Yesterday, the world 's most ambitious media block chain company was very publicly embarrassed. It was the last day of public token sales for the Civil Foundation, a media project that uses block chains to launch a new generation of ad-free media startups. However, when the time came to sell the token at its center, the project was shortened. Civil had originally planned to raise $ 24 million, promising that if it raised less than $ 8 million, the money would be returned. In final accounting, less than $ 1.5 million was used in tokens, and more than $ 1 million came from ConsenSys, a citizen direct investor.
The company was responsible for unnecessarily complicated token purchasing processes and promised to try again. We will return the donation before the reconstituted sale is completed within the next few weeks. But the result is still a miserable start to a project that is struggling to gain momentum in the cryptocurrency world.
However, according to Civil CEO Matthew Iles, this experience has not made him think again about the key elements of the project. "We have not tested any foundations yet," Iles said. The Verge . "We basically knew that we would be different, and some of the families might have been off, but we miscalculated what would happen."
"We will regroup and we're fine," Iles continued . "Before the end of the year, thousands of people who have already participated in the first attempt will be with us and it will be the beginning of something." So when the spectator expects Civil to close his shop after a failed sale, the premise has disappeared .
In part, confusion comes from being confused with citizens. The sale of tokens was intended to raise funds for non-profit private foundations (nonprofit foundations) other than the profit-making Civil Media Company. Popula and Sludge were subsidized by venture funding media companies, but a lot of support is currently underway by the Foundation. In the long run, these publications usually plan to keep themselves on user contributions from either simple cash or citizen tokens. This week's sale is a matter of budget, and Iles says that the nonprofit's plan is already getting smaller as a result. But the rest of the network does not seem to mind much.
Wider, unsuccessful token sales are not good for everyone who holds tokens regarding everyone in the ecosystem. But it is abstract and long-term worry. Popula and Sludge did not rely on token sales to pay rent. And more specifically, it becomes difficult to tell exactly where to speak. There will be $ 20 million missing. The project still has $ 3.5 million from ConsensSys, which is split between a nonprofit foundation and a for-profit media company, but it is not that important when supporting 18 newsrooms and software development teams. At some point, money will be exhausted, but it is difficult to tell exactly when it will happen. If you believe in Iles, there will be plenty of time left.
Iles says, "Any new thing needs a kickstart." Any new thing needs a first sponsor. So we are the beginning of a long way. "
If all this sounds meaningless or confusingly complicated for you, you are not alone. In the blockchain world (not a stranger to a nonsensical complex pitch), the inability of the citizen to understand has become a running joke. Depending on the context, Civil's block chain could be a control mechanism, semi-censorship tool, or a micropayment system. Observers convinced that the Celine block chain is useful for validating date lines also Less convinced .
"Filecoin is a way for people to pay to run Dropbox on their computers.
"Utility-based tokens such as Filecoin are undoubtedly relatively simple compared to the most complex block-chain projects that have so far succeeded," said Iel. "Civil is a method of collecting accurate and ethical information to a minimum. We are complicated because it is important to work."