Connect with us

Ethereum

ICO Analysis: Civic Identity Verification’s CVC Token

Published

on

Since the incipience of blockchains and digital assets, digital identity has been a hot topic. Vinny Lingham, South African internet entrepreneur, foresaw the applications of blockchain technology towards digital identity and founded Civic, his blockchain-based identity platform. This only after he had much success transforming gift cards with bitcoin after founding the startup Gyft.

// -- Discuss and ask questions in our community on Workplace.

“Civic is building an ecosystem that is designed to facilitate on-demand, secure and low-cost access to identity verification (“IDV”) services via the blockchain, such that background and personal information verification checks will no longer need to be undertaken from the ground up every time,”

states Civic’s white paper.

Starting June 21 at 9am EDT, Civic will commence its token sale for the Civic token, or CVC.

“Participants in the ecosystem will use [the coin] to transact in IDV-related services. Civic hopes this ecosystem can reduce the overall costs of [Identity & Age Verification] IDV, remove inefficiencies, enhance security and privacy, greatly improve user experience and disrupt the current IDV supply chain.”

While many initial coin offerings are based on future promises, Civic, alongside its clear vision for the future, offers many services already.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Its digital identity platform, Civic Secure Identity Platform (SIP), can be accessed by downloading the Civic App. This allows users to verify an identity and become a Civic user. The Civic App makes it more difficult for hackers and other malicious groups to gain access to a user’s information.

Civic App

Source: Civic

CVC – Viability Assessment

Civic is viable at least for its own devices -which, if the platform’s design is functional and user-friendly as one would expect from Mr. Linghman, could be noteworthy.

“Civic’s token, or CVC, will be used as a form of settlement between participants to an identity-related transaction within the Ecosystem,” states the Civic white paper.

Users and transaction ‘Validators’ in the Civic model receive CVC as a reward for information sharing on the app. “The proportion in which they share the CVC is defined by the smart contract, and can be adjusted by consensus of the Ecosystem participants.”

CVC should incentivize participants, including users, to contribute to Civic’s Ecosystem and beyond. “Civic anticipates that the Ecosystem will develop such that Civic and third-party providers of identity-related products and services will offer those products and services to Ecosystem participants in exchange for CVC.”

CVC-holding Civic App users can use the token to purchase services native to the application. Civic can also build additional identity-focused services that can be exchanged for Civic tokens.

Source: Civic

Services include personal background checks; blockchain notary services; dark web monitoring and searches; access to individual credit reports, and peer-to-peer identity services.

CVC, according to Civic, has “a number of advantages over the use of existing tokens.” The blockchain-based startup writes, “[It] can be used across any number of jurisdictions, retaining a single uniform method of settlement.”

It states further: “Using a blockchain-based token makes it possible to perform settlements automatically and…within a smart contract.”

Civic writes that a specialized token to access identity services ensures stability and shields Civic’s Ecosystem from “extraneous considerations” that can lead to viability within a crypto-asset. All-in-all, buying CVC in Civic’s initial coin offering means buying into the notion that Civic’s platform improves efficiency and reduces the costs of doing business in the IDV industry.

“Organizations that have invested heavily in IDV services will have the opportunity to monetize their processes both inside and outside their core business areas,” concludes the white paper. “These reduced costs and ease of access to verifiable Users will likely encourage organizations to improve their processes to help combat fraud and deliver better services.”

End users will enjoy greater privacy and control of their personal information and identity, as well as other sensitive data, according to Civic. “Access to services will be faster and more seamless and users will be able to trust more readily services they are using,” states the startup. “Simply through participation in the Ecosystem, Users will earn tokens which will allow them access to a vast array of useful services that will ultimately help them protect and control their identity.”

The company suggests that its model can ensure “Proof-of-data ownership” to help people protect themselves against identity fraud. Organizations will be able to trust users without the need to retrieve and store data. “This new paradigm will ultimately reduce the risk of data breaches and dramatically increase the cost of committing fraud.”

That there are to be 1 billion CVC tokens might make the offering less attractive to certain investors.

Who is Behind Civic

Vinny Lingham is about as confidence-evoking as you can get in the space. His achievements are numerous and his analysis of the Bitcoin and blockchain industry has earned him thousands of followers in this new exciting frontier of fintech. When he opines, people listen, and oftentimes his price prophecies come true. (though, he his humble about his conclusions)

He sold Gyft, his bitcoin gift card startup, in order to start his identity verification company. Gyft represents one of the most successful early bitcoin businesses thanks to its innovation at the intersection of bitcoin and gift cards.

