Wall Street Journal Creates and Destroys Its Own Cryptocurrency
October 8, 2018
The Wall Street Journal (WSJ) has created and then destroyed its own cryptocurrency in attempt to comprehend the industry.
As journalist Steven Russolillo expected, WSJ Coin would shed light on the growing crypto economy but was finally issued in a set of two.
After holding his speech at the Hong Kong conference Russolillo was favored by the BitPesa CEO Elizabeth Rossiello and Ripple ex-technical director Stefan Thomas who acknowledged the potential of the crypto asset targeted at journalists and men of media.
“If you lower the cost of moving money around, the entire economy changes … ‘How do I pay for a news article online?’ changes”, Thomas put as an example.
Russolillo has joined his efforts with Japanese developer Makuto Takemiya to apply Hyperledger Iroha blockchain as the basis for the WSJ Coin. They have also agreed on 8.4 billion coins of issue volume having taken medium emission figures of the ten major cryptocurrencies by market capitalization.
The currency was successfully issued and the two coins were spent to pay for two beers at local bar.
But when Russolillo proposed investors a full-fledged emission, the head of the WSJ cancelled the project. Neil Lipschitz , ethics and standards editor, told that the WSJ Coin has touched on some ethical issues.
“We’re not in the business of getting into the cryptocurrency world; we’re here to report it and to explain it, just like we report on banks but we don’t go out and start a bank. We’re not going to create a currency.”