Undeterred by its failed token sale, Civil is maintaining its efforts to create a new economy for ethical journalism using cryptoeconomics and blockchain technology. But will its incentive structure promote that?
On Monday, October 15, Civil's token sale came to an end[1] without having reached its soft cap of $8 million. Undeterred, the company is moving forward and plans to hold another, more accessible token sale.
The Civil platform is chock-full of big names and impressive resumes at every level. It's backed by ConsenSys; it boasts collaboration with AP and Forbes[2]; its newsrooms[3] are run by journalists and editors from well-respected outlets and institutions; and its Civil Council[4] is stacked with industry veterans. There's no question the platform has a lot of backing from people who matter.
Perhaps this time around the sale will be more successful, but the company will need more than a successful token sale and a qualified team of journalists to accomplish its mission to create a new economy for ethical journalism. Once people buy the tokens, there has to be a solid incentive structure to promote the desired outcomes. In other words, Civil needs a solid cryptoeconomic model.
The Cryptoeconomics of Civil's TCR
Cryptoeconomics – a term used to describe the study of economic incentive models in blockchain systems – is a relatively new discipline in a state of rapid flux due to ongoing technological evolution, experimental learning through trial and error, and theoretical political/philosophical development. One blockchain-specific economic incentive model that falls under this area of study is a token-curated registry (TCR).
The Civil platform hosts newsrooms using a TCR called the Civil Registry. Despite the nascence of the discipline, there's been a good deal of commentary on TCRs, and
