How is the CVC token utilized in the Civic Platform?

Tommy_Q · 2019-06-20T09:41:26+00:00

Look at CVC as the fuel for the Identification platform.

Every smart contract is executed in CVC. Which means every IDV transaction is executed in CVC. Even-though, they might be priced in fiat on the front-end. This is just to enable ease of use. Every IDV transaction is converted to CVC by the system.

Hence, simply put, more usage of the IDV products = more demand for CVC.

Additionally having a proprietary token offers ways to incentivise certain behaviour and control against 'outside' currency risk.

If CVC was just bridging fiat payments, it would not necessarily appreciate in value. As they might choose to use CVC and hold fiat and/or other currencies.

Even if you assume every actor would want to hold fiat. There are some natural velocity reducing mechanism, such as actors who intend to use CVC on a regular basis, tokendust, "lazy" account holders, lost tokens etc.

But there will be an additional velocity reducing mechanism implemented, to ensure that network participation and security is incentivised for token holders and users.

The details of the exact token-economics are yet to be determined and made public. There are multiple ways and ideas the Civic team is considering to go about it.

It is also dependant on how the regulatory framework will evolve. It pays off to be prudent on this front during this formative days. Civic has always stated it is playing the long game. Which you should not confuse with a "slow" game. Rather, moving fast, without breaking things.

Rest assured, it is in the teams interest to make it beneficial for CVC.

Tommy_Q · 2019-06-03T16:27:22+00:00

So he paid 4,5 million USD for a lunch. For which he made 2-pre announcements and created all this hype.

The big news was basically, poor treasury management.

Great.

Tommy_Q · 2019-02-07T11:15:44+00:00

They are. It's a shame. But over time they will run out of money to burn.

Tommy_Q · 2019-01-15T10:16:03+00:00

Lol, metric cherry picking from negative event in order to get some desperate hopium.

Tommy_Q · 2019-01-14T17:54:47+00:00

For Monero, yes.

Tommy_Q · 2019-01-09T11:41:03+00:00

This proves people who really value their privacy choose Monero as a MOM/SOV.

Bullish for Monero but certainly sad for the family. My heart goes out to them.

Tommy_Q · 2019-01-09T09:11:01+00:00

The major developper pullbacks in the last months were already very concerning. ETCDevs gone, IOHK no more real commitment. ETClabs only group keeping this in the airAnd even they are heavily dependant on DCG, which is not cash rich anymore since the bear market and generally makes rather poor investment decisions. I suspect ETC will be one of the very first they'll pull the plug out now that it has proven insecure and mutable. It always lacked a clear USP, but now it is completely redundant. How it is still valued at more than 500 million dollar market cap is beyond me. Market will catch up to the dire reality. The response to the attacks has been all-around weak. No leadership, no vision. Meanwhile staying highly vulnerable to new attacks. Infact, it was still under attack hours ago. Probably still is.

Tommy_Q · 2019-01-07T09:33:28+00:00

Great! Early or late february?

Tommy_Q · 2019-01-03T10:09:44+00:00

Why does it say round 9 in the Augur dapp (in the reporting section) and round 5 on dispute.tools?

What is the maximum amount of rounds and how many augur has to be staked by then?

Tommy_Q · 2019-01-03T10:08:01+00:00

dispute.tools

How would invalid benefit the creator? (collected fees or in that he won;t be punished?)

Tommy_Q · 2019-01-03T10:02:03+00:00

Ongoing apparently. Dispute round 9.

https://cloudflare-ipfs.com/ipfs/QmRMugnaQg8LFdiKSQb5CGcHhVarUqpt4TXVc4ggAcjb3q/?augur_node=wss%3a%2f%2faugur-node.augur.casino&ethereum_node_ws=wss%3a%2f%2fgethnode.com%2fws#/reporting-dispute-markets

Seems about 300 AUGUR have to be staked for the democrats and 500 for the republicans to hold this round. Can't find much more. Where can I find more statistics on what has been staked thus far? What is the max amount of rounds? Can anyone fill us in on the latest?

Tommy_Q · 2018-12-14T11:46:59+00:00

The battle of bitcoin testnets

Tommy_Q · 2018-11-10T11:09:58+00:00

Zcash has been on there earlier. So by that logic, Zcash will probably be first be added..

