The Internet has profoundly changed the news industry. In the past, local and
national publishers enjoyed a monopoly on the distribution of information, providing
them with a strong hold on reader’s attention, which in turn provided them with a
constant stream of revenue from advertisers. The barriers to entry for new publishers
were high, requiring them to have enough capital to buy or rent printing presses.
The first sign of change appeared in 1996, when an e-mail list named Craigslist
turned into a website for classified advertisements. Classified ads were a strong source
of revenue for newspapers worldwide, and in a few years Craigslist and similar
websites practically destroyed this source of revenue. A study shows [1] that from
2000 to 2007 the news industry lost approximately $5 Billion in classified ad revenues
to Craigslist. From the launch of Craigslist in 1996 to today, it’s safe to assume that the
industry has lost more than $10 Billion in revenue due to Craigslist alone.
Snip Solving the problems of the news industry requires a product which isn’t an
incremental improvement but a revolutionary advancement. Such a solution would
have to create significant value for news consumers, be transparent and fair in the
distribution of news, and award great content creators
Snip Advantages
Decentralized
In contrast to mainstream publishers and social networks, the Snip network is
decentralized and owned by the community, with all the content saved openly on the
IPFS network. Content cannot be censored and users on the Snip website choose their
personal news feed algorithm.
News-oriented
Snip is a place for people to read news and discuss the news stories they care
about. Snip covers a wide variety of topics, allowing users to stay up-to-date on their
favorite topics in a shorter, more efficient format.
User-generated content
The news stories on the platform are created by the community and users
receive the vast majority of the reward for high-quality posts and comments, as
decided by the community
