BeinCrypto spoke with Patrick McConlogue, CEO of Overline Network. He discusses the future of the media space, where decentralization determines our content.
Overline Network is a cross-chain trading platform with great ambitions. It claims the title of “the only exploitable multichain chain in the world”. Its main proposition is to provide the interoperability that the blockchain space lacks as simply as possible.
However, he is not only interested in finance. Earlier this year, Borderless Services Inc., the main maintainer and holding group manager of Overline, offered $ 700 million to buy Forbes.
This is part of a larger plan to bring media and crypto together, thereby disrupting the current relationship between media and the public and the status quo.
Start with wireless communication
A key part of McConlogue and Overline’s plans for the future is focusing on one piece of material.
As their website describes, it is a “secure wireless device for commerce and uncensored communications without an Internet or cellular connection.”
While McConlogue hasn’t explained any intricate details of this device on file, his goal is to remove barriers to entry into crypto, such as the need for internet access. This is particularly important for emerging markets.
As McConlogue’s specifics on the details and “coming soon” note on Overline’s website express, that era of wireless communication is still on the horizon. However, this type of access is important to the media landscape McConlogue envisions going forward.
“TV is horrible”
On the media front, McConlogue taps into the sharp slowdown in content production and consumption today.
“Human attention has not yet been properly monetized. The only way it’s monetized is through ads, ”he says.
As such, he imagines a world where your attention is valued, not only existentially but rather financially.
“Imagine that every time you watched something that was truly educational, you earned credit for it. So rather than just consuming and getting nothing out of it, the first thing we do is let media companies tag their content and then reward people for letting people prove that they can or can know. something on a topic, ”he said. said.
In turn, he sees this upsetting the current weight held by those who perceive the most outrage or view followers as the greatest credibility factor.
“The way to improve the Internet is to start with [people saying] ‘hey, I know a bit about this. I can prove it. I can prove it because Sky did an oil rig special and I saw all six pieces. So by letting people earn credits for watching things, you can even do some really interesting things, ”he says.
As such, this is where the media interest of a multichannel exchange comes in. McConlogue’s goal, through initiatives like the Forbes offering, is to bring the ability to easily shift media culture away from mediocre advertising algorithms and media built for hype rather than value.
Building from the inside, not without
In most of the crypto world, the idea is not to change the system but rather to create a new one. When it comes to his goal of changing the media, McConlogue sees the introduction of crypto into legacy media as an easier path.
“So coin founders think that their coin just exists and it doesn’t. It could have been the case in 2015, like you’re bringing value to the world just because you save or because you staking or whatever. It won’t work anymore, and it just doesn’t work. In fgeneral. It is actually much more difficult. You have to be the underlying thing. Something heavy, something big, ”he said.
With this philosophy, he sees the introduction of a play in a traditional press house as a simpler way to bring the benefits of decentralization to companies long centralized. By building on the “heavy” influence and space that these companies already occupy.
“When you bring a coin into a business, it’s great. It’s super fast. Everyone is suddenly on the same page. As if it was a good plan. Let’s do something with it, ”he said.
“The decentralized world is a fixing solution and it only affects finance. So we know that if you can touch a whole new category, there is so much you can do, ”he says.
Creating value for all
An important factor in these changes that McConlogue envisions is the vital issue of access. It’s one thing to imagine a future where users earn tokens and quite another to implement it effectively.
In some form this has already been tried with the current technology available. Symbolic journalism was one of the first ideas proposed for blockchain, especially during the ICO boom in 2017.
For example, in 2018 Civil Media started out as one of those early blockchain media companies. It aimed to allow journalists to create their own independent newsrooms. It closed in 2020 after failing to meet its goals of bringing truth and financial stability to the industry.
For McConlogue, this is where the material side of Overline changes the game. Acting as a “wireless miner” and mesh network combined, it offers more than just freeing a room.
“The wireless side is the reason why the [decentralized] the economic model is working. If you use one of these nodes, you’re at a point where everyone gets their news and trades, ”he explains.
“I’m sure you’ve heard of Binance and FTX. These companies make all the money. We can take that and share it with our little media network because all of our fees and routing costs don’t come back to us as a centralized company. They go to our people who hold these Overline nodes, ”he says.
“So it’s no longer enough to be a coin. You have to be an economic system.
Looking ahead behind the scenes
Overall, building a token-based blockchain media empire can be used to help an industry that has been suffering the consequences of the rise of Web 2.0 for some time.
Whoever provides the solution to declining income, misinformation, public interest and participation is likely the next kingmaker in the evolution of media.
While McConlogue and Overline have the ambition, until the material is released and tangible changes are made to Forbes, it remains a multi-channel trading platform with big dreams.
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