Civic.com is making a decentralized play at identity security that could actually work to eliminate passwords with cryptographically unbreakable algorithms. This is a super exciting project as everyone I know (including myself) would love to find a way to make login/password combinations across the internet as safe and convenient as possible. How many times have you forgotten your password and had to request a new one, or do you take the easy way out and repeat your password across different sites, opening yourself up to being financially hacked. The beauty about this play is that you (and only you) have access to the keys…so even Civic.com doesn’t have it. This decentralized trait makes it extremely powerful to control your key from the centralized hacks that have hit almost every retailer, bank, and other target online in some way, shape or form.
IMHO, they should consider a double sided referral program to gain users in an exponential viral fashion. Why double sided? It will incent both the referrer and the friend to not only signup, but also to keep spreading the word.
The way this could work is that Civic could incent current users to spread the word and earn 1 CVC coin for every friend that signs up, at the same time the friend earns 1 CVC in their wallet for signing up.
In the end, everyone wins. Civic wins because they are paying out a total of 2 CVC (which ICO’d value = $0.20)…which is a steal for customer acquisition costs! The referrer wins in that they get 1 CVC for every friend they refer…and the friend gets the special deal of 1 CVC for free!
A 1 CVC rewards might not seem like much, but it turns it into a game with potential for a leader-board and gamification mechanisms to grow the community.
Properly done double-sided referral programs grow networks exponentially, just look at how Airbnb exploded from this back in 2015! The 1st crypto to pull this off will have massive exponential growth! Vinny, call me anytime 🙂
The Airbnb case study
As of March of this year, Airbnb is valued somewhere around $20 to $25 billion. That’s nearly double what it was worth this time last year — impressive for a company that didn’t even exist a decade ago. But more impressive is how they achieved such staggering growth in the matter of a few years.
The answer is simple: referrals. Airbnb took a straightforward referral approach by sending email invitations to existing participants. The offer was enticing: referrers would receive a $25 travel credit when new members took their first trip. Then, they would receive an additional $75 credit when they hosted a guest for the first time.
From Airbnb’s perspective, the referral program was a no-brainer. After all, they were only paying for referrals after new users made a purchase. This ensured that they weren’t wasting any money on unprofitable referrals. The program worked (and still does), helping Airbnb to achieve incredible growth, in which the total number of users has practically doubled each year since 2012. https://www.entrepreneur.com/article/248867