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. Civic already has a working identity verification product that is available worldwide. Civic has won Best New Startup award at the K(NO)W Identity Conference 2017. In order to embrace our vision of creating a truly decentralized identity ecosystem we now intend to launch a utility token known as the Civic Token (CVC)
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 (CVC)
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
Civic’s new ecosystem will reduce the overall cost of KYC, remove inefficiencies, enhance security and privacy, greatly improve user experience and disrupt the current identity verification supply chain.
- Reducing the overall cost of KYC (know your customer) - Improving user experience and disrupting the current identity verification supply chain - Protecting the privacy and security of user`s Personally Identifiable Information - CVC token is intended to act as a form of settlement between Validators and Service Providers within the ecosystem, it will also provide a means to incentivize all participants, including Users, to contribute to the ecosystem - Already has a working identity verification product that is available worldwide - Has won Best New Startup award at the K(NO)W Identity Conference 2017
May 25 2017
June 21 2017
June 28 2017
Expected start of trading
Attention. There is a risk that unverified members are not actually members of the team
$47 400 000
$56 457 071
$249 576 176
Opportunities: 1) Solves a real problem that can be benefited from the decentralized platform - Right now, identity verification is a pain in the butt. You need to give away so much personal and sensitive information to different companies. - The whole process is also very inefficient – oftentimes you are sending the same information over and over again to different organizations. - If you are in the cryptocurrency game, you know about the hassle that you need to go through verifying your account in every single exchanges. Not to mention that the time it takes for each company to verify and approve the documents that you sent. - If Civic becomes successful, it is going to dramatically cut down the time and cost associated with verifying users’ identity.2) Great team – Vinny Lingham, being a star on Shark Tank, lends a lot of credibility to the project.3) Unlike most ICO nowadays, Civic already has a product – the secure identity app. Although the app is still in an early stage, I can see how users can benefit from using the app. - If you are performing an action (creating an account, making a purchase, etc.) on companies partnered with Civic, the website will show a QR code which you can scan using the Civic app. Your identity will be instantly verified once the code is scanned.4) The ICO structure levels the playing field and ensures smaller participants can get in.5) There is a network effect for this project – the more users the token has, the more valuable they are.
Concerns:1) Market cap of $100 million is on the high end of ICOs. It may affect how quick the token price can move.2) Civic is asking for a lot of sensitive information from users – some users may feel uncomfortable sharing so much personal information to an unproven startup. If this happens, it would be difficult for the project to scale.
Conclusion:Overall, I like this ICO because it has the potential to disrupt a very inefficient and frustrating process. Our thoughts of the tokens for short term and long term are as follows:1) For short-term holding: - May not be that good because (1) the market cap is higher than most recent ICOs, and (2) the ICO structure allows pretty much everyone to be able to participate in it, reducing the demand for purchasing the token immediately following its trading on exchanges.2) For long-term holding: - Very good potential for the following reasons: i) Vinny Lingham is a high profile and experienced entrepreneur – this can dramatically increase the odds of the project being successful because Civic would have an easier time finding large corporations as partners. ii) I believe identity verification has not seen much innovation in the past. If Civic is successful, it can disrupt and dramatically improve the current model, and in the meantime, make a lot of money for token holders.
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