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Founding of the Decentralized News Exchange & the Supporting Blockchain Token: WORD COIN
Welcome to an exciting new world of decentralized news and information based on blockchain technology which is guaranteed to change the way we all view “the news”. The Decentralized News Exchange was founded to ensure a truly free and independent press that will last forever due to the inherent utility it has for the fields of journalism and media. Being a self-sustaining and autonomous digital environment that rewards all stakeholder-members while enriching society, Decentralized News Exchange is positioned to support, sustain, and grow independent citizen journalism around the globe in perpetuity. At it's heart this is not a risk nor is it an investment, really. This is a call to action and it’s a no-brainer at that. Thank you for choosing to support a free & fair press as well as independent citizen journalism around the globe (and beyond) forever.
The primary purpose of these tokens is that they represent the owner’s membership in the Decentralized News Exchange and function as a digital currency to be used by patrons and the network to commission and host content from creator-members. Think of it as equal-opportunity, open-access, crowd-sourced, crowd-funded journalism with pay parity for equally talented journalists and creators around the globe OR simply Decentralized News Exchange.
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WORD's token economy is structured to encourage holding and usage of the WORD token by creating a practical and rewarding ecosystem and token for everyone to use, with the following basic protocols:
1. Ownership of one or more WORD tokens grants membership to the WORD network as a reader, however, lifetime readership for all members will always be set to the equivalent of $1 USD, so as WORD tokens increase in price- membership will be reduced to a certain number of CHARs (CHAR = .0001 WORD) (CHAR is a shortened form of character and is pronounced "cares")
2. Content Contributors will be funded via “bounties” set by the network or pooled by users to fund journalists and creators of specific content desired. Additionally, journalists and creators can be "tipped" by readers.
3. Stakeholders in a bounty will then vote using tokens and award the bounty to one contributor based on pitches submitted by various creators.
4. Content creators as well as stakeholders in the content will receive perpetual WORD tokens based on viewership and engagement with their content, enforced via a built-in contract, known as a “royalty”.
5. Content creators can also put a “bounty” out for content editing and copy editing services, however, there is no perpetual royalty for editors unless granted by the creator from their royalty.
6. To ensure contributors hold a stake in the overall success of the network, members will not be able to contribute (share to the network) unless they are holding a minimum amount of WORD tokens. This amount shall be adjusted by the network periodically.
7. To ensure global equality and open and fair access for journalists and creators, tokens will be regularly given to applicants by the network upon submitting a completed free application along with a sample of their written work.
8. Influencers who review and/or share content are also eligible to collect a small “royalty” of WORD tokens based on their audience’s engagement with the network.
9. The network will host sponsored content from organizations in exchange for WORD tokens. Organizations must hold a minimum amount of WORD tokens to have their content remain hosted. (See fig. 1)
10. WORD token prices shall be set by the network and adjusted periodically, typically every 6 months.
