*This content was excerpted from an interview with PUBLISH CEO Kwon Sung-min conducted by the Lambda 256 PR team in August 2022.
PUBLISH is a global tech media company that offers blockchain-based news ecosystem solutions for the press. The company entered the Korean blockchain market in 2017 and launched PUBLISH in 2018. Since then, it has been actively expanding the ecosystem and growing its news platform. Under the expert leadership of PUBLISH CEO Kwon Sung-min, who has long-term media experience in Korea and abroad, the company is actively leading the way for the development of blockchain and Web3 for media companies.
Why do we Need Blockchain in the News Ecosystem?
The limitation of existing media companies was that their business model was limited to providing content and collecting advertising revenue. However, with the expansion of the Internet industry and ecosystem, portal sites and SNS platforms experienced accelerated growth, and new forms of news media entered the space. The revenue structure of the media has weakened, and the maximization of exposure has become the main revenue model. This has caused the volume of information distortion and fake news to rise.
When PUBLISH encountered blockchain technology, they thought that the concept of decentralization and the case of content services such as Steamit could be a platform that overcomes the limitations of existing media companies, allowing service users to earn rewards. The limitations of Steamit’s copyright issues and DPoS model were clear, so the company decided to promote the adoption of blockchain by constructing it so that verified participants (media companies) could participate. This also allowed them to supplement the limitations of copyright and content quality.
Luniverse, the Blockchain Service Platform for a Reliable Consortium
The Luniverse team started discussing solutions with PUBLISH shortly after the launch of the service in 2018. PUBLISH had tried to build a service using various public blockchains on the market, but they found that there were limitations. This was due to the instability and operational risks of existing blockchains. Lambda256 was able to provide technical support and business collaboration in the Korean region, and Luniverse was able to provide a Consortium-based blockchain platform. The Consortium model provides benefits that public blockchains can only dream of.
In the future, when blockchain becomes popularized, it will be more efficient and convenient to develop using services such as Luniverse rather than starting development from scratch without any background knowledge of existing public blockchains.
About PUBLISHalliance
Publish Inc. is building a blockchain-based media consortium consisting of media companies, related technical resources, and academic institutions to promote the recovery of the media industry through blockchain technology. Through Publish Inc. Alliance, Publish Protocol will be able to set a new industry standard for blockchain-based digital news platforms and promote its development and global market adoption. In addition, members of Publish Inc. Alliance will support the robust growth of Publish Protocol through their accumulated presence and expertise in the field of distributed ledger technology and existing digital news. Currently, 64 media partners are participating in Publish Inc. Alliance. (Source – Publish Inc. Official Homepage)
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