Wall Street Journal Issued Its Own Cryptocurrency
WSJ issued and then burned its own cryptocurrency to understand how cryptocurrency market works.
American business media outlet The Wall Street Journal carried out an experiment in the beginning of October: it issued its own cryptocurrency.
According to the author of the idea – Steven Russolillo, WSJ Coin was necessary to understand principles of cryptocurrency market’s operation and to attract new audience. WSJ was even going to sell subscription for cryptocurrency.
Hyperledger-based blockchain Iroha was used to issue a cryptocurrency.
The developers were planning to issue 8,4 billion tokens.
The media outlet issued two tokens and 150 physical WSJ Coins, distributed among participants of annual technological conference D.Live in Honk Kong. BitPesa service’s CEO Elizabeth Rossiello and former CTO of Ripple Stefan Thomas spoke out in favor of new digital currency. They said that a cryptocurrency created for publishing business had great potential.
Nevertheless, Neal Lipschutz who is responsible for moral issues asked to stop working on the project, that’s why WSJ Coin project was scuttled.
According to IMF, cryptocurrencies may damage world financial system.
To recap, bitcoin’s rate suddenly decreased to $6,280 yesterday, losing 4,28%.