Civil, the high-profile, blockchain-backed attempt to nurture nascent digital news sites, is shutting down. It’s “the end of Civil,” he said. Iles and his seven-person tech team will be folded into Civil’s main investor, blockchain studio ConsenSys, to develop new product strategies. Vivian Schiller, a well-traveled and well-respected digital news executive who had been president of the related Civil Foundation, left to head media and technology programs at the Aspen Institute at the start of this year. Civil was launched in 2017 at the height of enthusiasm for blockchain virtual currency. MORE ON CIVIL: Civil wants to use cryptoeconomics and blockchain to build the future of news. MORE ON CIVIL: Civil tries a relaunch but blockchain and a complex ‘constitution’ remain In the early days of Civil’s launch, top news organizations were open to a relationship. “We had been trying to scope out a project with Civil related to registering and tracking photos,” Jim Kennedy, chief of strategy for the Associated Press, wrote in an email. The Civil Foundation lined up nine A-list digital news veterans as a Civil Council. I do think the state of the art in supporting necessary journalism in a time of great need has advanced quickly during Civil’s three-year lifespan.SHOW LESS
Civil’s goal for their first token sale: Sell 34 million CVL tokens for between $8 million and $24 million.
The sale began on September 18 and concluded Monday night, October 16.
1,012 buyers purchased $1,435,491 worth of CVL tokens. Since they didn’t meet their goal, refunds will be issued to all buyers.
Civil is going to try again. The company says “a new, much simpler token sale is in the works.” Details to be shared soon.
Here’s the post from Civil: What’s Next For Civil.
It’s no secret that the economics of 21st century journalism is in trouble.
Hari Sreenivasan from PBS in NY explores an attempt to use blockchain for the purpose of solving two major issues with modern journalism:
- The growing trust gap between consumers and news organizations
- Financial sustainability
The New York-based startup Civil launched last year with the goal of using blockchain — the same technology that powers the cryptocurrency Bitcoin — to help to build a network of independent news organizations with a sustainable business model. Civil hopes to create a new economy for journalism, including its very own cryptocurrency, the “CVL” token.https://www.pbs.org/newshour/show/can-blockchain-help-fill-journalisms-funding-gaps
Civil.co describes itself as “The Decentralized Marketplace for Sustainable Journalism.”
Its mission is “to help power sustainable journalism throughout the world.”
“We believe in a new approach that takes advertisers and other third-party interests out of the equation, enabling journalists and readers to connect directly and focus on telling impactful stories.”Continue reading “Civil: A New Journalism Paradigm on Blockchain”