Friday, September 25, 2020

"A New Era of Media Begins With Tokenization"

CoinDesk is nothing if not persistent in their search for a cryptocurrency use-case.
I suppose it's the old "Throw enough **** against the wall and some of it will stick" approach but I'm not sure this is the use-case that sticks. Some very smart people have worked on micro-payments-for-media for the last 15-20 years but to-date the public is still resisting.

From CoinDesk, September 25:
Media on the incumbent web is in crisis. It turns out that paying publishers for clicks, endless loops of “content” and ads, all served on platforms far beyond their maximum-viable scale is ideal for misinformation, disinformation and the decay of trust. 

The solution, according to various media innovation prognosticators, is the “passion economy.” The argument goes that, since anyone can create content now, it follows that the lumbering media institutions of the past will be unbundled and replaced with a swarm of individuals: Smart, sharp, upstart newsletter writers, podcasters and maybe even TikTokkers. Substack will save us… hopefully. 
Joon Ian Wong is a member of Seed Club, the social token incubator. He started the Consensus conference in 2015 and has been a reporter at CoinDesk, Quartz and elsewhere. This post is part of CoinDesk's "Internet 2030" series about the future of the crypto economy.
But there’s just one problem. The tooling of the legacy web isn’t fit to usher in this new era of publishing. If we believe that first we make our tools, and then they make us – that aphorism so often misattributed to Marshall MacLuhan – we must examine each layer of tooling involved in creating and distributing our stories. This is the media stack, as the polymath provocateur Balaji Srinivasan calls it.
And the media stack as it exists today is found wanting. The most powerful layers of distribution, payment and production remain entangled in oligopolistic platforms where the platform’s owners – not the creators fueling those systems profit the most....