Civic is a blockchain-based identity management platform that allows for on-demand, secure, low-cost identity verification. Civic already has a functioning product – Android and iOS apps are available (although user ratings and comments suggest it is may still be a little bit buggy). The company recently introduced its CVC token for use in providing and receiving identity verification-related services on the platform.
Civic’s ecosystem incentivizes trustworthy Identity Verification (IDV) providers, such as banks or utility companies, to verify and attest to the identity attributes of an individual or business by enabling them to price and offer their verifications through the use of smart contracts. Validators receive CVCs when other participants utilize their attestations to prove identities, while users receive CVCs for providing their identification data more securely and privately through the ecosystem. All participants can utilize CVCs for additional identity-related products and services provided by Civic or third-parties.
With Civic, a user’s personal data is never stored neither on a server nor in the blockchain – only attestations to this data are written to the blockchain. After Civic verifies a user’s identity via a trusted third party, the data is encrypted and stored solely on the user’s device, and can be accessed only via biometrics or the user’s chosen level of security. Users can review requests to obtain their information and choose whether to approve or deny these requests.
Civic launched its token sale on June 21 and reached its goal of $33 million within a couple of days. Of the 1 billion CVC tokens created, 33% were offered in the public sale, another 33% will be distributed to companies and users to accelerate network growth, and the remaining 33% will remain in the company’s inventory and be made available for sale only after three years. Civic has already allocated over 20 million tokens to more than 20 partners for adoption and growth of the network, and its strategic partners include Augmentors, Bayonet Technologies, Bankcoin.global, BnkToTheFuture, BitGo, C.O.S.S., Doc.ai, Injii, Jaxx, Keynua, Lykke, Propy, REIDAO, ShapeShift, RSK, StockTwits, SweepSouth, TokenMarket, Turo, Inc., WikiHow, Xapo and Yola.
Civic is headed by CEO Vinny Lingham, and CTO Jonathan Smith. Lingham is the founder of digital gift card platform Gyft (which was acquired by First Data Corporation in 2014), and of Yola (a website builder and website hosting company), and a co-founder of SiliconCape, an NGO based in South Africa that aims to turn Cape Town into a technology hub. He is also a Bitcoin Foundation board member and a Shark on Shark Tank South Africa. Smith has over 15 years of experience in banking and technology including positions at Genpact Headstrong Capital Markets, RBS Global Banking and Markets, HSH Nordbank, and Deloitte. The company’s technical advisors include Matt Roszak (co-founder and chairman of Bloq), Jeff Garzik (co-founder and CEO of Bloq), Juan Benet (founder and CEO of Protocol Labs), Diego Gutiérrez Zaldívar (co-founder and CEO of RSK Labs), Anthony Di Iorio (founder and CEO of Jaxx and Decentral, founder of Ethereum), and Jeffrey Paul (hacker and speaker, founder of EEQJ and datavibe.net).
Given its team’s experience and expertise, clear business and technical models, and focus on building its user-base and verification provider network, Civic looks like a promising solution to identity management utilizing the blockchain. Still, numerous other solutions also exist (check out Let’s Talk Payment’s listicle, for example), and more are likely to emerge.
|Token Sale Dates||Token sale has already ended|
|Total Supply||1 billion (1,000,000,000) CVC in total, 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.|
|Raise Limits||$33 million|
|Technical White Paper||https://tokensale.civic.com/CivicTokenSaleWhitePaper.pdf
Clear and concise presentation of business, tech, and ecosystem design.
|Team||Experienced, accomplished, well-known.|
|Location||Palo Alto, CA, USA|
|Prototype||Android and iOS apps available.|
|Token Rights||Providing and receiving identity related services on the platform.|
*Disclosure – At the time of writing, cryptorated staff owned no Civic tokens.
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