Civic CEO Vinny Lingham has stated tokens are “eating the world” as his startup’s token becomes exchangeable.
In a Medium post Monday, Lingham said that tokens released by companies as value assets are becoming “yet another killer app.”
“We are now entering a realm where its (sic) possible for applications to be built on top of Blockchain technology, and this is enabling new use cases and, more importantly, the ability to create ‘private economies,” he surmised.
Lingham received praise for the distribution methods of Civic’s CVC token last month as other ICOs, and token sales gained criticism for their perceived lack of technical robustness and impact on the Ethereum network.
Currently trading on Bittrex, EtherDelta and COSS as well as ShapeShift, the average cost of CVC is now just over 20 cents - already double that of the token sale price.
“When we look at Civic, we don’t see how the value of Civic tokens is correlated to the cryptocurrency ecosystem, except that there is demand from crypto buyers/traders,” he continued.
“We aren’t dependent on the price of Bitcoin, Ethereum or any other crypto.”
The post serves as a vote of confidence in CVC’s future as much as in tokens in general.
Lingham also highlights the benefits of having a token not dependent in any way on fiat currency by default. Gift cards, which Lingham dealt with daily for his previous business Gyft, are vulnerable to inflation as they are controlled by the health of the fiat currency they represent, he notes as an example.
The entrepreneur has often called for restraint in the Bitcoin ecosystem. Meanwhile, arguing too rapid a price rise would lead to instability and a detrimental effect on the cryptocurrency’s long-term image.