On Jan. 14, according to an official press release, ConsenSys the Blockchain tech firm has joined news industry leaders so that it can contribute to the creation of a new revenue-generating news platform by WordPress. The new WordPress project called Newspack, an open-source publishing platform for news companies and ConsenSys has invested $350,000 in it.
The major global blockchain company has joined leading industry organizations through the investment. The leading industry giants consist of Google News, The John S. and James L. Knight Foundation and The Lenfest Institute for Journalism. For the first-year funding of the initiative WordPress’ parent company Automattic and its partners, Spirited Media and News Revenue Hub have secured in total $2.4 million.
ConsenSys will also provide the new publishing platform with a blockchain-powered native plugin for Civil, apart from investing in the world’s most popular website management system new proof-of-concept (PoC) initiative by WordPress. Civil will allow any interested newsroom to join its community-owned journalism network backed by ConsenSys and also archive their content on decentralized storage systems.
Civil Media claims to deploy cryptocurrency to save journalism and is a ConsenSys-backed firm. The company raised $1.4 million In October 2018, in an initial coin offering (ICO) out of a targeted $8 million. However, Civil refunded the money, since the goal was not met, but it had also announced plans to launch in February 2019 despite its failure to meet the target.
Having bought 80 percent of the tokens that were sold, ConsenSys reportedly turned out to be the largest buyer of Civil Media (CVL) tokens. Civil had noted in October 2018 that it would create a blockchain-publishing plugin for WordPress.
The WordPress online content management system (CMS) which was released in 2003, including Time.com, CNN and Quartz it is used by more than 60 million websites. Claiming that unlike credit cards and PayPal, Bitcoin has no central authority and also no way to lock entire countries out of the network, the WordPress added Bitcoin (BTC) as a payment option for its CMS upgrades back in 2012.
However, stating that Bitcoin was lower in priority, the company subsequently shut down the Bitcoin payment option in 2015, while noting that the company was still a big believer in Bitcoin and it might add its support back in the future.