Decrypt, a major cryptocurrency and blockchain publication funded by ConsenSys, is launching a new token to reward users for engaging with its content.

The new Ethereum-based Decrypt token will allow Decrypt readers to earn rewards in render for reading and sharing articles equally well every bit other types of interactions with the company's content. As officially announced on March four, readers will be able to exchange collected tokens for goods and services including Amazon and Airbnb.

Decrypt plans to roll out the new token as early as the second quarter of 2022.

Decrypt token will act as a utility token pegged to a fixed mapping of "any value token" on Ethereum

In club to launch the token, Decrypt partnered with crypto micro-transactions provider and Ethereum-based token infrastructure supplier Ost.

Jason Goldberg, founder and CEO of Ost, emphasized to Cointelegraph that the Decrypt token volition act "purely as a regulatory compliant utility token," which means that the reward token won't be tradeable on secondary markets like cryptocurrency exchanges.

Goldberg too specified that Decrypt token will basically represent a stablecoin every bit its price volition be fixed using Ost technology. The executive stressed that the value of the Decrypt token would be based solely on a fixed mapping of any value token on Ethereum. Goldberg explained the "stake and mint" process to Cointelegraph:

"Using Ost applied science it'south possible to create a fixed mapping of any value token on Ethereum to a utility token on Ost'southward layer 2 Ethereum chains. Whatsoever ERC-20 can exist used as the base token, e.m. DAI, USDC, ETH, or the OST token  In the Pepo app for instance OST is used equally the base token. The mapped conversion rate can be set equally desired upon setup of the Decrypt token and then it's locked into the smart contract forever."

The new token will exist distributed in "seasons" in capped daily amounts

Josh Quittner, editorial director and co-founder of Decrypt, outlined that the Decrypt token is in response to the "broken" advertising model in the media. Co-ordinate to the executive, the token will permit the company to meliorate its editorial integrity in an extremely competitive surround amongst publishers by providing a new approach to sponsorship. Quittner said:

"Publishers take been forced to compete for a dwindling slice of advert by chasing clicks and practices that can lead to compromises in editorial integrity. By partnering with Ost, we've been able to build out an innovative arroyo to sponsorship where users read the content they care well-nigh and advertisers don't get in the way–they add existent value."

Specifically, the token will be used as a method of monetizing relationships with advertising partners. Equally Decrypt tokens will be released during certain periods known as "seasons," each season will exist co-sponsored with an ad partner and users will be able to collect tokens across seasons and store them in their in-app wallet.

Matt Hussey, the Decrypt editor who authored the Decrypt token annunciation, specified to Cointelegraph that the house plans to set a daily limit for the number of tokens per user. According to Hussey, Decrypt has not yet determined what catamenia of time constitutes a "flavour," and is still working out whether they would prepare a specific full amount of rewards per season.

According to traffic analytics website SimilarWeb, Decrypt has around 710,000 monthly visits to date, with a 101,341 rank globally.