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Log of AMA with CIVIC by Vinny Lingham

boldninja All welcome @vinnylingham from Civic.com (edited)
darius hiyo
rhmral Hi Vinny!
vinnylingham Hi guys.
numba1enigma Vinny is civic open source
moonyrooney hi
alirz Vinny thank you so much for coming. I am very interested in your coin and thank you for supporting the community. Factom coin has dod contracts already. How does Civic plan on getting these important contracts and are any already in discussion? Do we plan on having some strong names up front?
ichowa Hey
sidzero Hi @vinnylingham
vinnylingham How do I handle this
Too many questions :-)
techbytes Hi and welcome to the ARK.
alirz Take them as they come :slightly_smiling_face:
vinnylingham I'll type * - which means stop.
boldninja Take them 1 by 1 and I would ask everyone to wait till Vinny catches up
vinnylingham And then let me respond.
Thanks. I'll take those first 3
bootstrap Hi Vinny
michaelthecryptoguy Hello :wave: @vinnylingham
bootstrap Thank you for hosting this, hope you get some good questions from the community.
mike Hi vinny, good to see you, thanks for stopping by.
vinnylingham re: BIP148 - we will make a decision closer to the time, but we are aware of the options.
It's a bigger issue for Bitcoin than for Civic, tbh.
Civic is not yet open source - eventually one day, it will be. Open sourcing security software in the early days is very risky
satoshi75 good day, ladies and gentlemen
dr10 Hey
satoshi75 this is confusing, none of the usual lurkers I've grown to love during the last week
oh you :heart:
vinnylingham Not familiar with Factom's dod contracts - so I can't answer that question
mward @dr10 go dude! ask them questions
vinnylingham ok - more questions
varvitsiotis When will instructions be sent for pre-sale
bootstrap Is there an economics model that insure's Civic tokens will increase in value?
satoshi75 real vinny lingham? oh you got some ama going on here or so?
alirz How does the token gain value over time? Is there economic policy?
vinnylingham Pre-sale instructions going out today
numba1enigma Vinny what kind of moat will civic have to compete with giants like ibm
vinnylingham Civic is selling a token. We don't speculate on future value of that token.
alirz Thank you. As opposed to asking about DoD contracts, what big names already support this or are you having big names in the works already? How will we increase adoptation.
dr10 What ia civic about - explained in words for someons who bought bitcoin a week ago?
vinnylingham Yes - I'm real and this is an AMA :-)
varvitsiotis What exchanges will list CVC post presale and crowdsale
gandalfthegrey @vinnylingham thanks so much for joining and chatting. Can you speak about token settlement is there is no smart contract? It appears based on the Civic Telegram chat that tokens and funds will be manually settled a week or two after the crowdsale is over. If this is the case is there timing risk of carrying the cost of BTC / ETH fluctuations in the interim? Same also for the presale - will those investors who commit early be forced to take the carrying cost risk of BTC / ETH fluctuations?
vinnylingham Network effect businesses have built in moats - re: Metcalfe's law
tranzer Since you are selling 33% of total tokens to ICO participants, what kind of hard cap do you plan on putting there? What if everything solds out in pre-sale?
numba1enigma Vinny how will you approach network building
vinnylingham We are not announcing any names of partners other that initial launch partners (Jaxx, Bitgo, TokenMarket & BnkToTheFuture)
lav @vinnylingham type @personsname so we know who you are responding to
tintumon How much money are you expecting from the presale? Is it possible that the funding will be over in presale itself?
vinnylingham After the crowdsale, we will announce more names
bootstrap @vinnylingham while I understand non-disclosure, can you confirm the existence of other partners?
alirz Can you share the strategy for going after big verifiers and service providers? For example, are we putting aside a certain % of the sale for marketing purposes like MobileGo has?
michaelthecryptoguy What safety measures can civic offer with electronic records, that another entity cannot?
vinnylingham @dr10 Civic is using tokens with a smart contracting system to ensure private consumer data is exchanged between 3rd parties in a secure manner and that identity information is verified once and re-used multiple times reducing costs and friction to transacting
michaelthecryptoguy so its not the security that civic is mainly about, its the re-use or re-validate? (edited)
numba1enigma what platforms will civic use for the smart contrating system
vinnylingham @gandalfthegrey We are releasing terms today. Token prices are fixed on the day of contracting in the pre-sale, when the contract is signed. Settlement occurs afterwards at that fixed price. Crowdsale price will be fixed on the morning of 21 June when it goes live.
bootstrap @vinnylingham Why was the decision made to use RSK instead of a more mature smart contract platform?
dr10 Like what kind of private data? Can you give me a scenario where i would need/use civic and what kind of data is exchanged? (edited)
bootstrap How would a pivot to ETH affect token holders.
