South African-born serial entrepreneur Vinny Lingham announced a new name for the decentralized identity ecosystem – Identity.com.
Lingham, who is based in Silicon Valley, said Identity.com will be a first-of-its-kind decentralized platform that will open up access to on-demand, secure identity verification.
“It is designed to connect users, requesters, and validators around the world to enable reusable identity verification, powered by Civic tokens (CVCs),” he wrote.
“This ecosystem allows individuals, companies, and other entities to interact easily and safely in the digital world.”
With our revolutionary token behaviour model design, Identity.com represents a completely new approach to managing a decentralized community, he explained.
In March, Civic processed the first CVC-powered Know Your Customer (KYC) transactions, marking the first exchange of CVCs for identity verification services. “Now, we are preparing to expand access to decentralized identity verification services,” Lingham wrote.
The Identity.com code will be open sourced in the fourth quarter of 2018.
“Open-sourcing Identity.com is something we have always considered, and in response to community enthusiasm for a more open platform, we have decided to open-source it, as we make the SDK available for all developers,” he explained.
“Civic’s long-term vision is a decentralized identity ecosystem that eliminates the costs and inefficiencies of identity verification while improving security and privacy, creating a best-in-class experience for all ecosystem participants.”
Last year, Civic raised $33 million in a token sale to create a truly decentralized identity ecosystem. Civic’s model allows for on-demand, secure and lower cost access to identity verification via the blockchain.
Originally from South Africa and now living in Silicon Valley, Lingham is a serial entrepreneur who has served as founder and CEO of three prior companies (Gyft, Yola and Clicks2Customers) and was recently appointed to the board of the Bitcoin Foundation.
He maintains close ties to his homeland where he stars in “Dragon’s Den” (South Africa’s version of “Shark Tank”) and is also the co-founder of the local technology hub, the Silicon Cape Initiative.
After a successful leadership transition period following First Data’s acquisition of Gyft, Lingham recently stepped aside from overseeing the company’s day-to-day operations to focus on his entrepreneurial efforts.
He sold his virtual gift card service, Gyft, for $52 million and is an alumnus of Endevour Entrepreneurs that includes Bruce Morgan of GreatSoft, Adrian Gore of Discovery, and Taste Holdings’ Carlo Gonzaga.