The Web3 Foundation supports projects that will bring news publishers to the Blockchain
As the number of media outlets and social media platforms continues to increase, identifying reliable news sources is becoming increasingly overwhelming for most people. In today’s highly centralized publisher ecosystem, constant claims of misinformation and fake news have created an atmosphere of distrust. Experts believe that Web 3.0 – the decentralized internet – has the potential to overcome this challenge, by driving authentic news publishing and reporting that is free from bias or influence.
Based on this theory, the Web3 Foundation (W3F), the collaborative initiative dedicated to nurturing and managing Web3 technology, has unveiled its support for a pilot project to restructure the news and media industry.
The project is a collaborative partnership led by Oxford Internet Institute visiting policy fellow David Tomchak and the World Association of News Publishers (WAN-IFRA). It will explore how Web3 technologies can help build trust and unlock new revenue streams for news publishers and content creators.
The Web3 Foundation will provide funding and expertise
The support from the Web3 Foundation will come in the form of their expertise and funding during the research phase of the project. The pilot project is planned to run between October and December 2022. It will bring together local and international news publishers and technology experts to collaborate on researching practical applications of Web3 and other decentralized technologies for the publishing industry.
Commenting on the development, Web3 Foundation CEO Bertrand Perez notes, “We have a proven track record of supporting projects that share our vision for Web3, namely an internet that is fairer, more democratic and gives users stronger control over their data. “
The central idea of this research is to facilitate learning and knowledge sharing between Web3 advocates and the traditional media industry. The results gathered from the research will be used as a blueprint to develop the technical roadmap for the project and the eventual incorporation of blockchain into the technology stack.
The inclusion of blockchain in this project aims to address the trust factor between publishers and readers, while opening up new monetization opportunities for participating creators.
Part of the funding from the Web3 Foundation will be shared directly with publishers via a grant scheme, which will be coordinated by the WAN-IFRA team for members. The grants will be used to reimburse publishers who spend their time on the project and contribute to the research to build practical solutions for news publishers when Web3 is at the centre.
Project leader David Tomchak concludes: “We are delighted that the Web3 Foundation has agreed to collaborate on this project. Having support from the Web3 Foundation is essential to allow us to complete the research in a way that offers a solid, practical solution for the media industry to to use this technology.”
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