vinnylingham *stop - catching up.
dr10 When rsk is on LTC as charlie lee mentioned it on twitter - will be civic on ltc too?
vinnylingham some questions I cannot answer for reasons of legal consideration in that they are complex and without an understanding of the legal framework within which we operate, context will be lost. I will ignore ones that I cannot answer, please do not take offense or assume i have missed the question.
alirz If possible just let us know you will have to ignore that one, if it's OK i have a few more since I went through the white paper
vinnylingham @tranzer read my latest blog post : www.vinnylingham.com - it has the answer to your questions around the cap etc
vinnylingham @tintumon same applied to you - please review my latest blog post
@bootstrap yes, we have other partnerships in the works
satoshi75 Anyone can answer me, since I am late and this is probably a stupid question - Is there some kind of cooperation or at least symbiosis between Ark and Civic? Do both benefit from each other more than they do with a random altcoin/token? because if so, I could be more likely to look into becoming a part of Civic.
vinnylingham @alirz we will be using the 330m tokens for network incentives to drive adoption and bring partners on board.
@michaelthecryptoguy Civic does store any data. The user's data is all stored locally on their apps. If we get hacked, there is no PII
varvitsiotis Time frame when CVC will be listed and be able to be purchased on exchanges, thought I read August
alirz ty
cannabanana @satoshi75 no connection currently, just hosting the AMA for the benefit of our community
vinnylingham @numba1enigma We will be using RSK
vinnylingham @bootstrap RSK was used because our entire platform has been built on bitcoin and bridging to Ethereum is an extra step that may not be necessary with RSK
cr @vinnylingham I understand presale is for people willing to invest $50K+. For public who wants to participate in the general sale on the 21st whats the best way to ensure window doesn't close on them too rapidly? Said differently, what's the best way to ensure bids are received before book is filled? Will you be issuing directions? Will any wallets be accepted (say coinbase vs hardware wallet)?
numba1enigma @vinnylingham how does one do presale
vinnylingham @satoshi75 no relationship with Ark at present although they may purchase coins in our token sale
jac067 What are your thoughts on Estonia's digital identification program that has been fostered over the course of the past few years? Could Civic have government applications some time in the future?
vinnylingham I cannot discuss anything relating to crypto exchanges in this AMA. The Civic token is not a cryptocurrency - it's a token built on top of the Bitcoin blockchain with smart contracting capability, that being it's primary purpose and utility.
michaelthecryptoguy For example. If using civic. I would walk into a bank associated with civic to open a new account. Would I then send a token across the network to be added to the block-chain, to be verified with that bank?
vinnylingham @jac067 yes - hence the name Civic - we want to be the global decentralized store for self sovereign identity information
If you haven't already, I highly advice everyone to read this post for more info: https://vinnylingham.com/the-vanity-headline-is-not-the-goal-introducing-the-civic-token-sale-3675b883fb05 (edited)
bootstrap How do you plan to address issues of regulatory compliance (HIPPA, SOX, PCI, etc...) when there is no formal advice on blockchain practices?
vinnylingham Our goal is to ensure that Civic tokens are widely distributed
Not sold out in 30 second
:-
alirz At a certain point the end user get's a incentive for giving their private data for use in civic, and verifiers get incentive for selling a 'validation request' for tokens for the hard work they did in already verifying that user. How does this token get used though for something tangible?
tranzer @vinnylingham will tokens be immediately available after ICO (if it sells out quickly) ?
vinnylingham Users never spend tokens on identification - it's always free for them
@michaelthecryptoguy
mike does Civic have/will have recognition in any jurisdictions as legal ID/documentaion?
dr10 Can you give me a scenario where i would need/use civic and what kind of data is exchanged?
vinnylingham Tokens will be issued around mid to end of July only. We will be doing extensive integration testing with partners like Jaxx to ensure that everything works 100% before releasing them
@dr10 not having to ever fill in a bank account application form again :-)
@mike hopefully :-)
whyfhy @vinnylingham do you own any ark?
1 reply Today at 8:55 PM View thread
vinnylingham @alirz the tokens utility is smart contracting and settlement
tranzer @vinnylingham can you participate in presale with bitcoins as well or only ethereum tokens?
numba1enigma nevada and a few other states recognize documents produces from blockain as legal for legal proceddings
mike look forward to never having to fill out such applications...
dr10 Well... If i have only bitcoin... And use it as a Payment. And dont use banks anymore. Why civic?
dr10 I dont get it xD
vinnylingham @dr10 try crossing the boarder without a passport
bootstrap You might still want to buy a house, purchase a vehicle, get a credit card, etc..
dr10 In the eu? Np.. (edited)
Hmm..
alirz Thank you Vinny, I as a end user to lets Civic be the hub for my data verification get incentives or a reward for using it per transaction. I guess my question is, how can I use that incentive reward; whether it's a token or not? Is the idea that I can sell the token at a later date and do something with that? I'm not sure what use a token incentive has for me as a end user if I use civic
whyfhy @mike any new updates coming our way?
michaelthecryptoguy Can you tell me the difference in applying for a bank account----to what you see in your vision-----or future? (edited)
vinnylingham @alirz Civic sells products like ID theft protection and we have others in the works. You will be able to spend the tokens with us.
