EFJ – Sustainable innovative journalism and new business models

Besides these examples, emerging business models are exploring the possibilities of the blockchain. For example Bywire (www.bywire.news) in the UK calls itself an “Independent Blockchain News Network”.

Bywire is based on blockchain technology from www.eos.io: each article is irrevocably recorded in an encrypted “ledger” with details of when it was created and by whom: any revisions made since its first publication are similarly recorded. “Bywire is the first network in the world to publish its content, not just the timestamp and/or hash of the content, directly to the blockchain,”

Bywire states. This “accountability model ensures you can trust what you read. Publishers who fall short of our standards can be warned, sanctioned or removed from the network.” Bywire scans for fake content in real time with a combination of AI and bounties for readers who spot and flag fake news”, according to its founders. Bywire was founded in London in 2018 and currently employs 8 people for a readership of around 50,000 per month. Most interesting is that their financing is exclusively “bootstrapped”, except for an initial investment from eToro investors, and it relies on a “Wirebit” cryptocurrency.

https://europeanjournalists.org/wp-content/uploads/2021/07/EFJ-INNOVAT2021-WEB_pages.pdf

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