I am a total noob when it comes to cryptocurrency and it was only 6 months ago that I started to dabble in some crypto investment. Initially I spent a whole lot of time researching and looking into the types of cryptocurrencies that were out there and the best place to invest my hard earnt cash.
A friend lit the spark by sending me a few thousand DogeCoin which I still have. Initially I thought I had scored and thought what an awesome buddy to give me so many coins. Then the 'penny dropped' and I realised that Dogecoin was not the expensive crypto I thought it might be!
After some further research I stumbled across a crypto called STEEM. I created an account and started to dabble in this crypto where I could earn crypto by blogging and telling my stories. I started, as everyone does, smashing out some long posts and dedicating a lot of time to my posts, only to receive a few pennies/cents for my posts. It was then that I came across the initial call to arms for #TeamAustralia and became a foundation member of this awesome community.
It was after that I started to gain larger results from my posts. Gradually, over the next few months, my post rewards started to climb slowly and the remuneration for my efforts started to grow. I decided to dive into the #TeamAustralia community and started a bot, @MrSquiggle, with some guidance of the wiser members of the team.
It was then that my confidence grew around crypto investment as I formed some friendships within the community who I could go to for advice.
Civic (CVC)
This is my first post dedicated to cryptocurrency and I wanted to share with you my latest investment in a token called Civic (CVC).
Civic (CVC) is an Ethereum-based token that was released through an ICO (Initial Coin Offering) on June 21. There is a maximum of 1,000,000,000 CVC tokens available and the current circulating supply is 340,200,000 tokens. According to the Civic White Paper:
Civic intends to introduce a Civic token, or CVC, which will be used as a form of settlement between participants to an identity-related transaction within the Ecosystem. The CVC paid in a transaction is distributed to the Validator and the User as a reward for sharing information. 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 will also provide a means to incentivize all participants, including Users, to contribute to the Ecosystem. Moreover, 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. Source
Essentially, 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.
A sample use case: A company hosts a product giveaway that is only eligible to US citizens. The company partners with Civic and provides a QR code (or something in that nature) that checks whether participants in the giveaway are US citizens. Participants who have a Civic account can quickly verify the information using his/her Civic account without having to provide documents to the company proofing that he/she is an US citizen. Source
The tokens (CVC) will be used to transact in identity-related services. The CVC paid in a transaction is distributed to the validator and the user as a reward for sharing information which can be seen in the flowchart below:
As identity-related services increase and their need also increases, the demand, and therefore value, of CVC tokens should increase.
This is one of my current investments and a project that I hope experiences some success and I receive a return on my investment. I expect this to be a long term investment that won't see any major returns in the short-term.
Thanks for Reading.
Disclaimer:
Please note that everything within this Post only reflects my personal opinion. It is not intended as investment advice and any investment should only be undertaken with the proper due diligence.
