Civil, a decentralized newsmaking platform, today announced $5 million in funding from ConsenSys, the leading global blockchain venture studio. ConsenSys is committing $2.5 million in capital and $2.5 million in services in support of Civil’s newsmaking platform that enables a direct relationship between journalists and readers.
In Civil’s self-governing marketplace, readers may directly sponsor newsrooms, and journalists collaboratively run their own publications. Readers may subscribe to Civil-hosted publications, and will use Civil’s cryptocurrency or “CVL” tokens to sponsor individual journalists, investigations and stories, creating a new collaborative model for the gathering and dissemination of news. 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.
The blockchain-based platform and its smart contracts will protect journalists against censorship and intellectual property disputes while fostering transparency across the network. Meanwhile, properly incentivized collaborative editing and fact-checking will substantially limit misinformation.