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Also so far there are already numerous offerers, who offer on-line a verification of the identity. For example, you can log in to some services with your Facebook account. However, it is always the case that users first have to give their data to a provider and these are then stored centrally.

This can lead to enormous problems in the event of a hacker attack. In the United States, for example, there are always cases of fraudsters committing crimes with a fake identity. The Civic Coin approach now uses blockchain technology to enable decentralized storage. However, the actual data remains exclusively on the user's terminal device; only the final identification is carried out via the blockchain on request.

The project is headed by two people. CEO is Vinny Lingham, who previously made a name for himself as the founder of the digital gift platform Gyft. The entrepreneur is a great supporter of the Bitcoin technology and wants to offer a concrete application with the Civic Coin.

He will be supported by Jonathan Smith, who previously worked in the consulting industry for more than a decade, focusing on the banking industry. But of course they are not the only minds behind the project. In the meantime, more than twenty people are working on the further development and dissemination of the Civic Coin. Further hiring is planned in the future.

The Civic Token and its use

But why do I need my own crypto currency? First of all, you need to know that there are institutions within the Civic ecosystem that help to confirm an identity. These could be government agencies, but also banks or insurance companies. The approach is not new:

Even today, certain companies are already requesting some data from the Schufa in order to verify the identity behind a new account. To give the institutions an incentive to help with verification, the specially created Civic Tokens are distributed. The same applies to users who are willing to make their data available. The Civic Coin thus serves as a means of payment within the newly created ecosystem.

The ICO led to a large network of supporters

Each company can also determine for itself what security the identification should have and how much data is required for it. Conversely, the user alone decides which data to make available. This approach, which combines security with autonomy, has also convinced numerous investors.

The ICO of the Civic Token raised a total of 33 million dollars. However, only two thirds of the units made available were awarded to professional investors in a pre-sale. The rest was made available to the general public via crowdsale. The reason for this step was that the creators wanted to create the broadest possible network of people involved, on which they could later build.

The course development of the Civic Token

The tokens were issued as part of the ICO at a price of ten cents. Subsequently, the price initially rose and reached a temporary high in August 2017 with a price of just over sixty cents per token. However, the price then fell by more than half - until the general crypto hype set in in December of the year.

At the beginning of January 2018, the price even exceeded the one dollar per unit mark. However, the Civic Coin was also unable to escape the general downward trend and is currently trading at around forty cents. In addition, the tokens were already completely generated in advance, so there is no mining process. This brings the 343 million coins to a market capitalization of more than 100 million euros.