Why Civil’s response to its failed ICO sets an excellent example for blockchain projects

Civil, a project focused on revolutionizing journalism through blockchain technology, recently shared some thoughts on their failure to reach their $8m soft cap ICO target. The project had received lots of media attention and was already partnered with Forbes to help the magazine publish cryptocurrency related articles on the blockchain as a test pilot.

What is Civil?

Civil is a decentralized marketplace for sustainable journalism. Their protocol limits the need for 3rd parties like advertisers and centralized publishers to influence how news is created and distributed. Civil’s goal is to support independent newsrooms that are focused on producing high-quality local, international, investigative and policy journalism.

Although companies failing to reach their ICO target is nothing new, it’s clear that the current bear market has made it more difficult for sophisticated, well promoted and better-partnered projects to reach their targets. Bloomberg reported in September that ICO funding had reached its lowest point in 16 months, with just $326million raised by all ICO’s in August.

icos_raised

Retail investors have become more skeptical about whether they can earn profits from investing in ICO’s. As long as the crypto markets remain unregulated, and frequent reports about failed blockchain projects continue to surface, ICOs will likely continue to have a hard time replicating the success of 2017.

Despite the failure to reach their target, Civil’s blog post sets an excellent example of how blockchain projects ought to respond to failed ICO raises. The company acknowledged and thanked the “Nearly 3,000 people who were willing to jump through the hoops required to buy CVL tokens”. They stated that they would be implementing a “newer, much simpler token sale” in the near future, and provided CVL token buyers with the option to opt into the new sale, request an immediate refund, or be automatically refunded by October 29. The company also ensured their followers that they were well funded to continue pursuing the project despite the ICO setback.

Plan B for failed ICOs

In a climate where most failed ICO projects simply disappear or scramble to come up with a plan B, Civil is displaying a unique level of transparency and planning that should be expected from all companies, especially those committed to increasing transparency in industries like Journalism and Banking.

The Civil community is still supporting them, as many investors even offered to have Civil keep their funds despite not reaching the soft cap target.

Although details on the new, more straightforward token sale have yet to be disclosed, the commitment from members of the Civil community should only help the team succeed in hitting their soft cap target during their next public fundraising round.

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6 Facts About Changpeng Zhao (CZ Binance) You Probably Didn’t Know

Changpeng Zhao, popularly known by his cool moniker CZ, is the CEO of Binance, the world’s largest crypto exchange. Binance grew from an idea to the biggest market for crypto trading in just a few months. CZ, who loves wearing black, turned into a crypto billionaire pretty quickly, becoming a sensation in the world of blockchain.

Let’s take a look at some interesting facts about him.

CZ Rose to Fame in Less than 180 Days

Binance was founded on July 1, 2017. It became the biggest crypto exchange market in the world in a little under 6 months. Its initial coin offering was Binance Coin (BNB) that started at around ¢11 and now is valued around $10. It was over $24 in January this year.

He Worked on Another Trading System before Founding Binance

In 2005, Zhao was in Shanghai, where he founded Fusion Systems. It was a trading platform for brokers. He started his crypto journey in 2013 with blockchain.info. In 2014, he sold his Shanghai apartment for about $1 million to use this money on Bitcoin.

He Loves Binance and wears Binance

Well, this goes without saying. After all, he founded the company. But the fact is that he loves it so much that he isn’t passionate about houses or cars, but only Binance hoodies and T-shirts. He doesn’t own a single car or a house. But check him out in his mostly-black clothes. And since he’s generally seen in black, we’re guessing that’s his favorite color – like Steve Jobs.

cz_maltaAlways wears Binance and black. With Malta’s Prime Minister. Source: Twitter

The Lambo Giveaway

He seems to love rather unusual marketing tactics. Binance has offered several promotions. One of them had a Lamborghini as a giveaway! While CZ himself isn’t interested in cars, his company’s promotional methods have generated a lot of attention. Although we’ll have to give it to his marketing chief who came up with this idea.

lamborghiniThe LAMBO Giveaway

He Worked at McDonald’s

CZ was born in Jiangsu, a coastal province in China. His parents moved to Canada soon after he was born. As a teenager, he started working to help with the household expenses. In the 1980’s, he joined McDonald’s and flipped burgers to help his family.

Later, he went to McGill University and studied Computer Science. He was also passionate about stock markets and trading, which made him choose this career.

mcdonaldsSame Colors? McDonald’s

He’s Minting Money Now

Worked at gas stations and McDonald’s, and he’s here now. His company, Binance, is expected to rake in about $1 billion in profits in 2018 alone. While big cryptocurrencies such as Bitcoin, Ethereum, and Ripple saw a little downfall in their values this year, Binance has been booming and is making big bucks for CZ.

With such unprecedented success, Zhao has become a crypto star, and rightly so. His company, Binance can easily handle 1.4 million transactions each second.

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London Gold Association (LBMA) To Track Gold Movement Via Blockchain

TL;DR

  • London Bullion Market Association (LBMA) recently attempted to find a way to make the movement of gold more transparent and modernized.
  • The use of blockchain technology presented itself as one possible solution, with 26 companies contacting the Association regarding possible cooperation.
  • Instead of choosing a company to work with, the LBMA will create a set of standards that service providers have to meet to become qualified for consultation.

The continuous embracing of blockchain technology has found yet another big use case in an attempt to solve real-world problems. This time, the new use case includes plans for tracking the movement of gold via blockchain.

The idea came from the LBMA (London Bullion Market Association), which aims to improve and modernize transparency in the industry. After going through an approval process, various companies will be able to track the movement of gold through the use of blockchain technology.

Gold that is mined illegally, or used for financing conflicts will be excluded from the plan.

Tracking gold via blockchain

The plan was initially created due to reports of US refinery accepting large amounts of smuggled gold. This was reported last year, with claims that the billions of dollars’ worth of gold came to the US from South America.

Following these reports, LBMA asked for proposals on gold tracking, as well as methods of preventing forgery. The problem was presented to 144 LBMA members, who represent most of the largest banks, gold refiners, and dealers in the world.

While considering different methods of solving the issue, LBMA members pointed out that multiple other sectors started using blockchain for its various use cases. Some of them include tracking shipments, as well as quick transaction processing, and the ability to store and share vast quantities of data.

Blockchain’s potential for improving the shipping industry immediately stood out, especially after reports of IBM partnering up with a shipping firm Maersk for this exact purpose. Additionally, several diamond firms such as De Beers already started using this technology for tracking their products.

After deciding to explore the use of blockchain, the LBMA received up to 26 offers from various companies, including startups and large, established firms alike. Sakhila Mirza, the executive board director at LBMA, did not name any of the companies that contacted the Association. However, sources familiar with the process stated that one of the firms is IBM itself. IBM has yet to comment on this report.

Companies will have to meet a set of standards to qualify for collaboration

According to Mirza, LBMA will likely not endorse any particular firm. Instead, the Association plans to create a set of rules that will be applied to technology providers. That way, it will be criteria that decide which companies are to be employed for their blockchain solutions.

The Association was searching through proposals for several reasons. While it is essential to be able to track gold from mines, bank vaults, jewelry shops, and alike — it also needs robust security features that will be able to prevent forgery.

It should also be noted that the LBMA did not insist on using blockchain technology. However, most of the responses seem to indicate that tracking the supply chain is the biggest concern, one that can be resolved relatively easily with blockchain.

For now, the LBMA has to prepare a first draft of the standards that would help decide which companies should be consulted regarding the use of blockchain. The draft is expected to be ready during the first half of 2019. The process of approving these companies, however, is not likely to start until later in 2019.

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