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.
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