ConsenSys-backed blockchain media startup Civil has finally launched its native cryptocurrency CVL token, per the company’s announcement published March 1.
As indicated in the company’s website, Civil is a blockchain-based community-owned platform for independent journalism, comprised of global news organizations committed to advocating free press. In an effort to provide the global community with financial sustainability and promote trust in journalism, the project has also launched CVL, a proprietary token used to purchase Civil membership, which will also represent member’s voting power within the platform’s ecosystem.
As explained in the post:
“Thirty-four million Civil tokens will be priced by The Civil Media Company at $0.20 per CVL on March 6. Every token sold will trigger a slight price increase until the last token goes for $0.94 via a transparent, fixed and linear slope.”
According to the company, 100 percent of the generated proceeds will go directly to Civil Foundation, the community’s non-profit organization founded in an effort to promote ethical journalism across the globe. In addition, Civil members will also be provided CVL tokens equivalent to the amount of their monetary contribution to the foundation.
Concomitant with the decentralized platform’s launch, Civil will also be rolling out two new apps, the Civil Registry, and the Civil Publisher. As detailed in the announcement, Civil Registry is a tool that allows newsrooms to be a part of the Civil newsroom community, while Civil Publisher enables Civil newsrooms to index verifiable data vis-à-vis their publications to the blockchain. As it stands, roughly 100 newsrooms have already signed up to join Civil.
While Civil conceded that its ambitious plan to raise $8 million through an Initial Coin Offering has failed, reportedly raising only $1,435,491 in CVL tokens from 1,012 investors, with only 1,738 buyers registered for the sale, the company stated at the time that “a new, much simpler token sale is in the works.”
In August, Civil has inked a content licensing partnership with the Associated Press (AP), enabling AP to deliver the platform’s content, among which includes both domestic and international news, all of which would be accessible on Civil.