New York-based media startup Civil, announced the establishment of Civil Studios, an ambitious project that aims to redefine the business of journalism.
If you’re having a hard time understanding this, that’s because it is pretty confusing. It’s not easy to explain what Civil’s blockchain-meets-media project is, but we’ll do our best. Civil’s project can be best summed up in the words of Mathew Ingram, former senior writer at Fortune magazine:
Civil, founded by Matthew Iles last year, is building what it hopes will be an open marketplace for journalists, scheduled to launch in the spring of 2018. The building blocks of the project are blockchains and a bespoke cryptocurrency, a system of “tokens” that will both fund the development of the platform and compensate writers and editors.
What Civil wants to build is a combination of a publishing tool or platform like Medium—where anyone can post content and reach a broader audience—and a crowdfunding system like Patreon or Kickstarter. But all in a place that has been designed specifically to support independent journalism.
The main idea of the project is to create a new type of media economy, which is reliant on Ethereum-based tokens (a spin-off of Bitcoin), to fund noteworthy reporting. If this works, it could lead to a decentralized editorial model wherein all the important stories can be funded. This will also make news and information hard to remove off the Internet, which usually happens when a media firm goes bust, because the articles are stored on the blockchain.