This is not equity sale so I am presuming that the SEC has no interest. The liquidity of the tokens (converting back to a fiat currency) depends on the activity in the ecosystem. Validators receive tokens form Civic to validate the credentials of a user; Users (like you and me) receive tokens for sharing our identities within the system; and other participants (who consume our verified identification details) pay in tokens (which they buy using a fiat currency). Did I get it right Ben @bentossell ?
@bentossell@ravsydney Very cool, thanks for explaining! Still lots to learn about crypto :)
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And is the sale an "exit" by founders or do you plan to use the funds for further development of the platform and market for the tokens? @vinny_lingham
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And over time, the value of the tokens increase. Sorry if I sound dumb - still getting my head around crypto currencies.
Congrats on the upcoming ICO, @vinny_lingham! When did you have the idea to do an ICO? What are your recommendations for other startups considering it?
@eriktorenberg Thanks Erik. It's always been something that we wanted to do, so in about January we decided that this would be the right time for us. I recommend that companies that are Blockchain or network businesses shoud consider this model for building network effects.
With the sale of tokens, is it first in best dressed or some other way of allocation for over subscriptions? @vinny_lingham
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Very interesting. Want to try it
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Could you use Civic to identify a person and their home address? Application I'm thinking of is an app that allows residents to vote on key issues that their local politicians are going to vote on. Then these votes get sent to the politicians.
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@parkerwoodward your idea could be created on other blockchain tech. Civic would allow the person to identify themselves as living at that home, because they validated with the post office for example. That voting token on the other blockchain could use that identity token to make sure there was only one vote from that house. Its a network of trust.
Still working through the whitepaper so I could be completely wrong. :)
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@vinny_lingham while reading your white paper, you described your Civic Secure Identity
Platform as SIP. Not sure you know that the acronym is also known as Session Initiation Protocol (SIP) is one of the most common protocols used in VoIP technology.
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