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The Industry Standard—the once high-flying, and then hardest-falling, magazine of the dotcom era—is relaunching today in a public beta, nearly seven years after the original media outlet went bankrupt. It would be all too easy to write this off as a counter-indicator signaling that the current Web 2.0 mania has peaked. And perhaps that is exactly what it is. The brand carries with it so much baggage that it may be difficult to move beyond what it stands for in the collective consciousness: the excesses of Silicon Valley.If its parent, IDG, had not bought the assets of the original Standard out of bankruptcy court for about $1 million half a dozen years ago, the site would have been called something completely different and the comparison would never be made. But they weighed that baggage against the potential boost they hope the site will get from the brand recognition the name still commands even after all of these years.

This time around, though, The Industry Standard is a Web-only property with decidedly less ambition and a new twist on generating content from its audience. The site will cover some of the same ground as its predecessor (Internet businesses, online media, venture capital). But it will focus more on analysis than news, and involve its audience in making collective predictions about industry and company trends through a prediction market set up as a simple betting pool.