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ICO Analysis: Civic Identity Verification’s CVC Token

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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.

“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.

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.

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5 stars on average, based on 1 rated postsJustin 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.




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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?

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Analysis

Crypto Update: Market Remains Weak Despite Ripple’s Surge

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Ripple made headlines today in the cryptocurrency segment, as the third largest coin jumped by more than 15% after trading in a narrow range for several days. Most of the major coins joined the rally, but the gains were muted and the technical setup remained unchanged in most cases, with the long-term outlook still being bearish, while the short-term picture remaining mixed.

Ethereum, which has been in the center of the trends in the segment for weeks rallied back above $200, but stayed below the recent swing high, leaving several questions unanswered concerning the short-term trend. Bitcoin also got stuck near the $6275 level yet again, and the total value of the market is still below the $200 billion mark, with still no clear signs of major capital inflows in the segment.

ETH/USD, 4-Hour Chart Analysis

Ethereum quickly recovered above $200 after dipping below the weekend lows yesterday in late trading, retaining the short-term buy signal in our trend model. That said the coin still needs to show stronger bullish momentum to avoid a resumption of the clearly declining long-term trend. As sustained dip below $200 would still warn of a move to last week’s lows, while a move above $235 would open up the way towards $260 and the confluence resistance near $275.

BTC/USD, 4-Hour Chart Analysis

Bitcoin has been showing weakness in the last couple of days, and although the coin is still on a short-term buy signal, similarly to Ethereum, a quick recovery above $6500 would be needed to avoid a bearish turn.

Traders should hold on to their positions here, but given the still bearish segment-wide trends, we still don’t advise full positions even in the stronger coins. Below $6275, weaker support is found at $6000, close to the key long-term zone near $5850, while resistance is ahead at $6500, $6750, and $7000.

Ripple Needs Follow Through For a Buy Signal

XRP/USDT, 4-Hour Chart Analysis

While today’s spike in Ripple is encouraging, the coin needs to show further signs of strength, as the recent sudden spikes in the majors were quickly sold as the bearish trend remained dominant in the segment.

With that in mind, despite the broken resistance levels, XRP remains on a neutral short-term signal in our trend model, while still being bearish from a long-term perspective. The coin is currently trading right at the $0.32 level, with support found at $0.3130, $0.30 and near $0.30, while strong resistance is ahead at $0.35.

DASH/USD, 4-Hour Chart Analysis

Dash is among the stronger coins from a short-term technical standpoint, trading in a bullish consolidation pattern just below the key $200 level. That said, the coin failed to show strength today amid Ripple’s rally, and that still points to a dominant bearish trend in the segment. With that in mind, traders should wait for further positive signs before entering new positions, especially since a bullish leadership still hasn’t developed.

IOT/USD, 4-Hour Chart Analysis

IOTA is still weaker than average, together with NEO, EOS, and ETC, and the coin is still just above the August lows, clearly being in a broad downtrend, despite holding up above the lower boundary of its short-term range. A test of the lows is likely in the coming weeks, and the coin remains on sell signals on both time-frames, with support found between $0.455 and $0.475, and near $0.405, and with key resistance ahead near $0.57 and $0.64.

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.

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Ethereum

Ether Price Spikes Suddenly and Sharply

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Ethereum’s price rose quickly and sharply Tuesday morning, as technical traders appear to have pushed a corrective rally following yesterday’s steep selloff. Beyond that, there were no obvious reasons for the dramatic reversal.

ETH/USD Update

Ether’s value spiked more than 8% on Bitfinex to reach $211.80, according to latest available data. The unusual bout of volatility appears to have originated more than 1 hour ago amid a surge in volume on Bitfinex. At the time of writing, the exchange’s daily turnover in ETH amounted to 388,680. The cryptocurrency reached a session high of $222, completely reversing Monday’s downturn.

CoinMarketCap has also acknowledged a sharp rise in ETH trading volumes. At the time of writing, total trade volumes across all exchanges was higher than $2.2 billion. That accounts for nearly 16% of total market turnover.

On Monday, ether recorded a steep decline from $220 to $190 after the market failed to make new highs during the weekend. It’s not entirely clear whether the latest upsurge is part of a more coordinated effort to lift the market or simply reflects a bounce from oversold levels.