@michaelthecryptoguy scan a QR code, bank requests all your personal information on your phone, you hit ok and account created in 30 seconds. No more docs needed.
alirz thank you.
jac067 Is civic meant to be a replacement for government issued ID or a supplement?
whyfhy ANYWAYS
sup guys holding strong?
michaelthecryptoguy this isn't about ark atm @whyfhy
gandalfthegrey @vinnylingham if the tokens are released in mid to end of july, would it be safe to say that exchanges won't carry them until that date at the earliest? So there's no liquidity for several weeks at best? I understand the desire to mitigate against flippers, but removing liquidity in this market is a real concern, are you doing anything to mitigate against that?
whyfhy apparently not . but not everyones interested. im on the sidelines
vinnylingham @jac067 no, but eventually it should have the same legal status/framework
@gandalfthegrey see previous comment re: limitations on what I can discuss
dr10 What is the advantage of civic instead of just doing it the old way? Why wouldnt the government not want access to all these Informations
lav Can Civic functionally act in a pseudo-anonymous way? For example I sign up for a website and it verifies that I'm a legit person but doesn't reveal who I am.
michaelthecryptoguy How long do you see this road going forward until a qr code is actually implemented and actually able to use?
cr @vinnylingham Civic token sale is to grow early adopter network and create a user base of Civic advocates. What's your estimate on potential timing for a significant percentage (call it 1+%) of general population penetration/adoption.
vinnylingham @dr10 hang on a minute, I need to find my walkman, the music companies don't offer music for my iPod
@iav that's exactly how it works. You have private login features- no info, just a token. Site doesn't know anything about you but can keep a history for you.
dr10 Dunno
vinnylingham @michaelthecryptoguy download the civic app today and try it on tokenmarket.net or bnktothefuture.com
varvitsiotis When will it be available for Android
dr10 Speaking about identity here and legal data. Goverments dont like anonimity. dont know why banks etc should be allowed to work with btc/civic. Thats what i dont understand really. Why should it go mainstream?
vinnylingham Android coming next week
Before crowdsale
@dr10 I could argue the same about Bitcoin...and yet...there it is
michaelthecryptoguy Will identity verification be manually verified by person, or a computer?
numba1enigma is ability to buy in presale still available
dr10 Sure, but its disconnected from banks and passport stuff.
lav how much time will we have to organize funds for the presale once the go ahead has been given. BTC transactions take some time
vinnylingham @michaelthecryptoguy automated as much as is practically possible, for purposes of scale
michaelthecryptoguy What I meant was, where I can walk into a local bank and apply for an account? michaelthecryptoguy How long do you see this road going forward until a qr code is actually implemented and actually able to use? Posted in #trading_altcoinsToday at 9:00 PM
vinnylingham @michaelthecryptoguy it's ready for them...let's see who moves first.
Pre-sale is $50k+ - contracts go out Friday. You will have a couple of days to settle in BTC or ETH. Email [email protected] for more info.
mike is there a link for the pre-sale?
vinnylingham Tokensale.civic.com is the site
numba1enigma thanks
varvitsiotis If someone was to invest 50k in presale are they guaranteed a opportunity in the presale or will they get bumped by a bigger investor
tranzer @vinnylingham are there any high-profile companies / organizations / governemnts already interested in Civic?
michaelthecryptoguy Do you see any roadblock with legal framework. Being as of now block-chain is only accepted or has no legal manner in I believe 3-8 states? (edited)
lav If you haev already contacted Marina T and she has replied is that an indication that the contract for the amount you wanted to buy is locked in? (edited)
michaelthecryptoguy Can you discuss some major attributes to civic, that may have not been mentioned?
vinnylingham @michaelthecryptoguy not sure exactly what you mean?
