The deal will see ConsenSys, the leading global blockchain venture studio, committing $2.5 million in capital and $2.5 million in services in support of Civil's newsmaking platform.
Civil is building a collaborative newsroom platform for the gathering and dissemination of news using blockchain technology and crypto economics.
The blockchain-based platform will create an open marketplace, enabling a direct relationship between journalists and readers.
In the self-governing marketplace, readers can directly subscribe to Civil-hosted publications using Civil's cryptocurrency or “CVL” tokens to sponsor individual journalists, investigations, and stories.
With the platform, Civil is offering a new business model for journalism by providing economic incentives and governance structures for journalists of all types to self-organize.
Its goal is to basically create a self-sustaining global marketplace for journalism that is free from advertising, fake news, and outside influence, possibly reinvigorating the digital media landscape by putting power back in the hands of journalists and readers.
As a leader driving the development of the Ethereum ecosystem worldwide, it makes total sense why ConsenSys is happy to partner with Civil on this venture because the newsmaking platform is being built on the Ethereum platform, the most advanced manifestation of blockchain technology. Ethereum is the venture production studio’s primary focus.
The newsmaking platform and its CVL token sale will launch simultaneously in early 2018 with live newsrooms including Popula, an alternative news and culture publication.
Journalist, editor, and entrepreneur Maria Bustillos, whose writing has appeared in The New Yorker, The Awl, Harper's, the Guardian and The New York Times, will manage the Popula newsroom, where he will be joined by Sasha Frere-Jones, Ryan Bradley, Aaron Bady and other well-known journalists.
Initially, the platform will focus on local, policy and investigative reporting.
Civil's independent journalism advisory board will govern the platform, in order to ensure that fair, objective, professional standards are met, protecting journalists against censorship and intellectual property disputes while fostering transparency across the network.
Along with ConsenSys, Civil is partnering with the crypto economics advisory team at CoinFund, and editorial strategy firm Old Town Media to launch the platform, tokens, and newsrooms.