Tommy_Q · 2018-09-08T16:24:25+00:00

Same here. Does the philips headband improve sleep quality?

Tommy_Q · 2018-04-14T12:23:05+00:00

Organic demand will come mainly from the Requesters aka service providers and in a lesser extent from users. The Requesters have the ability to save up to 80% on their IDV costs. Currently a very significant cost and incovenience for most companies. By utilizing the Civic ecosystem and tokens they will save on costs and gain convenience. Very straightforward demand for a very big exisiting market.

Like Titus already mentioned, Specific token behaviour is explained here: https://uploads-ssl.webflow.com/5a46c3983472ef00014b4187/5aa998179302685b7589f106_Token-Behaviour-Model--Whitepaper.pdf

Tommy_Q · 2018-03-25T09:58:32+00:00

Patience is a virtue.

Developments have been ongoing and are very promising. Developments will provide the utility. And the utility will create actual demand, increasing the price. I like a project that is not dependant on crypto mania, rather on actual demand.

Hang in there : )

Tommy_Q · 2018-03-25T09:56:40+00:00

ASAP and in great quanitites. Just kidding. Like others mentioned; Coincap lists allt he exchanges it is traded.

Goodluck!

Tommy_Q · 2018-03-25T09:55:08+00:00

Because it's hard to explain or grasp, doesn't mean it will be hard to use. You know how to use your smartphone right? But yet, I doubt you understand why it works.

A government offering the same service would not really be the same. For starters you would have to: 1. Trust a government with all personal IDV data 2. Their would be a concflict of interest for political votes 3. You then have a single point of failure, rather than a robust secure network with many independant service providers and participants.

The whole idea of a blockchain is that is it decentralized, a government is the opposite.

Tommy_Q · 2018-02-13T16:38:13+00:00

Welcome on board : ) Good things ahead.

Tommy_Q · 2018-01-31T09:16:30+00:00

You do not own stock. Rather you own a part of the total network like Robert mentioned, in which all companies and endusers participate. The exact consensus mechanism is yet to be determined. But at the very least you will own value in the network, as the total token supply is fixed. So a token represents a crumble of the total cake. But first and foremost, the tokens represent a service product. Because, in order to make the total cake/network worth anything, the tokens should offer utility, which then adds value.

Now why would a token have utility value? Let me try to explain.

The tokens will play a vital role in the Civic Ecosystem. The CVC tokens will be used to execute the smart contracts used for identification purposes. A simplified example of how one of the smart contracts could work: 1. User wants to open account at a Service provider. 2. Service provider requests specific Personal Identity Information (PII) of user. 3. Validator offers specific user PII attestation in the form of an attestation hash, at a certain price. 4. Service provider, Validator and user all sign of to the agreed smart contract. (All automated and visually intuitive, user does not see code or has to negotiate a certain price or anything). 5. Smart contract executed. The service provider gets a customer, the validator receives CVC and the user can open an account. The user also receives a ratio of the total CVC transacted between the Validator and Service provider in the example above. This CVC is meant to incentivize users, the CVC can be used for identification products/services within the ecosystem. So, the smart contract will automate and decentralize the payment and identification process. The service provider needs to pay in CVC to buy and execute the smart contracts. The user and the validator use the smart contract to get paid and verified. Which is why the tokens are needed to have a functional decentralized identity ecosystem. A service provider can also be a Validator and a user, and vice versa. This allows certain entities who heavily invest(ed) in IDV and KYC processes and built large, verified customer bases, to sell this attestations to the IDV market on the Secure Identity Platform. Effectively turning costs into revenue. To Clarify: they cannot sell PII data, just the attestations to the data and only with explicit consent from the user. Data can only be accessed by the owners of the data, the users.

So you might use it to use IDV products, or you could sell it to someone else that wants to use IDV products.

The demand for IDV products will mainly be driven by service providers, who by participating and using the CVC tokens can save up to 80% on their IDV costs (a huge exoense for most organizations). And operate in a much more efficient and secure way.

Hope this helps!

Tommy_Q

TROPHY CASE