@varvitsiotis once you get a contract and allocation, you are guaranteed, until then it's just an expression of interest
gandalfthegrey @vinnylingham besides user and partner acquisition pools, how will you look to capitalize on the ICO to drive adoption and real fundamental use cases for Civic?
vinnylingham @tranzer yes, but I can't give more details just yet
@michaelthecryptoguy many, but network effects generally force those rules to change. Ask Uber.
gandalfthegrey @vinnylingham Who do you view as your competition? is it OAuth, Gem, Netki,etc and why?
michaelthecryptoguy On the first question. For example some banks do not allow any transactions with an online exchange dealing with bitcoin. Wouldn't block-chain have to be legal across the board completely for any bank to accept and work with blockchain?
And not allow this state or that state?
vinnylingham @gandalfthegrey no one we know of it building an identity network, hence we don't see any competition currently...maybe change quickly though
gandalfthegrey @vinnylingham Sorry for the question blitz, but have another one: How do you get these banks and other FIs comfortable with not storing any information for their own KYC / AML purposes. It seems like it may take several years for them to even be comfortable with that idea. Do you have any feedback or proof points with those players?
mofo How I could make money with investing into Civic?
viajero I understand the token is meant to incentivize early adopters to help build a network effect. is that correct? if yes, how is civic planning to create appreciating token value?
numba1enigma http://www.coindesk.com/blockchain-consortium-draws-enterprise-giants-to-revolutionize-digital-identity/
michaelthecryptoguy Is the civic blockchain data stored peer to peer?
numba1enigma vinny civic was mentioned here
vinnylingham @michaelthecryptoguy this is different (and depends on jurisdiction), we are already piloting with banks and because Bitcoin is not being used as money, it's ok.
new messages @gandalfthegrey they may retrieve and store the information, but it would come from the user and would be reusable and cheaper than current solutions
@mofo we are selling a network access and smart contracting token, to be clear but you are not investing in Civic.
tranzer @vinnylingham who is the brains behind Civic idea? Was it you or a few people came together?
vinnylingham @tanzer me and my co-founder, Jonathan Smith
@michaelthecryptoguy the user data is peer to peer, the hashes are stored on the Bitcoin blockchain
jac067 What will make big corporations such as banks, health care providers, etc. prefer the civic system of identification over that of a drivers license and social security card for example?
vinnylingham @viajero we are working on common standard as part of Microsoft led DIF. We are very consumer focused though (edited)
tranzer @vinnylingham maybe a bit off-topic, but did you anytime in Shark Tank when listening to ideas came to some of the new ideas that you put in action and were inspired by people on Shark Tank?
viajero how is civic related to what Daniel B. (@csuwildcat) Head of Decentralized Identity @ Microsoft is building (http://www.backalleycoder.com/2016/07/12/scaling-decentralized-apps-services-via-blockchain-based-identity-indirection/) vinnylingham @gandalfthegrey no one we know of it building an identity network, hence we don't see any competition currently...maybe change quickly though Posted in #trading_altcoinsToday at 9:14 PM
zillion @vinnylingham Why you're using Bitcoin blockchain not ARK?
michaelthecryptoguy Is there say any insurance that civic will offer when I am a customer of civic and my information is stolen. Example, I have a credit card that is stolen. I can report, and possibly have the funds stolen, returned? (edited)
tranzer Actully that is a good question zillion since you can store data in vendor field and Ark is fast as fuck
vinnylingham @tranzer yeah - I did the augmentors deal, which resulted in Databits
@michaelthecryptoguy that part of our identity theft packages - fund replacement is coming
varvitsiotis CVC tokens are ERC20 and can be stored in cold storage, i.e. ledger nano s?
vinnylingham re: Ark - Bitcoin was there first :-)
Yes, ERC20 for now - will switch to RSK once that is ready
zillion I see
michaelthecryptoguy Are you able to tell me if any funds from the ICO will be used to fund that area?
techbytes that's what blockbuster says to Netflix...
varvitsiotis Can RSK coin be held on Ledger wallet?
vinnylingham Hey guys - I need to jump into my next meeting now. Sorry, time's up! Been fun
michaelthecryptoguy Since my information is stored on an application. Any data breach is automatically puts me a faught? Correct? (edited)
jakethepanda Thanks for joining @vinnylingham
dr10 Thanks for being here
vinnylingham Take care and chat soon
mward Thanks, bye!
varvitsiotis Thanks Vinny
michaelthecryptoguy Alright. Thank You for your Time!!
dr10 Bye
boldninja Thank you Vinny for taking the time to do this AMA - good luck with Civic and I hope Ark and Civic can collaborate in the future
gandalfthegrey @vinnylingham Will you be reachable for more questions on Civic's Telegram? Could definitely use more answers there. Thanks a bunch for your time!
reeeeeeeeeeee Bye vinmy
viajero I understand the token is meant to incentivize early adopters to help build a network effect. is that correct? if yes, how is civic planning to create appreciating token value?
vinnylingham Yes - please ask in the telegram channel. Gtg!
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