Blockchain appeared on Shark Tank in South Africa, for which Mr. Lingham is a judge. He invested in a startup using not dollar, but bitcoins.

The Verdict

The startup’s team, thanks to Mr. Lingham’s leadership, is one of the most trusted in the ICO-space. In an industry built on minimizing trust, there’s no understating how far this can go for a cryptographic asset such as CVC. Assuming liberal amounts of public blockchain holdings by an investor, Civic ranks 8 out of 10 in terms of interesting/good/probably-profitable investment.

Investment Details

The Civic token sale kicks off June 21 9am EDT at Tokensale.civic.com. “A fixed supply of CVC will be created during a token sale, with no mechanism for supply to be increased,” states Civic’s white paper. A ledger will be maintained for CVC. The token will be issued via the ERC20 Standard. They will be sold in lots starting at $50 to $25,000. 330 million tokens will be made available at ten cents per. Civic has reserved 110 million of the tokens – $11 million USD – for the crowdsale itself. The total supply – 1 billion tokens – will be split three ways: 33% for the token sale; 33% for company reserves; and 33% to incentivization for Community members.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

Justin O'Connell is the founder of financial technology focused CryptographicAsset.com. Justin organized the launch of the largest Bitcoin ATM hardware and software provider in the world at the historical Hotel del Coronado in southern California. His works appear in the U.S.'s third largest weekly, the San Diego Reader, VICE and elsewhere.




Feedback or Requests?

5 Comments

5 Comments

  1. fkohist123

    June 20, 2017 at 11:26 pm

    Given Vinny’s position against the speculation-craze does the author think Civic will ever be traded on exchanges?

    If so, what could be the possible implications on the price?

    • bananatrue

      June 21, 2017 at 11:32 am

      • fkohist123

        June 21, 2017 at 12:37 pm

        This means nothing to traders, your typical indemnity clause. It’s out of Civic’s control to prevent exchanges like Polo from listing CVC.

        The contract states they can revoke CVCs and migrate to another token. However, it’s not in their best interest to do this. It would be like slashing their own jugular.

        Vinny is aware investors aren’t buying $33m of tokens just to spend on ‘identity verification services’. The bottom line is speculators are the lifeline of ICOs.

    • Justin OConnell

      June 25, 2017 at 6:17 pm

      I suspect investors will trade CVC, as developers will be able to create the tools to make this possible.

  2. fkohist123

    June 23, 2017 at 9:10 pm

    Has anybody received their tokens?

You must be logged in to post a comment Login

Leave a Reply

Analysis

Technical Analysis: Bitcoin Tests Weekend High as Consolidation Continues

Published

on

The major cryptocurrencies entered a shallow correction during the weekend, and most of the coins are still trading below their prior rally highs, with only Ethereum Classic registering new highs. BTC is also very close to its Saturday high, as it is still leading the market higher, outperforming both Ethereum and Ripple.

// -- Discuss and ask questions in our community on Workplace.

Bitcoin is still slightly overbought form a short-term perspective and the correction could still continue in the coming days, with key support zones found near $10,000 and between the $9000 and $9200 levels. That said, the price action in the most valuable coin and the broader segment is still in line with the bullish scenario, and we expect the trend to continue after the correction. Above the $11,300 level further resistance is ahead at $13,000 and $14,250.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Among the other relatively strong coins, Litecoin and Monero are also holding up well, while NEO is also showing short-term strength, diverging slightly from Ethereum which it has been correlating with in recent weeks.

Monero is also trading close to the weekend highs, as is working its way through the overbought short-term momentum readings. The coin is well above the previously dominant trendline, in clear short-term uptrend. Traders and investors could be looking for entry points during the correction, with strong support at $300, $280, and $240.

XMR/USD, 4-Hour Chart Analysis

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
8 votes, average: 5.00 out of 58 votes, average: 5.00 out of 58 votes, average: 5.00 out of 58 votes, average: 5.00 out of 58 votes, average: 5.00 out of 5 (8 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 99 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Analysis

Crypto Update: Market Still on Bullish Track as China, US Closed

Published

on

The segment might be in for a long weekend regarding trading activity, as both the US and Chinese traditional markets are closed, for the New Year and Presidents’ Day, respectively. That said, the major coins could still provide important clues about the state of the current uptrend, as the crucial correction that started yesterday is still ongoing, even with some of the currencies showing encouraging relative strength.

