After a quarrel with the media conglomerate Digital First Media, employees of Denver Post decided to establish an independent platform for journalism. The Colorado Sun will be an independent media platform on the blockchain.
With all the speculation about the share price development, the fight for short-term profits in day trading or the great hopes of the Hodlers, one often forgets that among (most) crypto currencies there is a groundbreaking technology. This can make it possible to create trust without middlemen. And this is exactly one of the greatest strengths of the Blockchain. The possibility to offer a transparent and forgery-proof structure. Whether this involves the administration of land register entries, ballots or supply chain data is of secondary importance in theory. In practice, however, this is not yet the case.
The Bitcoin loophole
Former employees of Denver Post have now decided to set up their own Bitcoin loophole media company. They want to make use of the advantages of blockchain technology. As the New York Times reports, the graduates of Denver Post decided to found The Colorado Sun in cooperation with the Civil Media Company.
Apparently, the initiators were dissatisfied with the desolate condition of their former employer. According to the New York Times, the company was in a state of „low morale“ after being taken over by the New York hedge fund Global Capital. The employees did not want to continue supporting this state of affairs. Denver Post had been taken over by Digital First Media. The media company, which owns more than 90 newspapers in the USA, had initiated extensive layoffs and „cost-cutting measures“ after the takeover. This quickly led to a rift: many employees who had not yet been dismissed decided to leave the newspaper voluntarily. And then to found The Colorado Sun.
Blockchain to Save Independent Journalism
It should be more democratic and transparent through the use of tokens. The website should be designed in an ordinary framework. The storage of the data takes place however over the Blockchain. In order to protect the rights of the authors in the long run, Civil, the superordinate enterprise, works with its own token. The CVL token is then intended to enable owners to vote on whether the respective content complies with the company’s journalism guidelines. This will allow ownership to pass to the community via the media platform, rather than giving it to a single company.
The team currently includes seven former employees of Denver Post. By the end of the year, 1,000 publications will have been published. Civil is supported by ConsenSys, which includes Joseph Lubin, co-founder of Ethereum.