Civil, the startup putting journalism on the blockchain, is trying again. After failing to raise nearly as much money as it had hoped in a token sale in October, Civil is holding another token sale with what it hopes is a simpler process that allows people to purchase tokens on a rolling basis.
Civil has spent more than a year developing a platform that allows people to use tokens to help direct the coverage of participating news outlets. For example, token holders can send tokens to publications on the Civil network whose coverage they enjoy, or they can use the tokens to vote on changes to the code of ethics that governs those outlets.
This time around, however, people don’t have to purchase tokens to support Civil—a requirement that confused some would-be donors during the first token sale, CEO Matthew Iles told The Information. And the company is no longer expecting proceeds from the sale to fund its operations. Mr. Iles said Civil will be raising venture capital from investors. Currently, cryptocurrency firm ConsenSys is Civil’s main backer.