// -- Discuss and ask questions in our community on Workplace.

The positive signs that we have been monitoring throughout the rally continue to persist, and as we mentioned yesterday, this pullback is very important in establishing a bullish cycle in the sector after the preceding steep decline.

Correlations remain relatively low, the momentum of the decline stayed muted so far, the leaders of the rally are still behaving well, so bulls could be looking for another leg higher soon.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

BTC/USD, 4-Hour Chart Analysis

Bitcoin is trading slightly below its weekend highs after spiking down towards the $10,000 support yesterday, as the largest coin recovered well following the initial move.

BTC still faces strong resistance near $11,300, with the next major level ahead at $13,000, and as the short-term momentum indicators still have room to correct, the consolidation could continue in the coming days with crucial support below $10,000 found in the $9000-$9200 range.

Ethereum Classic Leading Again

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic continues to spearhead the rally, as the coin already hit a new cycle high above $38 today in early trading, and although the correction, which started before the segment-wide pullback could still continue, the relative strength of the coin is encouraging.

Above the current levels, further resistance is ahead only near $43 and $47, the all-time high for the currency. ETC could be the first major to score a record high after the correction, but long-term investors should be aware that another bullish swing could already carry the coin to overbought momentum readings, with it being already up almost three times off the crash lows, so now we wouldn’t add to long-term holdings.

LTC/USD, 4-Hour Chart Analysis

The other major altcoin are behind ETC in the cycle, with LTC and Monero still being the strongest from a technical perspective. Both coins are still trading in orderly short-term corrections above the previously dominant declining trendline, and they will likely continue to lead the broad rally. Ripple could also be ready for a move after its longer correction, and NEO is still showing surprising in today’s quiet environment, with the rest of the majors being virtually unchanged.

Stay tuned for our detailed technical analysis later on today.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
9 votes, average: 4.33 out of 59 votes, average: 4.33 out of 59 votes, average: 4.33 out of 59 votes, average: 4.33 out of 59 votes, average: 4.33 out of 5 (9 votes, average: 4.33 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 99 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Analysis

Crypto Update: The First Test of the Uptrend

Published

on

The major coins continue to trade in a bullish general setup, despite the dip today in early trading, as the preceding rally on Saturday carried Bitcoin and the other leaders of the rally to important technical levels. The current correction is a crucial one, as we already mentioned, as an orderly pull-back with higher swing lows in the most important coins could cement the new bullish cycle.

// -- Discuss and ask questions in our community on Workplace.

Correlations should remain muted, unlike during the steep downturns during the bear-cycle, while volume patterns and volatility should also remain supportive of the bullish scenario. As of now, we are still positive on the long-term outlook, and traders and investors should be buying the dip, as a new uptrend is likely being established.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

BTC breached the $11,300 resistance that we have been monitoring for days before turning lower, and the coin remains in a clear short-term uptrend. The $10,000 and $9000-$9200 support zones will likely come into play again during the correction, but in bullish cycles surprises usually come on the upside, so a short and shallow pullback is also possible.

XMR/USDT, 4-Hour Chart Analysis

Monero, which has been one of the strongest majors from a technical perspective reached the next target level at $335 before the correction, and it’s now trading between that and the $300 support. The coin should remain above the $240 support to confirm the new uptrend, but we expect XMR to continue to lead the segment higher and a smaller correction is also possible. Another strong support level is found at $280, while above $335, the next target is at $400.

Altcoins Also Correcting

ETH/USD, 4-Hour Chart Analysis

Ethereum touched the dominant declining trendline before the pullback, as it continued to slightly lag the broader market, as we expected. The second largest coin continues to trade in a delayed cycle, and further consolidation is likely before a clear break-out. The $850 level could be in focus during the correction, with further crucial support at $740.

The early leaders of the rally, Ethereum Classic and Litecoin are still trading in short-term correction, which started prior to today’s dip, but the price action in the coins is still bullish and we expect them to start showing relative strength soon, providing a good entry point for traders.

Ripple is also in a consolidation pattern after its strong initial rally, and DASH and IOTA are struggling with resistance zones as well, following the broader market lower today. In general, none of the majors is severely lagging the segment, and with a clear leadership, the rally looks likely to continue after the correction.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
12 votes, average: 5.00 out of 512 votes, average: 5.00 out of 512 votes, average: 5.00 out of 512 votes, average: 5.00 out of 512 votes, average: 5.00 out of 5 (12 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 99 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending