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Civic’s token illustrates why companies masquerading as tokens will fail

by Arjun Balaji

December 21, 2018, 1:29PM EDT  ·  9 min read

Quick Take

  • Civic is an identity system founded by Vinny Lingham in 2015
  • In 2017, the company raised ~$33m in funds through an ICO
  • Civic is now down 96% from its all-time high, now trading at half its ICO price

by Arjun Balaji

December 21, 2018, 1:29PM EDT  ·  9 min read

Civic, the identity system founded by Vinny Lingham in 2015, is a notable example that serves as a strong case against many of the flawed token-based approaches that have been pursued. Vinny, a bitcoin advocate dating back to his previous gift card company Gyft, raised a 2016 seed from blockchain investors to “secure SSN,” without any explicit goals to incorporate a token or blockchain at the time.