With $5 million in funding from ConsenSys, Civil’s use of blockchain technology unlocks two key benefits for journalists publishing on the platform: permanence and self-governance.
The platform also has an underlying economic incentive model to promote quality journalism, Matt Coolidge, Co-Founder of Civil told Journalism.co.uk.
Built on top of blockchain (the identical technology that underpins bitcoin), Civil harnesses the technology to build decentralised marketplaces for readers and journalists to work together to fund coverage of topics that either interest them, or for those in the public interest.
“Our core value proposition when we’re going to speak to journalists is that we are trying to introduce a new funding model for journalism.”
Conversations with journalists about the potential of blockchain for innovation in the media industry have largely changed over the past few months, added Coolidge, as people become more aware of the technology and its potential benefits.
Launch publications include Windy City Reporter, a daily alternative to the Chicago Tribune and Sun-Times, that aims to provide “everything a newspaper used to provide but no longer does”.
As a reader, there are several levels of engagement available once a newsroom has piqued someone’s interest. Financial support can be offered through Civil in various currencies, of which the platform does not take a cut.
You can listen to Journalism.co.uk’s podcast involving Civil’s Matt Coolidge below: