Friday, February 3, 2023

Civil Blockchain Newsroom Platform Gets $5M Investment From ConsenSys

Civil Blockchain Newsroom Platform Gets $5M Investment From ConsenSys

New blockchain newsroom platform Civil was just awarded $5 million in funding from ConsenSys, the world’s premier venture crypto studio. This more-than-modest funding will go toward helping Civil get its self-governing journalism marketplace off the ground.

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Civil first announced the impressive funding milestone through a press release on Wednesday, October 25th. The move brings the company’s revolutionary newsroom network closer to reality and furthers ConsenSys’ mission to back the most innovative decentralized applications in the space.

In a statement to the press, Civil co-founder Matthew Iles was unsurprisingly optimistic:

“By providing the economic incentives and governance structures for newsmakers – writers, editors, photographers, fact-checkers  –  to self-organize, Civil offers a new business model for journalism.”

Civil Newsrooms Will Be Blockchain Collaboration At Its Best

ConsenSys devs at work.

The way Civil will pay and organize their contributors is what’s really interesting. The platform, again, will be set up as a self-governing marketplace.

This marketplace will host a variety of user-curated newsrooms. Readers may then sponsor the newsrooms and individual journalists they like most using the platform’s associated CVL tokens

This means journalists will be responsible for operating their own newsrooms, and readers will have a direct stake in realizing the hard-hitting, crowd-sourced news they desire.

Think of it like a thoroughly collaborative sponsorship process.

Readers now have the opportunity to:

  • back specific journalists
  • sponsor particular investigations
  • use the blockchain for real-world, societal good

This collaborative-dependent model will mean editors and journalists will directly use the blockchain to work hand in hand to deliver the clean, factually airtight stories the era of fake news desperately needs. In theory, this dynamic will allow Civil’s platform to be:

  • censorship-proof
  • resistant to misinformation, propaganda

And, per Civil’s press release, an independent advisory board of top-notch journalists will ensure that the Civil platform always remains exemplary:

“Civil’s independent journalism advisory board will govern the platform overall, in order to ensure that fair, objective, professional standards are met throughout the network.”

Interested Journalists Can Sign Up Now

The platform is putting $1M of its new funds toward funding “First Fleet,” the team’s initiative to hire some of the field’s best journalists to come run new, decentralized newsrooms.

Interested journalists can apply for a position in Civil’s First Fleet here.

Where do you stand? Does Civil have a really interesting economic model, or are you not so sure? Sound off in the comments below!

Images via TheNextWeb, ETHNews

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