The sale of Civic tokens, or the CVC crowdsale, will commence on June 21 at 9am EDT. The CVC tokens priced at $0.10 per token will be sold in purchase tiers ranging from $50 to $25,000 with BTC and ETH being the only methods of payment to be accepted during the crowdsale.
Civic provides blockchain-based, on-demand, secure and low-cost access to identity verification (IDV). This removes the need for background and personal information verification checks that are undertaken every time a new institution requires one. Civic’s identity ecosystem will be based on a decentralized model in which participants will use the ‘Civic token’ to transact in IDV-related services.
Vinny Lingham, co-founder and CEO of Civic wrote, “The pre-sale will allow us to ensure that all 330m tokens are spoken for, but we’re still going to allow smaller buyers to buy up to 110m of the 330m allocation because the bigger buyers are only guaranteed up to 66% of the purchase order they have requested.” He added, “This will ensure that we do not sell out in 30 seconds because of a few big buyers, and even smaller buyers can get access to the tokens during the crowd sale — and without discounts to either small or bigger buyers, which is an even playing field.”
The rise in security breaches and data theft has resulted in identity verification becoming a very crucial part of any process. It is estimated that in 2016 alone, 15.4 million adults in the U.S. were victims of identity fraud resulting in a loss of $16 billion, while globally almost 1.1 billion identities were stolen last year. It has been reported that personal identity information is the most common form of data stolen. Given such problems are growing at a fast pace, a blockchain-based solution to secure and protect identities by Civic may be able to make a difference. As Civic is adopted by more and more entities, its token may be the next big thing in the cryptocurrency space.