Civic builds an ecosystem that is designed to facilitate on-demand access, safe and inexpensive access to IDV services through the blockchain so that verification checks based on background and personal information no longer need to be taken from scratch each time.
What does the company / project do?
The example of use: the company offers a free sale of goods, which is suitable only for US citizens. The company cooperates with Civic and provides a QR code (or something of that sort), which verifies whether the participants are giveaway US citizens.
Participants who have a Civic account can quickly check the information using their civil account, without providing documents to the company that confirms that they are a US citizen.
How advanced is the project?
Civic already provides an application for its digital identification platform, known as the Civic Secure Identity Platform.
How can owners of tokens make money?
Tokens (CVC) will be used to perform transactions in services associated with IDV. CVC paid for by the transaction, applies to the validator and the user as a reward for exchanging information. The more use for CVC, the more valuable the tokens are.
Below is a diagram illustrating how the token is rewarded to users and validators:
1) Solves a real problem that can be used on a decentralized platform
– Now the identity check is a headache. You need to give so much personal and confidential information to different companies.
– The whole process is also very inefficient – often you send the same information again and again to different organizations.
– If you are in a cryptocurrency game, you know that you need to pass an account check on all exchanges. Not to mention the time it takes each company to check and approve the documents you sent.
– If Civic becomes successful, it will dramatically reduce the time and cost associated with verifying the identity of users.
2) Excellent team – Winnie Lingham, being a star in Shark Tank, attaches great importance to the project.
3) Unlike most ICOs at the moment, Civic already has a product – a secure application for identification. Although the application is still at an early stage, I can see how users can use this application.
– If you are performing an action (creating an account, making a purchase, etc.). In companies cooperating with Civic, the website will display a QR code that you can scan using the Civic application. Your identification will be checked immediately after checking the code.
4) The ICO structure aligns the playing field and ensures the participation of smaller participants.
5) There is a network effect for this project – the more users have a token, the more valuable they are.
1) Market capitalization of $ 100 million. The US is at the top level of the ICO. This can affect the speed of the marker movement.
2) Civic asks users for a lot of confidential information – some users may feel uncomfortable sharing so much personal information on an unproven launch. If this happens, the project will be difficult to scale.
In general, I like this ICO, because it can break a very inefficient and unpleasant process. My thoughts on buying tokens for resale and investing in the long term are as follows:
With long-term investment:
– Very good potential for the following reasons:
Vinni Lingam – a highly professional and experienced entrepreneur – this can significantly increase the chances of success of the project, as Civic will find it easier to find large corporations as partners.
I believe that in the past, authentication did not know much about innovation. If Civic is successful, it can break and greatly improve the current model, and in the meantime make a lot of money for the holders of the tokens.
- Useful links
Vinni Lingam, General Director
– A serial entrepreneur who previously founded the platform of digital cards Gyft, which was acquired by First Data Corporation in 2014. After more than ten years of experience in the field of e-commerce, he realized that no one has a universal solution to combat fraud with consumer identification.
– One of the “sharks” in the South African version of Shark Tank from 2014 to 2016.
– Funny fact: he invested in a company using bitcoin instead of dollars in November 2016.
Jonathan Smith, CTO
– More than 15 years of experience in banking and engineering. After a successful career in the most difficult and sensitive environments, Jonathan brings his talent for leadership in technology, innovation, and delivery to the world of digital identity.
Sales of token: from June 21 to 28, 2017
ICO Token Price: 1 (CVC) = 0.1 $
Collected funds: $ 33,000,000
Volume of token: 330,000,000
The first addition to the exchanges: July 17, 2017
Price: 1 (CVC) = 0.16 $