Blockchain Media Startup Civil's ICO Falls Flat

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Blockchain Media Startup Civil's ICO Falls Flat

30 Nov. 2018

Civil, a decentralized, blockchain-powered marketplace for journalism, shut its doors today. CEO Matthew Iles' blog post on the decision to replace the company's website.

The Ethereum incubator based in New York that supported Civil, ConsenSys, has absorbed the staff and technology behind Civil. Moving ahead, the team will focus on identity solutions based on Ethereum.

The ambitious aim of The Civil Media firm to sell its CVL cryptocurrency for $8 million was questioned by many.

It turns out that the doubters were correct. Civil failed to generate enough interest in its initial coin offering, which was intended to finance the company's efforts to use the blockchain to build a new market for journalism. The business declared today that all purchasers of CVL tokens would receive refunds by October 29.

The Initial Goal Of Civil

The 34 million CVL coins Civil aimed to sell only between $8 million to $24 million. On September 18, the sale started, and it ended yesterday. In the end, 1,012 customers spent $1,435,491 on CVL tokens. A representative for Municipal told TechCrunch that 1,738 additional purchasers properly enrolled for the sale but never really made a purchase.

Civil is persevering. A "new, simpler implementation of blockchain technology is in the works," according to the business, and information about it will be released soon. After distributing those new tokens, Civil will introduce three new features: a WordPress blockchain publishing plugin, a community governance tool called The Civil Registry, and a developer tool that enables non-blockchain developers to create apps that run on Civil.

The Extension Of The Main Stage

The e-Chat top management has decided to extend the main stage of the ICO till March 1, 2018. There are a few causes for this.

1) Concerning the e-Chat Ethereum fork, the e-Chat crew is still uneasy. As has previously suggested, the fork can occur immediately following the ICO. Because of this, e-Chat has launched a poll in which all users can choose to support or oppose the fork. Two more weeks of the initial coin offering will allow e-Chat users time to decide, and the staff will have a clearer understanding of the business, which is crucial for future development.
2) The team is currently recruiting ECHT on multiple Exchange platforms. Allowing users to trade ECHT as quickly even as ICO is over is a requirement.
3) The development team for the e-Chat messaging platform is close to implementing Smart Contract technology, and they take the technical aspect extremely seriously.

Benefits For Participants In ICOS

You can receive ECHT, which can be utilized on the platform later, by supporting the initiative right now. The expansion in need for e-Chat tokens will be clear as the number of e-Chat users rises. We anticipate that this will increase in ECHT price as well.

On e-Chat, lifetime storage can be purchased using ECHT. Long-term benefits of this token liquidation strategy include an increase in the exchange rate due to their low turnover.

For its users, e-Chat offers mining opportunities. This might also increase interest in ECHT and impact the rise of its market rate.

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