The CVL Token Sale Will Begin September 18 — Here’s Why
I’m sharing an important update today: The CVL token sale will now begin on Tuesday, September 18. We initially announced it would begin on August 13, but we decided to extend the registration window.
Our mission is to power independent journalism throughout the world, and to do that, we need to build a global community of people who care about journalism, and who believe that Civil has a real chance to help restore trust and sustainability within the industry. From day one, Civil has sought to become one of the first truly mainstream applications of blockchain technology — the catalyst for people who have otherwise never heard of it, or dismissed it as a passing trend, to give it a closer look. A working knowledge of blockchain or cryptocurrency should not be a prerequisite for those who want to participate.
Beginning next week, we’re hosting daily webinars to clearly walk through the CVL token sale process (you can register here). It’s like the Genius Bar for blockchain!
We heard from our growing community, many of whom have never purchased cryptocurrency before, and we decided we need to give people more time to prepare in a responsible, secure way. It’s been a largely positive experience since announcing our token sale two weeks ago, though not without a healthy dose of skepticism. We get it. Civil is not the easiest concept to digest on first glance, but we do believe it has the power to help transform the struggling journalism industry by creating a more trustworthy, sustainable model. Not one controlled by a duopoly of tech giants, but one that’s owned and operated by journalists and citizens directly.
Supporting the Necessary Steps for Acquiring CVL
It’s with this feedback in mind — from people who sincerely want to participate in the Civil network, but who are understandably intimidated by the process of purchasing cryptocurrency for the first time — that we decided to extend the registration process. Since July 18, you’ve been able to register on Token Foundry, our ConsenSys partners who will be conducting the CVL token sale. As of tomorrow (August 3), you’ll be able to register to purchase CVL tokens there as well.
Given that the latter half of August and early September are a popular vacation time for much of the world, we decided to begin the sale on September 18.
Beforehand, you’ll need to take a series of additional steps. But don’t worry, we just bought some more time, and we want to help you.
If you’ve never purchased cryptocurrency before, here’s what you need to do first before you can purchase CVL:
- Set up an account on Coinbase, a trusted exchange where you can buy ETH (the cryptocurrency you’ll need to purchase CVL)
- Install MetaMask, a tool that will let you purchase ETH from Coinbase, and then easily use that to purchase CVL from Token Foundry
- Register with Token Foundry to become eligible for the upcoming CVL token sale.
Token Foundry is a ConsenSys-backed token design and development platform, complete with KYC/AML compliant standards and consumer token practices defined in collaboration with The Brooklyn Project. The registration process will ask you about your knowledge of cryptocurrency and it’s safe usage. Not sure about this? Learn what you need to know here.
We recognize this isn’t straightforward, but it’s not too difficult either. It’s just new for many, many people, and it’s going to take time. We’re committed to supporting you every step of the way.
Remember, we’re hosting daily webinars to clearly walk through the process outlined above (you can register here). You can also email us 24/7 with questions on the process.
Adjusting Our Hard Cap, or the Maximum Value We’ll Accept for CVL
As we announced two weeks ago, we’re selling CVL as a consumer token. That means that anybody who purchases CVL must demonstrate they understand how CVL works and that they intend to use it for its stated purpose: curating a network of high quality, ethical newsrooms. We are explicitly seeking users for this network, and reserve the right to block anybody who appears to be acquiring CVL for passive investment or speculative purposes.
Based on this decision, we’ve also decided to adjust our “hard cap” — the maximum value we’ll accept for the 34 million CVL tokens made available for sale — from $32 million (measured in the ETH people contribute in the sale), to $24 million. This is driven by CVL’s consumer token nature, and our analysis of the market since we made our initial announcement. After careful consideration, we’re confident that we will attract a large enough network of mission-aligned individuals and organizations who are committed to participating in Civil’s network, while effectively screening speculators out of the process, by setting the maximum contribution ceiling at $24 million. Our “soft cap” — the minimum amount we must raise for the sale to go through — remains unchanged at $8 million.
Civil Is The Community For People Who Care About Journalism
We’re in uncharted waters here. I’m not talking about The Civil Media Company; society is at a crossroads. Journalism is currently under attack as an institution that cannot be trusted. The model that has sustained it for so long is failing, and those in control don’t care about journalism — they’re just trying to turn a profit. That’s how we end up with 200,000 U.S. journalists — and counting — losing their jobs since the turn of the millennium, and public trust in the media lingering near historic lows. The incentives are broken, and non-journalists are calling the shots, increasingly using the growing vacuum once filled by quality news organizations to weaponize disinformation and manipulate public opinion.
Our mission from day one has been to power independent journalism throughout the world. We intend to do so by pioneering a new model, one in which a global network of participants manages and evolves a framework and currency for ethical journalism. To do so, we need to attract a network of people passionate about restoring trust and sustainability within the journalism industry, which is currently facing an existential threat like never before.
It’s time to flip the script. Join the movement.
