Civil media, as a startup offering a cryptocurrency, have readers who can vote on whether newsrooms to submit the stories to the platform and announce the closing of their initial coin offering (ICO) and later they offer a refund to anyone who purchased their token form the company.
At later, the company merged to raise just USD 1.4 million from the nearly 3000 investors that were miles behind their soft cap of USD 8 million and even after it extends the ICO deadline.
In addition to this, the company said that the failure to meet the minimum in the crowdsale is ‘a setback for us, though not a shock’ according to the blog post by the CEO and founder Matthew Iles. In the present day, the Civil Foundation has USD 3.5 million in the funding and this will not include the funding which it will receive from the sale of CVL token. The company further state that we are here to build and we are excited about this new beginning.
After that, they announce a new token sale offer ‘very different from the last one and, we hope much easier.’ The blockchain software technology company ConsenSys run by the Joseph Lubin who is also co-founder and CEO at the Ethereum platform generate the average USD 3.5 million actually. The company yet not announce the dates for its second fundraising efforts but sit has said the first round backers which can choose between the refund and opting in for the second sale. Moreover in the last week, the Wall Street Journal also reports that the different major media organizations and companies include Dow Jones, the Washington Post, and the New York Times that decline the offer of Civvit to take participate in the project. There are any other people who post their views and say about the cryptocurrencies.
One of the newest and easier token sale and use are needed by the start-up. The white paper of the platform also says that the kinds of token are used to incentive journalized for great quality standard at the time of publication at the company’s newsrooms. People who do not watch the points of using the token in such a case say a lot about it. At that time, a user said that, “What kills me about the project is that everybody there seems to mean well but is not absolutely overcomplicated constellation of terminology and organization. At the end of the day, what does it offer?”
There were many complaints and it becomes very hard to buy into civil which make it easier for you that you did not help. The company promises to update the community on the date of the new token sale that starts and helps to continue and participate in the Civil. They also say they are in the talks with other news organizations and people around the world. But the civil goes on to prove that the blockchain is not the buzzword which guarantees the more funding.