Civic Token

Access to identity verification via the blockchain

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Civic was launched on Product Hunt around a year ago. The Token crowdsale goes live on June 21 2017 and is highly anticipated. Especially as the recent interest in these types of token sales/ICOs. About Civic: Civic’s model allows for on-demand, secure and lower cost access to identity verification via the blockchain. Background and personal information verification checks may no longer need to be undertaken from the ground up every time a new institution or application requires one. The Civic Ecosystem Incentivizes only trustworthy Identity Verification (IDV) providers, for example, banks, utility companies, amongst many others These entities will be able to verify the attributes of the identity of an individual or business and attest to those attributes on a blockchain Through the use of smart contracts, Validators will be able to price their identity verifications and offer them to other participants, resulting in a robust and decentralized identity verification ecosystem Civic's Token Validators receive CVCs when other participants utilize their attestations to prove identities Users receive CVCs for providing their data more securely and privately through the ecosystem All categories of participants can utilize CVCs for identity-related products and services provided by Civic and third parties through the ecosystem Token details: Maximum cap on crowdsale: $33 million Total token supply: 1 billion (1,000,000,000) CVC, of which: 33% sold in the tokensale 33% retained by Civic 33% allocated for distribution to incentivize participation in the ecosystem 1% to cover tokensale costs Ethereum ERC20 token Purchase methods accepted: BTC and ETH
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 ?
@hyunlee @ravsydney There are far smarter people out there better positioned than me but lots of ICOs are being held in places like Switzerland because of some issues. My limited understanding (I'm still in sponge mode) is that tokens are issued, you buy them but it does not grant you ownership in the company. After the launch of the token you (as a cryptocoin owner) hope the value goes up so that the value is higher than what you paid for. Some launches have terms around them to stop being selling them straight away though. As I said, I'm still in sponge mode but there are a ton of articles and podcasts to dive into and are great places to start (the podcast show notes have a TON of great resources)
@hyunlee @ravsydney @bentossell this is not an equity sale and open to anyone, including US residents.
@bentossell @ravsydney Very cool, thanks for explaining! Still lots to learn about crypto :)
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
And over time, the value of the tokens increase. Sorry if I sound dumb - still getting my head around crypto currencies.
Awesome Vinny. All the best @vinny_lingham