I am about to bite off way more than I can chew in this short program. So I beg forgiveness in advance for some very simplistic definitions. Feel free to fill in after I’m done.
The future of journalism has been a recurring topic here for years. One exciting new possibility is bring blockchain technology, the foundation of the modern digital money called cryptocurrency, to journalism. OK, simplistic definition of blockchain. Think of it as a public record that is checked and verified by many different people before it is permitted to be made permanent. Anything from monetary values to information can be stored on a blockchain. The advantage is that once the whatever is included, it is virtually hackproof by anyone.
I’m pretty sure I’ve touched on the concept before. A company called “Civil Media” is trying to bring blockchain and cryptocurrency to the journalistic world as a way to raise funds for the support of the reporting and as a way of restoring trust in the journalism being done.
The goal was to sell digital currency. The technical name for that is “cryptocurrency”, which is based, again, on blockchain technology and is protected through the use of cryptographic code, which makes it more secure. The best known cryptocurrency is called Bitcoin, which you have probably at least heard of. Civil Media’s cryptocurrency goes by initials, CVL. When you buy CVL, you are A: Making an investment, just like buying stocks or bonds, B: Investing in journalism startups, and C: Getting the ability to vote on the quality of the work being done by the startups.
That all sounds pretty complicated, and the ICO, or initial coin offering, by Civil Media didn’t live up to projections. The goal was $8 million, and the deadline figure last week only came to $1.4 million. That’s the bad news. Investors will be given several options, including moving their investment to a new, and simpler, offering coming later this year.
The good news is that Civil Media has already made agreements with 14 newsrooms to receive funding under this system. And those newsrooms, along with four new additions, will be getting a second round of funding in advance of the second ICO. Forbes has also agreed to experiment with the system. All of that is very good news indeed.
All of which creates the opportunity for an exciting future for journalism and the vitally important role it serves in our free society.
And that is very good news indeed.
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