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360 Blockchain Inc's Pressland prospect aims to debunk "fake news" through platform

Last updated: 13:10 30 Nov 2017 GMT, First published: 08:10 30 Nov 2017 GMT

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Donald Trump has been an outspoken critic of what he calls 'fake news'

360 Blockchain Inc (CNSX:CODE) told investors that its prospect Pressland, a media directory, of which it plans to buy 70%, will relaunch next year as a blockchain-powered platform aimed at fighting so called fake news.

"Pressland plans to relaunch in Q2 2018 as a blockchain-powered platform for fighting fake news and building greater transparency in the media," 360 said today.

"Since the most recent U.S. presidential election, "fake news" has posed a serious threat to the credibility - and bottom lines - of social media platforms, such as Facebook, and has driven distrust in mainstream media outlets. Pressland will fight this threat by building a blockchain-powered platform for media transparency," it added.

Last week, the firm revealed it had penciled an agreement to acquire 70% of Pressland from Chaotic Neutral LLC.

Blockchain is issuing 2mln shares to Chaotic Neutral in two tranches in return for the stake, and has the option to purchase the remaining 30% within one year.

The purchaser will also provide US$250,000 in working capital to Chaotic Neutral in two tranches, with half of that up-front and the remainder within four months of the deal closing.

"Pressland will operate as a reward economy built on our own cryptocurrency token," said Jeff Koyen, 360's strategic advisor.

"Using this token, planned to be issued in Q2, 2018, we will incentivize Pressland community members to contribute intelligence, insights and other verifiable data about media outlets and media figures.

"This data will then power a suite of tools designed to debunk fake news on other platforms, such as Facebook."

Pressland was launched in 2015 as “Yelp for Media”, a crowd-sourced directory of nearly 20,000 media outlets and professionals.

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