Alas, Blockchain Won’t Save Journalism After All

Jonah Engel Bromwich:

Civil took its currency to market in September for a month. In the end, it fell short of the minimum number of tokens it had hoped to sell by more than $6 million. Of the approximately $1.4 million worth of tokens the company did sell, about 80 percent was purchased by ConsenSys — the blockchain software company that underwrote Civil in the first place. It was as if an Olympic weight lifter said that, at a minimum, he’d be able to clean and jerk 400 pounds, and then did not manage to move the bar more than an inch off the ground.

Of all the “blockchain will save ____” this has always seemed the most dubious. I mean, we all love the general idea here — that crypto will enable micro-transactions that pay for individual bits of journalism/writing to finally make sense — but, we’re still a ways a way from this reality. I’d imagine a long way.


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