Civic (CVC)

Author: Kaloyan Roussev
Date: 7 October 2017

Do not make investment decisions based on this article – read the disclaimer before you proceed and leave the website if you disagree with it.

It is 7 October. This review takes into consideration investing in CVC at its current price at $0.33

How do I rate an investment in this project at the current price? (TL:DR)

It is a very good project, but I have a problem with projects whose tokens max supply  is  over several hundred million – in this case 340 million out of 1 billion tokens maximum supply. At least not at 33 cents/token. At least not when there are 660 more tokens to be put out on the market. Nah. I’d’ve bought at $0.01-$0.10 if I could’ve. Although crypto is wild and no wonder the price of CVC surges, I am much better off, believing that it is overpriced at this point.

Project/token summary

Civic is a working product. It offers identity protection, KYC, authentication services via their mobile apps for iOS and Android. They barely mention crypto or blockchain on their website. Certainly doesn’t look like a quick pump and dump scheme, or a project focused on price speculation. Their token is not even mentioned on their website (at least after a quick read). They are focused and associated with their niche. No roadmap, no whitepaper. They are now looking to expand and acquire partners and customers. It is potentially a big market to tap into.

Branding/Positioning

Civic stands for Identity protection. This is a very focused brand, in a very specific niche, and it is the first one to become popular in this niche (among crypto projects). As far as I know there are other projects who are trying to compete in the same market, but we can safely say that Civic is the leader in identity protection/verification (among crypto projects).  However, allegedly there is much stronger and tougher competition backed by many more millions of dollars https://www.coindesk.com/power-to-the-user-accenture-and-microsoft-are-changing-identity-with-ethereum/

They should also go head to head with Google’s authentication and Facebook login, and both of them aren’t going to stand still and become obsolete, are they?

On the crypto side of things, looks as though Stratis is also competing in the same niche.

Token utility

There is a justification of why the token is needed, on page 15 in the whitepaper. It is going to be used in their ecosystem as a means for settlement, and for incentivizing users to identify themselves. Looks as though this will create inflation. This is why, I suppose, there are 660 million coins still not in circulation.

Upcoming bullish events

Couldn’t find anything on Bitcointalk, or on their website. At some point a very big company might announce they will start using Civic, but this is not guaranteed. There’s a rumor of a WordPress plugin, but that would only matter if it becomes a part of the stock wordpress installation and not an opt-in.

Red flags

Their Android app requires at least Android 6 (at least in June 2017. Dunno if they changed it after that but I doubt it) . In the meantime, their whitepaper brags about bringing identity verification to millions and billions of people. I don’t think they realize that most of Africa and Asia runs android 2.3-4.4. They don’t seem to be making much effort to reach those people.

Some users on Bitcointalk complaining about the large percentage of the tokens held by the founders.

Website: https://www.civic.com/
Coinmarketcap: https://coinmarketcap.com/currencies/civic/
Exchange: https://bittrex.com/Market/Index?MarketName=BTC-CVC

General

  • Website: does it look good/presentable – fresh, colorful, inviting, informative. Their privacy policy page ends with an actual physical address and something called “Civic Technologies” (although couldn’t find out if thats an actual company or just a label) – seems kinda legit.
  • Roadmap – no roadmap, as far as I can see it is a working product, and they are now in the phase of making new partnerships. A potential speculator should have to look for more specific upcoming events on their own. EDIT: I found it announced on their twitter profile, it is on their website actually, in the Marketplace section – https://www.civic.com/marketplace
  • Whitepaper – no whitepaper and the website barely mentions blockchain technology. The Civic token is not even mentioned, I think. It is a legit product first, and a crypto endeavor second. PS, I found the whitepaper in the OP of their bitcointalk thread – https://tokensale.civic.com/CivicTokenSaleWhitePaper.pdf The Whitepaper makes a big deal out of Identity Verification, they impress with huge numbers of identity theft victims, unbanked people, and other scenarios where identity verification seems useful and important, and they say it will resolve many problems and open doors for millions/billions of people to certain services. What I want to know is how are they planning to achieve this and for them, in particular, to be the people who will be the go-to company for that. Then it goes on about blockchain technology in general, bitcoin, transparency, ledgers, smart contracts blah blah blah. All the buzzwords as always. Then some boring stuff about security, use cases, interactions, their token. Seems like there’s some serious thought behind this thing. I am starting to think it might even be underappreciated due to how boring it is. Might be a hidden gem.
  • What is their progress according to the roadmap – N/A
  • Website: Is it a quick wordpress template, a 2-hour html job or a custom design with lots of work, money and thought thrown at it – instead of trying to guess what they used, I thought to use a tool for this – and according to https://builtwith.com/ looks as though it’s a custom website, or at least not a wordpress template. Although, when I tried to visit a non-existing page on their website, I got an error message, which when I pasted in google, turned out to be used elsewhere as well. Lots of copy on there, lots of elaborate explanations, certainly has some effort thrown at it.
  • What new does this cryptocurrency bring to the world, what problem does it solve, what does it stand for– secure authentication and ID theft protection
  • How does the cryptocurrency name sound (does it sound legit and like a good brand name) – sounds perfect for what it does, easy to remember, and it reminds me of Honda Civic, and Honda is associated with reliability, and being a safe choice. 10/10 for the name. Good job.
  • How does the logo look – it’s a good logo. The letter C around a lock. Conveys the purpose well.
  • Is it a PoW, PoS or PoW/PoS coin, what is the mining difficulty or APR, does it suffer from inflation – couldn’t tell, even after reading their white paper, but since users will receive tokens for actions they perform on the network, and there’s no mining, PoS would be my guess.
  • Who is behind the cryptocurrency – are they shady figures, or have they placed their names and pictures on the website; what is their track record and reputation; do a quick google/github research on them – Vinny Lingham, a serial entrepreneur from South Africa. Very vocal in the Bitcoin world, and as most people in this sphere, has a mixed reputation.
  • What is the limit on supply of coins in circulation – an entire billion of those things.
  • Is there a link to the source code – nope. Closed source.
  • When was the last commit made, and how frequent are commits – We usually look at code commits to see if there’s an active development for the project. However, since this is a closed source ready product, what we could track, was the rate of closing deals and partnerships, but there isn’t any public information about it.
  • How many developers participate in the coding – N/A
  • What the project survival relies on – nothing in particular.
  • Will this project survive a cryptocurrency bubble burst and does/will it have enough of a following that needs it every day – I think it could survive, although I don’t think that the world desperately needs this. Google or Facebook can easily have the upper hand here.
  • Competition – in the world of crypto – Stratis.

