A number of journalists who left The Denver Post with regards to issues with the paper’s owners have joined a blockchain based startup that plans to run 1,000 publication this year.
The former Denver Post employees will join forces with a startup known as Civil Media Company, whose sole investor is ConsenSys, a blockchain technology company established by Joseph Lublin, co-founder of Ethereum. The new publication will have a website with data written into a blockchain.
It is the aim of Civil Media Company to launch a token this summer dubbed CVL to assist in funding the new media group. Buyers of CVL will have the chance to vote with regards to whether its websites are meeting Civil’s journalism requirements, as stated in its constitution.
Matthew Iles, Civil Media chief executive noted that by providing ownership shares to the public, the firm eliminates the possibility of a small group of investors or a sole company putting dominance over a news outlet, something The Denver Post employees claim the owner is guilty of.
Iles expects that Civil Media Company will turn out to be a publicly owned journalism entity that anyone interested in an independent journalism across the world could join.
Civil plans to have 13 newsrooms released by the end of June nationally.
Larry Ryckman, previously a senior editor at The Denver Post, will be the editor of The Colorado Sun and has employed two senior editors and five reporters, all previous Denver Post staffs. Ryckman and Dana Coffield, one of the senior editors, left from The Denver Post in May.
A conflict between the editorial staff and the owner, Alden Global Capital arose following the publication of the paper of articles critical of the ownership.
Iles initially discussed the Civil project with Ryckman back in April when the hedge fund revealed additional dismissals at the newspaper. Ryckman noted Iles was keen to back local journalism with a new funding model.
Ryckman noted he is keen on establishing a publication on explanatory journalism that will include investigative and feature articles.