Web3 Foundation Launches Decentralized News Monetization Pilot Project

Polkadot blockchain developer Web3 Foundation has introduced it’s backing a brand new initiative that goals to modernize digital information contentcreation, distribution, and monetization 

As a part of the pilot undertaking, Web3 Foundation is teaming up with the World Association of News Publishers (WAM-IFRA) to determine as much as three media organizations which might be prepared to take part. Together, they’ll discover new methods by which decentralized applied sciences can be utilized to generate extra income streams for information producers. 

The undertaking is claimed to collaborate with David Tomchak, a visiting coverage fellow on the Oxford Internet Institute. Although particulars on the precise initiatives being pursued are considerably mild, the Web3 Foundation stated it intends to run the undertaking between October and December. The pilot hopes to contain each native and worldwide information creators in researching the sensible utility of decentralized applied sciences in media publishing. 

Web3 Foundation provides that the first goal of the undertaking is to supply studying, in addition to an area to share information between Web3 builders and the media. At the conclusion of the undertaking, the collaborators will publish a public blueprint, together with a roadmap for the technical construct of no matter options it creates. 

The Web3 Foundation’s director of Communications and Partnerships, Ursula O’Kuinghttons, stated she believes that Web3, which refers back to the thought of a decentralized web, can play a key function in modernizing digital information. “The proliferation of centralized social media channels has made it hard for people to identify trusted news sources, and this project can play a leading role in addressing those concerns,” she added. 

Bertrand Perez, the CEO of Web3 Foundation, stated his group has a confirmed observe file relating to supporting tasks that share its imaginative and prescient of an web that’s fairer, extra democratic, and gives customers with larger management over their information. “As the flagship project of Web3 Foundation, Polkadot is unlocking new business models and building trust between different participants within the rapidly evolving world of Web3,” he stated. 

Whatever answer the undertaking does create will contain Polkadot, which is a novel blockchain community that’s primarily based on a central relay chain and a number of parachains – interconnected however unbiased blockchains that interoperate with each other to create a large ecosystem of decentralized purposes. 

”We are delighted that Web3 Foundation has agreed to companion with this undertaking,” stated undertaking lead Tomchak. “Gaining support from Web3 Foundation is crucial in allowing us to complete the research in a way that offers a solid, practical solution for the media industry to use this technology.”

O’Kuinghttons will probably reveal extra concerning the undertaking when she addresses the World News Media Congress that’s scheduled to happen in Zaragoza, Spain, in late September. 

To encourage media organizations to take part, WAN-IFRA has put aside funds within the form of a bursary that can be provided to every collaborator. The bursaries will vary from €1,500 and €4,000 and are supposed to compensate information organizations for the time they decide to the undertaking. It’s probably that organizations might want to dedicate at the least half a day per week, for a interval of 10 weeks, to the undertaking. 

Web3 Foundation stated between two and three information organizations could be chosen to take part. Interested events can apply by sending an e-mail to [email protected] earlier than Sept. 4. 

“It is a partnership that wouldn’t have been possible if we had not already been working with Stephen Fozard and the great team at WAN-IFRA,” Tomchak added. “I believe the new bursaries also announced today are an excellent opportunity for the association’s members.”

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