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What is Civic Coin? (CVC)
The world of cryptocurrency has been heavily reliant on the decentralisation of finances and is what the technology has gained notoriety for. Most of the popular cryptocurrencies focus on the speed, privacy security and affordability of transfers but this is only a surface application of what the underlying blockchain technology can offer the world.
For those of you who have been following our cryptocurrency articles, you may think of me as an evangelistic broken record raving about the revolutionary concept of the blockchain.
We've seen it with projects like Sia and Golem move the blockchain away from pure asset trade and actually offer a real solution and product. The birth of Ethernet has given rise to a whole new world of cryptocurrencies. Its ER20 token combined with Smart contracts and their blockchain has given rise to
What is Civic Token (CVC)?
CVC is an Ethereum-based token used by service providers that are looking to acquire information about a user. These service providers can make a payment in CVC to access the data for verification. The smart contract system employed will then see funds delivered to both the validator and the identity owner (user). Civic’s model is on-demand, secure and lowers cost access to identity verification via the blockchain.
Through their digital Identity platform, users to set up their own virtual identity and to store it along with their personally identifiable information on the device. This information will go through a verification process conducted by the identity validators on the platform and then ported into the blockchain where service providers can access it with the proper permission from the user.
Background and personal information verification checks may no longer need to be undertaken from the ground up every time a new institution or application requires one. Civic already has a working identity verification product that is available worldwide. Civic has won Best New Startup award at the K(NO)W Identity Conference 2017.
Why should you pay attention to Civic?
Civic provides blockchain-based, on-demand, secure and low-cost access to identity verification (IDV). This removes the need for background and personal information verification checks that are undertaken every time a new institution requires one. Civic’s identity ecosystem will be based on a decentralized model in which participants will use the ‘Civic token’ to transact in IDV-related services.
Making KYC easier and monetization of data
Civic is going to pay identity verifiers (banks, utilities, other trusted sources) to do the KYC work with a coin. Then they are going to store the results in the distributed ledger of the blockchain. This means their cost to KYC is ZERO, their cost to store the data is ZERO and the buyer of this service (another company that wants to quickly and cheaply verify user identity) has to buy Civic coins to access the service.
An influential team
Civic have some influential names are tied to this project and backing the technology, such as:
- Matt Roszak - Co-founder and Chairman of Bloq
- Jeff Garzik - Co-founder and CEO of Bloq
- Anthony Di Iorio - CEO and Founder at Jaxx and Decentral and Founder at Ethereum
- Vinny Lingham - CEO of Civic
A brief introduction to the Civic Platform
What is Civic Token used for?
Civic has a standalone app that works in conjunction with the token and blockchain to secure your personal data. The app is available for both Android and iOS devices however it's currently only functional in the US. The Civic’s Secure Identity Platform (SIP) uses a verified identity for multi-factor authentication on the web and mobile apps without the need for usernames or passwords.
Better user experience with more options to establish various levels of trust in the identity of a signer of a document
Secure account creation that offers varying levels of privacy to your users, including anonymity or verified demographic attributes
Civic aims to avoid new account fraud with verified identity data using multi-factor authentication with the simple user experience for the end user
Reduce the impact of a data breach by not storing user PII (Personal Identification Information) along with credit card data in order to avoid identity fraud when using a Civic verified identity
Civic will allow its members to securely store and instantly share authenticated medical records from their device with the Civic App
Can you mine Civic Token?
Civic is an ER20 token build on the Etherum blockchain, these tokens are issued/pre-mined by the company and therefore cannot be mined.
Secure Private sign-up and login
New account creation can be simplified by providing verified identity data with the Civic app. While this service may sound similar to Facebook Login, Civic’s Secure Private Sign-up (SPS) and Secure Private Login (SPL) offers both the privacy of data transactions and greater trust in user identity. By utilizing SPS, you can rest assured that new accounts are created by the true owner of the identity data.
Civic’s SPL enables you to allow your users to log in to your web and mobile apps without a username or password. SPL provides a better user experience and multi-factor authentication without weak passwords, password reset vulnerabilities and the hassle of legacy two-factor authentication.
Can you earn Civic Token?
Trading Civic does not have any monetization structures built into the tokens system as yet. However, users can earn digital currency via exchanges. Users can earn coins through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.
Where can you buy Civic?
Civic is listed on a range of international cryptocurrency exchanges and is actively traded on websites like:
ChaoEX Cobinhood Coindirect
- Radar Relay
Should you invest in Civic?
Since the inception of the internet and eCommerce security has been a problem, hackers, virus, scams and fraudulent activity have been rife online and will continue for the foreseeable future. The cybersecurity and anti-virus market has become hugely profitable markets to operate in and is currently dominated by a few big players.
It is estimated that in 2016 alone, 15.4 million adults in the U.S. were victims of identity fraud resulting in a loss of $16 billion, while globally almost 1.1 billion identities were stolen last year. It has been reported that personal identity information is the most common form of data stolen. Given this is a real problem, that won't disappear anytime soon and the profitability of not only the consumer but corporations wanting to provide better security for their customers I think Civic is really on to something here.
If Civic can really back up its claims by solving identification problems using a blockchain-based solution to secure and protect identities we will likely see a large adopted by more and more entities. I personally think that Civic still a long way from mainstream adoption making this token a long play but worth adding to your portfolio none the less. For more on Civic check out their official website
If you want to know more about cryptocurrency don’t be shy we’re happy to assist. Simply contact us
Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.