Calacanis’ latest, Project X, Kokua?

Jason Calacanis, co-founder of Weblogs Inc., and now an entrepreneur-in-action at Sequoia Capital is working on a new company called, Project X. Valleywag published some details about the company earlier this week, that has the apparent backing of Mark Cuban, Jon Miller (ex-AOL) and Sequoia Capital, amongst others.

An anonymous tipster tells us that the new company could go under the moniker, Kokua. Kokua, apparently means to help or guide in Hawaiian.

When we checked Calacanis does own the domain and we also saw some interesting screen shots of the new company, though it is hard to say if they really are authentic. While Calacanis didn’t deny the fact that he owned the domain, he declined to comment on further speculation about the nature of his business. (Disclosure: I am one of the dozens of advisers for TechCrunch 20, a conference being put together by Jason Calacanis and Michael Arrington)

An unconfirmed outline of the company appears after the fold, and please treat it like that – unconfirmed speculation.

The new company apparently is said to be a blend of Wikipedia and podcasting with a focus on highly lucrative segments like automobiles and video games. Each segment is likely to have a host (compensated perhaps) just like The host would do a show and build a community that will also help populate the Wiki.

Highly-focused niche content is becoming more valuable these days where Google’s search results leave you clicking in confusion. From a more practical standpoint, the videos and contextual content can generate better AdSense dollars and higher video advertising revenues.

Given that Calacanis has built two studios – one on the left coast and one in New York — our tipster may not be that off the mark.