BLOCKTV Pioneers Tokenized Rewards for News Sources
TEL-AVIV, ISRAEL / ACCESSWIRE / November 20, 2019 / BLOCKTV , a broadcast news outlet dedicated to the blockchain and digital asset economy, has revealed details of its tokenized rewards system. The cryptocurrency-focused news outlet will enable sources of news to be remunerated in BLTV tokens. The initiative incentivizes contributors to share exclusive news tips and provides a steady stream of unique content for BLOCKTV to broadcast.
The BLTV token goes on sale to the public via a Bittrex Global listing This Thursday at 0600 (UTC) November 21. This will kickstart the BLTV economy and enable price discovery of BLOCKTV’s native token. Upon receiving a news tip from a source, BLOCKTV’s editorial team will verify it and ensure it aligns with the company’s journalistic standards before preparing it for publication.
The performance of the story will be monitored post-publication, with smart contracts used to record the number of impressions and calculate the commensurate tokenized reward. BLOCKTV’s token model has been optimized so as to align incentives between news providers and the news broadcaster. This results in a token model that encourages mass distribution of quality news while sharing the proceeds with the sources. Depending on the source and importance of the story, BLOCKTV may also distribute additional bonus tokens from its own stake.
“We know that if we can get this model right in the global, 24/7 crypto markets we can apply it to many other verticals, from traditional finance news to sports to entertainment,” said BLOCKTV CEO Aviram Elad. “BLOCKTV is just a proof of concept for this model - eventually this will expand and be replicated not only for others in the crypto media sphere, but for all news organizations.”
“We believe that the joint interest of all participants will produce high-quality original reporting with widespread exposure alongside the opportunity to incentivize network expansion,” said BLOCKTV Editor-in-Chief Ron Friedman. “We have tested this thesis with the market and in the coming few weeks there will be several announcements around large credible media companies and high profile personalities in this space that will join the network.”
The tokens that have been earmarked for distribution to news sources are the result of a revenue partnership between BLOCKTV, advertisers, viewers and news providers. Providers can also benefit from community-driven token tipping, which BLOCKTV will be facilitating. The goal is to ultimately create a thriving attention economy that rewards unique content that is verifiably accurate.
Launched at the beginning of 2019, BLOCKTV is a media organization dedicated to the global technological ecosystem. BLOCKTV currently offers a television news channel that follows the evolving world of blockchain innovation and the digital assets market. The channel provides a reputable, professional and meaningful source of information, commentary and analysis for the next iteration of the web. BLOCKTV gains upwards of 200,000 impressions a day through a network of streaming and social channels and in cooperation with over two dozen industry related news sites.
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