Civic for ICOs and Token Sales: Distribute tokens to the widest audience & reduce sybil attack risks
The world has changed significantly since the 2016-2017 ICO / Token Sales events and more and more jurisdictions require companies to go through Know Your Customer (KYC) processes before they can start accepting contributions to the sales events.
Civic set the standard last year with its Token Generation Event and has now launched a dedicated package for companies that want to run their ICO or Token Sale at 2018 standards. The New Standard for ICO Registration, Login & Know Your Customer ensures a safe, streamlined, fair and transparent sale process, while reducing the risks and costs associated with collecting and storing personal identity information.
By leveraging Secure Identity for ICOs and Token Sales, individuals can securely register or log into web and mobile apps without the need for usernames and passwords. Civic securely verifies each user’s email and phone number and encrypts them locally in the Civic app on their phone. Users can then securely scan and verify their identity documents such as a passport and driver’s license, and prove their accredited investor status (if needed). Only the true owners of a verified email address and phone number can create new accounts and participate in a token sale or ICO.
Once the Civic login is incorporated, existing Civic users can leverage Reusable KYC attestations, including scanning, verification of documents such as passports and driver’s licenses, and accredited investor checks, so they don’t have to re-upload and re-certify.
While it’s not easy to control who can buy your tokens, with Civic’s digital identity service, buyer uniqueness can be ensured. Instead of selling out in seconds to a few large buyers, smaller buyers can get access to tokens during a token sale or ICO. The resulting distributed ownership of tokens helps create and build the network effect.
Find out more here.