After First ICO Failure, Civil Announces The Second ICO For CVL Token In February
After Failing In The First ICO, Civil Announces The Second ICO On February
The two intersections that Civil sits on currently is decentralized economies powered by blockchain and quality journalism. According to the company, both are volatile and face the wrath of established institutions who wish such decentralized products don’t see the light of the day. However, Civil realizes that they are vital to establishing a more open, trustworthy and transformative society for tomorrow.
There were many skeptics about Civil’s ambitious plans and they turned out to be right. Civil’s ICO, in which it aimed to raise $8 million, meant to fund the company’s effort to create a new economy for journalism using the blockchain, failed to attract sufficient interest. The company then announced that they will provide refunds to all CVL token buyers.
There was a detailed discussion following the first failed token sale which included the Civil team, our newsrooms, partners, community members, and close advisors. From these meetings, they were able to conclude one thing, that the company needs to focus on journalism.
Taking a look back at their earlier attempt, the announcement said:
“Civil was never about ICOs and tokens, or even blockchain. We’re about community-ownership, transparency, and trust. We believe journalism (and media at large) should compete on the craft, but collaborate on infrastructure. Technology is a critical means to an end, but we let it overwhelm our message, complicate our experience, and distract from our core objectives. We won’t make that mistake again.”
Now, they have plans to rebuild their execution strategies, which they have developed through feedback from the company.
What Is Expected Of The Early February Launch?
The upcoming launch will feature the following core tools:
- The Civil Registry application is the backbone of Civil’s community-run model, and it’s where prospective newsrooms can apply to join Civil. This is where you’ll find a list of all community-approved newsrooms, as well as the place to see whether a newsroom has been challenged (or where you can launch a challenge yourself).
- The Civil Publisher is a WordPress plugin which allows journalists to permanently index and archive their work to the Ethereum blockchain, as well as to IPFS.
The CVL token enables cooperative ownership and governance on the Civil Registry.
Currently, there are 18 newsrooms signed up to the platform and 12 more have announced to join it, which includes a well-known brand. Their focus currently is to onbord small and medium sized outlets.
Matthew Coolidge, the co-fonder of Civil said:
“Our initial focus is on catering to independent journalists who want to tap into this larger community, and have a more deliberate reason to access their peers, and to get cheaper rates on services like licensing AP content or hiring custom WordPress devs.”