Crypto journalism startup Civil has announced its own closure
Backed by Ethereum incubator ConsenSys, blockchain startup Civil announced its own closure after four years of existence.
Civil intended to bring an element of decentralization to the realm of journalism and, according to CEO Matthew Illes, did create an innovative product, but “failed to sustain itself on its own.” Such a message is now displayed on the home page of his site instead of the main content.
The main goal of the project was to create a “self-governing marketplace” for journalism on the blockchain. Publishers were supposed to create a trusted media space based on the CVL token that they and other users would use for staking and decision making. The project has partnered with several well-known news agencies and media outlets, including The Associated Press and Forbes.
In 2017, Civil raised $ 5 million from ConsenSys, but subsequently lost support from the company and failed in an attempt to raise funds through an ICO. The Civil team will continue to work as part of ConsenSys to create software for decentralized identification on the Ethereum blockchain.
“While Civil’s journey is over, our new team continues to develop cutting edge technology that I believe will help create a better version of the Internet,” Illes writes. “This is not the result we expected, but, nevertheless, we are proud of our work”.
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