Civic Token Sale a Huge Success with $33M Raised
Civic’s successful Crowd Sale was held on June 21, 2017. $33m in digital tokens designed to provide purchasers with access to an identity verification ecosystem were sold. The Civic token sale was one of the most widely distributed sales to date, with over 50,000 prospective purchasers and approximately 8,000 successful purchasers worldwide, in stark contrast to other recent token sales that only included a few hundred people.
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.
The Civic Ecosystem
In order to embrace our vision of creating a truly decentralized identity ecosystem, the Civic Token (CVC) was launched. Civic’s ecosystem incentivizes trustworthy Identity Verification (IDV) providers. These entities are able to verify the attributes of the identity of an individual or business and attest to those attributes on a blockchain.
Utilizing 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.
- 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.