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Civic Token — Access to identity verification via the blockchain
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@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.
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
@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.
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.
@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. :)
With the sale of tokens, is it first in best dressed or some other way of allocation for over subscriptions? @vinny_lingham
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
https://genius.com/Naval-ravikan...
and
http://tim.blog/2017/06/04/nick-...
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.
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.
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