The Internet changed how we view information. One area that saw substantial profits shift from centralized news agencies to independents like online bloggers was journalism. In fact, Twitter and Facebook became a favorite choice for obtaining the news.
Cryptocurrencies are said to be doing the same thing for digital transactions that the Internet did for information. But what happens when employed journalists realize that digital information and online transactions can be integrally connected? Journalists in Denver are about to find out.
The Colorado Sun partnered with Civil Media Co. Together, they are using blockchain technology to record their website data. The goal is to foster a new business model centered around journalists. Readers will enjoy an ad-free news source and gladly support the employee-owned enterprise.
Many in the industry are taking notice of what is going on with these Denver journalists. They might just be paving a way that leads away from fake-news social media and toward responsible news reporting. Certainly, being held accountable by readers, rather than a slow-moving regulatory body, will prove decisive.
The innovative partnership was born out of necessity. News agency revenue substantially decreased. Freedom from the pressures of corporate interests and the world of advertising is enticing. Additionally, the layoffs of good reporters, compounded by editorial interference, forced the Sun to take a serious look at blockchain technology.
Developing a news agency on a blockchain will allow The Colorado Sun to be transparent and accountable. This type of blockchain news model permits dynamic revenue streams. Direct contributions and mission-specific projects are among a profit model that will drive decisions. Readers will be empowered to verify stories. Articles will be protected from censorship and deletion. Trust will be fostered
Civil Media approached the disgruntled team at the Sun. While a bit hesitant at first, going with blockchain technology proved to be the best option. As the days and weeks progress, this project is becoming a very exciting venture. The platform the Sun and Civil are building will be decentralized and independent of the intolerable influences that reporters faced in the past. More and more, experienced journalists are flocking to this news revolution.
Started by Civil’s funding, along with a Kickstarter venture, the Sun has taken off. Once these funds have been exhausted, it will be up to the Sun’s reporters to produce the types of stories that spur readers enough to subscribe, invest, and donate to keep the project running on the blockchain.
Civil will not take a percentage of the transactions. It plans to release its crypto token, called CVL, this summer. Voting will be granted to token holders to determine how the project develops. For instance, voting would be instrumental in determining if a new publication will join the effort.
While blockchain may take the spotlight at times, for the Sun, Civil, and journalists in Denver, it is about a return to the type of responsible journalism that once opened the eyes and minds of readers across the world.