The man behind Civic is Vinny Lingham. He’s a South African entrepreneur perhaps best known for being on Shark Tank South Africa. He previously founded Gyft, the digital gift card provider, which was sold to First Data Corp in 2014 for somewhere between $50 and $100 million. He also founded and at one time was the CEO of Yola. It provides website building and hosting.
Before I get to the ICO here’s brief overview of how Civic works. It’s pretty cool.
Civic is a secure identity platform. It’s like a digital wallet that bridges your physical and cyber credentials.
As an example, let’s say you’re going on a trip. You start by buying a plane ticket and booking a hotel room. The travel booking service is a Civic partner so they send you a QR code requesting your information. You send then information right from your mobile device, where it’s held fully encrypted.
You can then use the same mobile device to verify identity at check-in, at the security gate, and at the hotel. A fingerprint is used each time to prove you are the owner of that data. No user names or passwords are required.
Every time new data is requested it’s added to your Civic app. So you build up trust in your digital identity. And each organization validates your information on the blockchain so it can be trusted.
Check out the video at Civic. It’s easy to see how this could make life easier. And that’s the hallmark of a good product.
The Civic token supply is 1 billion. One third will be distributed in the crowdsale, one third will be given to companies and users to accelerate growth of the network, and the remaining third will be retained by Civic. The tokens retained by Civic cannot be sold for three years, and then only a third per year after that.
What’s unique is that Civic is taking measures to prevent a 30 second sell out and let the little guy in. And it’s using its own product to do it. Cool!
There will be 330m tokens distributed in the crowdsale. Out of those 110 million are guaranteed for small buyers. You’ll need a Civic account which you can then use to buy up to $25,000 worth of tokens.
This is definitely one worth checking out!