Exchanges and trading

  • Which exchanges (and how reputable they are) is the coin traded on – it is being traded on bittrex and poloniex so there’s nothing to look forward to here

 

  • Daily trading volume – $1.1 million
  • Market cap – $114 million.
  • Are there buy (support) or sell (resistance) walls – I found a way to have a better look at the market depth on Bittrex. What I’ve been screenshoting so far has not been fully comprehensive. Below the chart and a bit to the right, there’s a “Show all” check box. Click that, and set the price range to 75% and that’s the most relevant it can get. You can see small walls around 10k-11k. No particular buy support.
  • How does the price chart look – went up several X in August, its a bear market since then. A small rise upon Poloniex listing. Still above ICO price which was $0.10

Social

  • Is there a Bitcointalk forum Announcement thread – yes https://bitcointalk.org/index.php?topic=1942882
  • How many pages is it – 72
  • History of the coin according to the forum and general public impression of the coin throughoutread the first 10, last 5 and several random pages – bounty hunters complaining about the lack of a bounty program. A couple of people saying it sounds good. Most people being skeptic, especially about the way the ICO is structured – the pre-sale, the token distribution, the team share, the centralization. Marina_T is a team member and sporadically joins the discussion. More constructive questions, most of which had remained unanswered, and more pessimism. In spite of that, huge amount of candidates to buy the ICO. ICO has been successful, the price post-ico multiplies, people are happy. Several pages of price speculation. Announcement about a partnership with some company. People discussing how 0x’s token sale made users verify their identity with Civic app. On page 61 a possible tech exploit is exposed, for those who are into the tech side of this and wanna get down to the nitty gritty. Wikihow partnership. Competition from Stratis. Poloniex listing around 10 September was the reason for the sole green candle for the past 2 months. Rumors about a WordPress plugin.
  • Do they have a blog, anything interesting on it? – no link to a blog on their web site
  • Is there a chat channel – https://t.me/civicplatform
  • How many members on telegram – 6k
  • Impressions from the conversations on telegram – I read the conversation for the past two days. Price speculation mainly. Vinny is also there.
  • Is there a Twitter profile for the cryptocurrency and does it post regular updates, how many followers https://twitter.com/civickey 36k followers, frequent tweets, mostly retweets of Vinny’s twitter (which you should also follow if you’re into Civic). I found something interesting there – their roadmap – https://www.civic.com/marketplace if you scroll down you will see it.
  • Is there a Facebook page for the cryptocurrency and does it post regular updates, how many likes – https://www.facebook.com/civictechnologiesinc – 1800 likes, not very active.

Popularity and perception

  • What does a quick google search tell us about the project – searching for “civic” returns exclusively Honda Civic results. “Civic crypto” does the job. Listings, their website, several bullish articles. I found an article about Shapeshift possibly integrating Civic.
  • Are there youtube videos about the coin – many youtube analyzers doing their take on Civic.
  • What is the general sentiment in the comment section below the videos (constructive, fud/hype, calling out scam etc) – Mostly optimistic but not exuberant. 2/3 of the commenters are optimistic as well. It becomes clear that not everybody fully understands what the projects does (guilty as charged) completely. People correcting others and explaining to each other and the video uploaders about its purpose.
  • Is the coin associated with illegal/criminal activity or the dark web – no

I am sure I might’ve made some mistakes in this post or in my research. Please, forgive me, if I have, and contact me to tell me where I went wrong. It takes about 4-5 hours of my time to do a full research on a cryptocurrency, and I try to do at least 4 per week.

 


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