Civic ICO: Two Days and $33 Million in Tokens
Summary
Civic, an identity verification project using the Bitcoin blockchain, launched its crowdsale on Wednesday selling tokens for 10 cents each and raising a total of $33 million. Instead, Civic ID verifies your identity via third parties such as your bank, then encrypts this data on your phone inside a token that exists outside of the Bitcoin blockchain. Vinny Lingham, the co-founder and Chief Executive of Civic ID, explains: Your information never sits on the Bitcoin blockchain – we’re just using that as a public key infrastructure for cryptography. Basically, you can do away with passwords online by relying on this methodBitcoin is primarily known for its monetary function, “We want to move to a world where you can also protect your identity, so that you don’t have to log into a forum or website or anything, giving up your name or anything like that.” says Lingham. With ICOs (initial coin offering) fast becoming the cryptocurrency industries new buzzword, Civic decided to distance itself from the jargon and go back to the token paradigm.
Classifications
AskAI Classifications
LabelsLinked Companies
