Civil, a blockchain based journalism platform launches. The platform noted in a blog post that it is set to make an impact on the world stage through the use of a decentralized network to create an alternative model to support journalism.
Using Blockchain Tech To Restore Trust In Journalism
Civil stated in the blog post that it is utilizing the blockchain tech to restore trust in quality journalism. The platform is a network of news organizations and supporters committed to a free press, civil discourse, and public accountability. Trust will be restored with its self-sovereignty and cooperation as noted in the post.
Also, the platform is bringing something new to journalism. In recent time, the journalism world is gradually getting eroded with the power of centralized platforms like Facebook, YouTube, and Twitter. In 2019, over two thousand journalists have lost their jobs in the US only.
The Civil Ecosystem
The civil ecosystem has its native token known as CVL, and it represents the voting power of users in the ecosystem. This is now available for sale on the platform since the 6th March and its civil membership. On the 6th of March, the 34 million CVL token was priced at $0.20 per CVL. Every token sold will trigger a slight increase in price until the last token is sold for $0.94 via a transparent, fixed and linear slope as noted in the blog post.
Further, the blog post stated that the company would direct 100 percent of its net proceeds to an independent nonprofit organization, a civil foundation that supports ethical journalism on a global scale.
Also, the firm will be introducing two tools which are the civil registry and the civil publisher. The civil registry is an app that enables any newsroom to apply to be a civil newsroom with the self-governing community. The civil publisher enables civil newsroom to veritable index data about their publications to the network. About 100 newsrooms are reported to have signed up to join the platform.
CVL Sale, Not A Token Sale
Civil noted in its blog post that the recent development on its platform is not a token sale. This is referring to their ill-fated initial launch last year August when its token sales targeting $8 million failed. The firm was able to raise only $1,435,491 in CVL tokens from 1,012 investors, while an additional 1,738 buyers registered for the sale, but never completed the transaction.