Published On: Fri, Jun 23rd, 2017

Civic ICO: Two Days and $33 Million in Tokens

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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. The company is co-founded by Vinny Lingham, the entrepreneur behind Gyft.
A Secure Way to Verify Your Identity
Civic ID fills an identification niche, providing a decentralized method of confirming your identity. What this essentially means is that your personal data is not stored somewhere on a server, vulnerable to attack. 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. All the information only sits on your device – we can’t have access to it. So, any government in the world who sends us a subpoena, we’ll have to ask them to bring their best cryptographers to prove to them that we don’t have the information – because we just don’ …

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