Crypto Market Approaches $200 Billion

Ethereum’s sudden advance helped push the cryptocurrency market closer to $200 billion. XRP, the third largest crypto by market cap, had initially led the recovery amid news of major commercialization efforts involving Ripple’s technology. XRP is currently trading at more 11-day highs, according to latest available data.

Bitcoin, which accounts for more than 55% of the total market cap, has also recovered from its recent five-day low. It currently trades around $6,374, down just 0.9% compared with Monday. BTC had declined more than 3% on Monday as prices fell to the mid-$6,200 range from a high near $6,500.

With the exception of XRP and a few other cryptocurrencies, fundamentals have struggled to explain the market’s recent moves. The market bottomed near $186 billion last week before staging a nearly $20 billion relief rally through the weekend. Since then, trading conditions have been fairly tepid.

Ethereum’s volatile moves over the past two months reflects deeper issues for the so-called developer’s cryptocurrency. The loss of “reservation value” amid what appears to be an ICO exodus has left ether’s price susceptible to vicious downturns. Not only are ERC-20 startups liquidating their holdings of ETH, uptake in new coin offerings appears to have declined sharply. ICOs raised just $337 million last month, the lowest in over a year. What’s more, September is shaping up to be an even worst month in terms of total secured funding.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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.

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4.6 stars on average, based on 604 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Crypto Update: Monday Selloff Drags Majors Lower

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The cryptocurrency continues to show mixed short-term signs following last week’s Ethereum-led bounce, and the subsequent consolidation. Today, all of the majors sold off after the US open, triggering downgrades in our trend model, but the two largest coins, barely, retained their short-term buy signals, holding up above key support levels.

Ethereum remained north of $200, while Bitcoin is still above the $6275 level, but the total value of the market is back at $195 billion as BTC failed to gain ground during last week’s rebound, and as several coins failed to join the move. The odds of a failed rally got higher after today’s selloff, and the move still only qualifies as a counter-trend one, with the long-term downtrends being in no danger in most cases.

XMR/USD, 4-Hour Chart Analysis

Monro, which has been the third major on a short-term buy signal, is also still positive in our model, despite bouncing lower off the $120-$125 resistance zone and getting close to testing the $108 support level. The coin is now trading slightly below the rising short-term trendline and it would need to show strength quickly to retain stay on a buy signal. Further support is found near $100, while key long-term resistance is ahead at $150.

ETH/USD, 4-Hour Chart Analysis

Ethereum fell back to the $200-$205 support zone today, and the coin is trying to establish a swing low, following the initial rally of its 15-month low. Despite the pullback, ETH is still on a short-term buy signal, but given the segment-wide long-term weakness, traders should still not enter full positions. A sustained move below $200 would warn of a test of the lows and a possible new leg lower, with strong resistance still ahead at $235 and $260 and with further support found at $180.

Market Still Lacking Sustained Strength

BTC/USD, 4-Hour Chart Analysis

Bitcoin fell back to $6275 again after failing to show bullish momentum last week, and although BTC is still trading with relatively low volatility, well above the crucial support zone near $5850, the recent days are not positive for crypto-bulls. A sustained move below primary support would warn of a test of the weaker support near $6000 and a likely move to the key long-term zone, with resistance levels now ahead at $6500, $6750, and $7000.

XRP/USDT, 4-Hour Chart Analysis

Ripple’s weakness is also a warning sign for bulls, as the third largest coin not just failed to join the rally last week, but it turned lower today, threatening with another move towards the August lows. XRP is still trading within its short-term range, and it remains on a neutral short-term signal, but further weakness could quickly trigger a sell signal. Support below $0.26 is found near $0.23, while resistance is ahead at $0.30, $0.3130, and $0.32.

EOS/USD, 4-Hour Chart Analysis

EOS also remained weak during the recent altcoin bounce and now it is back on a short-term sell signal after dipping lower together with the broader market, plunging below $5 yet again. Now, a test of the August lows and a move to $4 is once again the most likely, with only the support between $4.55 and $4.65 found above the August low, while strong resistance is ahead between $5.35 and $5.55.

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.

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4.6 stars on average, based on 348 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.




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