Cardano founder Charles Hoskinson wants to use crypto, decentralization and NFT technology to revolutionize journalism and is considering buying the news outlet CoinDesk for this purpose.
CoinDesk is one of the most influential news platforms on the market. According to their own statements, the website has around 3 million hits per month and more than 200,000 newsletter subscribers. Digital Currency Group is considering selling at least part of the site to address current liquidity issues. The company’s own valuation is $200 million. Will Hoskinson take over the company?
Is Cardano Founder Buying CoinDesk?
In a recent Twitter video Commenting on CoinDesk’s offer to sell, Hoskinson criticized current journalism in the crypto space. He used the sales pitch to show the possibilities of blockchain-based, decentralized journalism. Hoskinson might want to buy the news siteto push this:
“The concept of building trust, integrity and objectivity in a decentralized way is a fascinating subject.
And the concept that CoinDesk is the organization that does would be a very appealing thing to try. But at this price point, unless the financial numbers are truly phenomenal, it seems overpriced. So we’ll see what happens.”
According to his own statements, Charles Hoskinson can afford the sale price alone. With an estimated net worth of $600 million, a takeover would indeed be a possibility. However, he believes that it may be more profitable to build a decentralized news platform yourself for a few million dollars rather than investing $200 million. However, according to Hoskinson, the value of such a platform would be far beyond pure financial value, as it could revolutionize current journalism. But how could crypto and blockchain lead to better reporting?
Charles Hoskinson on crypto, NFTs, blockchain and journalism
According to the Cardano founder, NFTs and crypto have the potential to make articles a “living thing”. So far, articles have been relatively static: if an article appears on a topic and the facts change or new news emerges, a separate post usually follows. On the other hand, if an article contains NFTs, it can be updated regularly or linked to other articles. This creates a “universe of information” that people are even able to interact with. The readers themselves then have a say in journalism.
In addition, it would be possible to use so-called “Veracity Bonds” (truth bonds) to link articles directly to foundations via blockchain. Independent fact-checkers or community members could verify the veracity of an article after publication. If the information is false, the person who paid for the item will have the opportunity to get the money paid back.
According to Hoskinson, however, more objective reporting is not only possible via the community and Veracity Bonds. Opinions from influential people such as YouTubers are often forgotten. On the other hand, if these are stored on the blockchain, then one can analyze the integrity, forecasts, positions or bias of these, according to Hoskinson. This would also be an incentive for honest statements or discussions.
It remains to be seen whether Hoskinson will actually buy CoinDesk. According to his own statement, however, he would like to delve deeper into the topic of decentralized journalism and analyze CoinDesk further. However, the Cardano founder would like the news platform – regardless of the buyer – to further objectify the reporting and use crypto technologies for this.
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