Civil says the future of media is blockchains and cryptocurrencies – By Mathew Ingram – Columbia Journalism Review

Civil’s infrastructure, including its version of a crypto-currency, is based on Ethereum. When the platform launches in the spring, it will do an “initial coin offering” that will give its staff—including a number of journalists the company is in the process of signing up as contributors—an ownership stake. And Civil tokens will also be used to pay journalists who distribute their content through the platform.

Iles says he originally got a journalism degree and wanted to become a journalist, but then got pulled into the marketing industry. He and his wife created a digital marketing company they later sold, and he started looking for something else to do.

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“I had continued to follow the discussions around the state of journalism, and I was struck by how far off the mark everyone was as far as the next thing that was going to save journalism,” Iles says. “No one went to the root cause, which was that journalism needed a new business model. The leading digital advertising companies [Facebook and Google] were the distribution point, and they were just continuing the spiral journalism was going down.” As he learned more about Bitcoin, Iles says he became convinced that it provided the opportunity to reinvent journalism for the Internet era, and to wean the industry off what he believed was a toxic reliance on advertising, onto a crowdfunded model.

“I thought we’ve wrapped the world in beams of light with the Internet, and that structure should be a boon to journalism, and free and independent journalism for that matter,” says Iles. “I thought we needed to think more radically, that the existing business model couldn’t just be tweaked back into the service of journalism.”

Civil has raised a total of $5 million from a fund called Consensus Systems that specializes in crypto-currency investments, including a startup called Ujo that is focused on bringing blockchain to the music business.

Maria Bustillos, a writer whose work has appeared in The New Yorker and The New York Times, is one of those who has signed on to be part of the platform, where she will be running a Civil-based digital magazine called Popula. Among the writers she has lined up are Sasha Frere-Jones, a former writer for The New Yorker.

via Civil says the future of media is blockchains and cryptocurrencies – Columbia Journalism Review

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About David Lindsay Jr

David Lindsay is the author of "The Tay Son Rebellion, Historical Fiction of Eighteenth- Century Vietnam," that covers a bloody civil war from 1770 to 1802. It was published by Footmad and Cherry Blossom Press on September 11, 2017. Find more about it at TheTaySonRebellion.com, also known as, DavidLindsayJr.com.
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