Blockchain media startup Civil will be introduced in February, with an aim to use blockchain and an ethereum-based token to set foot into the online news industry. Not to forget that the startup had faced failure in their CVL token sale earlier this year.
In a new blog post from the media startup, Civil co-founder Matthew Iles wrote about the company’s vision and future path. He wrote, “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 a craft, but collaborate on infrastructure.”
Civil operates as a blockchain-based platform for journalism with intentions to build a new media ecosystem with its native CVL token. It is designed to help participants achieve financial sustainability and consolidated trust in journalism.
In this reboot, Civil will not set a deadline or any hard or soft caps. Notably, earlier this year CVL token sale witnessed a failure. At the time, Civil raised only $1,435,491 in CVL tokens from 1,012 investors. Here, additional 1,738 buyers registered for the sale, but they never completed the transaction.
As Civil states, CVL tokens can be deployed to take part in governance and to launch a newsroom. Also, it will be used for readers to support newsrooms. The tokens will be available for sale on a recurring basis until the company sells out all 34 million tokens for public allocation.
With that, Civil is also introducing two tools named Civil Registry and the Civil Publisher. Both the tools are drafted to contribute in the functions of the newsroom. Moreover, The company reveals that it will provide services through 18 newsrooms. It also claims that over 50 more newsrooms are expected to join by February. Civil aims to add 1,000 small to midsize newsrooms across the world, By 2020.
Reportedly, Civil co-founder and spokesperson Matthew Coolidge expressed, “This is driven by doing a lot of user research after the token sale and ensuring that we heard and transparently responded to major feedback wherever possible.”