Is it possible to create a Facebook experience in print medium?

Journalism has not changed much since two hundred years despite revolutionary changes in enabling technologies. Do we still need some editorial guys who would sit as censors & select news that we may want to read. Facebook is democratic, lots of people put out stories from their own domain that many others may see & read if they wish to. I believe it is possible to have such a product in print medium, please share your valuable opinion on various pros & cons of this project. I have been thinking of creating a newspaper that would publish 'news' contributed by any member

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