When was Civic (CVC) coin issued?

Civic (CVC) coin's issuance in 2017 marked a crucial step in the development of the Civic platform, providing funding for its technology and fueling its mission to revolutionize identity verification and management.

Nov 26, 2024 at 03:19 am

Civic (CVC) Coin Issuance: A Comprehensive History

Introduction:

Civic (CVC) coin, an ERC-20 utility token native to the Civic platform, made its debut in the cryptocurrency landscape in 2017. Its issuance marked a significant milestone in the development of Civic and its mission to revolutionize identity verification and management processes.

Civic Coin Issuance Timeline:

1. Pre-Sale (May 2017):

   • Civic conducted a pre-sale of 20% of the total CVC supply, raising 30,000 ETH (approximately $25 million at that time).
   • The pre-sale was limited to a select group of investors and aimed to garner seed funding for Civic's further development.

2. Main Token Sale (June 2017):

   • The main token sale followed the pre-sale, with 80% of the remaining CVC supply being offered to the public.
   • Civic raised an impressive 120,000 ETH (approximately $100 million) during the main token sale.
   • The proceeds from both the pre-sale and main sale were used to finance Civic's technology development, marketing efforts, and team expansion.

3. Post-Sale Token Distribution (July 2017):

   • CVC tokens were distributed to participants of both the pre-sale and main sale in July 2017.
   • This marked the official issuance of Civic coin and its introduction to the cryptocurrency market.

Civic's Token Utility:

Upon its issuance, CVC coin served as a vital component within the Civic ecosystem, enabling the implementation of critical identity management functionalities:

1. Identity Verification: CVC tokens are used to incentivize users to verify their identities through the Civic platform.
2. Trust Network Growth: Token holders are encouraged to build their trust networks by verifying others, earning rewards for each successful connection.
3. Governance Participation: CVC holders can participate in Civic's decentralized governance model by voting on proposals and electing community representatives.

Evolution of CVC Coin:

Since its initial issuance, Civic coin has undergone several notable developments:

1. Mainnet Launch (2018): The launch of Civic's mainnet marked a major milestone, transitioning the platform from a testnet environment to a fully operational network.
2. Token Model Enhancements: Civic introduced a new token model in 2021, splitting CVC tokens into two categories: KYC-verified (KCVC) and anonymous (ACVC).
3. Multi-Chain Integration: Civic has expanded its reach by integrating CVC with several blockchain networks, including Polygon and Binance Smart Chain.

Conclusion:

The issuance of Civic (CVC) coin in 2017 was a pivotal event in the development of the Civic platform and the broader blockchain identity management space. Through thoughtful pre- and main token sales, Civic secured the funding necessary to drive its growth and realize its vision of empowering individuals with secure and seamless identity ownership. The coin's utility and role in the Civic ecosystem have evolved over time, cementing its value within the platform's governance, identity verification, and trust network expansion mechanisms.