ConsenSys, a Blockchain tech firm collaborates with news industry leaders in order to create a new revenue-generating news platform on WordPress. Dubbed as Newspack, ConsenSys has reportedly invested $350,000 in the new WordPress project.
An official press release published on Jan. 14 announced the collaboration over an open-source publishing platform for news companies. iWth this investment, ConsenSys has joined leading industry organizations such as Google News, The Lenfest Institute for Journalism and The John S. and James L. Knight Foundation.
Reportedly, WordPress’ parent company Automattic and its partners Spirited Media and News Revenue Hub have secured $2.4 million in total for the first-year funding of the initiative. ConsenSys has not just invested in the new proof-of-concept (PoC) initiative by WordPress it will also aid the new publishing platform with a blockchain-powered native plugin for Civil.
Civil, will enable any interested newsroom to join its community-owned journalism network and archive their content on decentralized storage systems. Backed by ConsenSys Civil Media claims to deploy cryptocurrency to save journalism. The company managed to raise $1.4 million in an initial coin offering (ICO) out of a targeted $8 million, in October 2018. Since their goal was not met, Civil refunded the money and plans to relaunch in February 2019
According to reports, ConsenSys was the largest buyer of Civil Media (CVL) tokens, buying around 80 percent of the tokens that were sold.
As for the WordPress, released in 2003, the online content management system (CMS) is used by more than 60 million websites today, including Time.com, CNN and Quartz. WordPress added Bitcoin (BTC) as a payment option for its CMS upgrades in 2012, claiming that “unlike credit cards and PayPal, Bitcoin has no central authority and no way to lock entire countries out of the network.”
The Bitcoin payment option was shut down in 2015, citing that Bitcoin was lower in priority. It was added that the company was still a big believer in Bitcoin and might add its support back in the future.