PUBLISHER RANKINGS


See archived payouts




Fixing a broken business model...

The problems of bias in the media can’t be fully addressed by just formatting the news differently. We also have to go to the root of the problem: which is the flawed freemium advertising model, which has impoverished news commentators, and increased the stranglehold that advertisers have over journalists.

In the past, people used to pay for news. Local papers thrived as paying subscribers guaranteed a stable income to journalists, allowing them to pursue quality and integrity.

However, as the internet appeared, people could suddenly get their news online… for free. Over the ensuing decades, newspaper revenues plummeted, and more and more journalists were laid off. Expensive and high-quality reporting was largely put away in favor of anything that would drive traffic, clicks and ads.

Meanwhile, journalists and political commentators entered a dog-eat-dog business climate where they had to increasingly appeal to a hard-core niche in order to stay relevant. Thus driving the trend of political news, and telling people what they want to hear.

To bring back quality journalism, we need to get people to pay for quality. We need to bring back the old subscription model which made the industry thrive, while at the same time embracing new technologies to deliver a superior experience to users.

The problem is that in our day and age, people are reluctant to pay a monthly fee for a news service: no single news source has such a broad scope, or commands such respect. Thus, publishers have a lot of trouble monetizing their content properly, and are being paid far less than what they actually worth.

However, while people aren't willing to pay a monthly fee for a single paper or magazine, they would be willing to pay a fee for an all-encompassing aggregator that gives them a the best of everything.

NewsCoin

The idea we have is to create a cryptocurrency, which will take the comparatively large revenues earned by a subscription based news aggregator like woscker, and distribute them to all the different publishers, based on how important their contribution was to the site overall.

Every day, 200 NewsCoins are created:

- 70% go to the publications posting their exclusive paywall content on woscker.

- 10% go to publishers posting non-paywall links on the free version of woscker

- 20% goes to the website itself, to pay for servers, engineers, and to reward investors.

The goal is to give publishers a convenient source of income, which decreases their dependence on advertisers and donations. Advertising’s return per user is just too low, and there just aren’t enough users who would be willing to donate to make that business model work.

However, by creating an all-encompassing service, Woscker allows both independent journalists and news organizations to properly monetize their work. Combining news content to make a product more valuable than the sum of its parts, and then giving each contributor his share of the profits.



TECHNICAL DETAILS


Why use a cryptocurrency?
And what gives NewsCoin it's value?

NewsCoins value comes from the fact that once it is implemented, all of Woscker’s revenues will go into repurchasing NewsCoins on the open market at whatever their current price is. When the coins are repurchased, they are destroyed, thus making all the remaining coins far more valuable.

We use a cryptocurrency, because we want to tie the financial success of publishers with the success of the platform. You see, if they publicize the platform, the value of their NewsCoin holdings rises significantly. Furthermore, we need a mechanism to reward early adopters of the system, who will publish on the platform when there are relatively few paying subscribers, but also when there is far less competition for each coin.





Why this doesn’t exist... yet

Of course, the cryptocurrency I’ve just described doesn’t exist yet, for one simple reason: financial regulations. You see, if we make a promise to repurchase the currency in this way, we would technically make it into a kind of financial security, which would mean we have to register with the SEC, and comply with their regulations.

As you can imagine, registering a new kind of financial security is not exactly easy. Thus, to properly implement the system, we will need a lot of time and money. Things we are currently short on.




NewsTokens

However, in the interest of testing the system, we have released a kind of beta-NewsCoin called NewsToken (WSKR). This token functions in the same way as NewsCoin, but does not have any monetary value tied to it.

We hope to eventually make these NewsTokens convertible into NewsCoins when we do our ICO, however it is not clear if this will be possible. Thus for now, just take them as a way to test the system, and to keep score.



How NewsTokens are awarded

Each day, 200 NewsTokens are awarded to the publishers who published on that day.

The compensation will depend on the quality of the articles submitted to the terminal. Specifically, it will depend on how highly the community rates the following 4 criteria :

- Broadness

- Importance

- Quality

- Uniqueness

The scores given to the articles are equivalent to the number of points the article will get. For example, if the broadness score of an article is 9, you get 9 points for that score. A penalty is subtracted if the community rated the article you published lower than your initial rating (this is to prevent publishers from rating their content too highly).

Finally, a total score is tallied, which in this case, is 26.29 points. The amount of coins you get for this article depends on how many points were earned by all publishers throughout the day. So for example, let's say for all the articles published on a given day, 1000 points have been earned.

This means your share of that is approximately 1/38, since 26.29 is equal to 2.629% of the 1000 point total. This means you will be given 2.629% of the tokens awarded on that day : 0.02629 * 200 = 5.258 WSKR Tokens awarded to you for your contribution.




How many NewsTokens are there?

The NewsToken project will run for a total period of 500 days, starting on January 15th 2021, and ending on May 30th 2022. By this time, we believe we will be able to release the actual NewsCoin cryptocurrency.

Until then, throughout those 500 days, 200 new NewsTokens will be released each day, and awarded to publishers, meaning there will only ever be 100’000 NewsTokens in existence.

These tokens have already been created, and are stored on a hardware wallet in a secure location. They will be sent over to publishers by the site’s creator throughout this 500 day period, so that by the end, he will not have any of the 100’000 tokens left.

The timing of the payouts will depend on many things, including ethereum gas prices (https://etherscan.io/chart/gasprice), and the amount of tokens a publisher has accumulated, so that we do not have to pay too much in transfer costs.

The existing version of NewsToken (WSKR) can already be found on Etherscan :




How to start earning NewsTokens

To earn tokens, you will first have to become a woscker publisher. To learn how to become a publisher please click this link :

Once you have become an authorized publisher, and are given access to the Woscker Terminal, and you may begin earning tokens. A record of how many tokens are owed to you is stored on our secure central database, however to actually receive your tokens, you have to create a digital wallet : I would recommend using MetaMask for beginners : https://metamask.io/

Download the Chrome plugin and follow the instructions. Once you have the plugin installed and working, make our custom token visible in your wallet by following these steps :

1. Click “Add Tokens”

2. Click “Custom Token”

3. Input the following address () into the field that says “Token Contract Address”

4. Next click “Add Token”.

Finally, update your user information with us by using the email we gave you when you became a publisher. This way, the next time we have a payout, the tokens owed to you will be deposited in your account.