Are you tired of filling out KYC forms to verify your identity, from online banking to airport check-ins, applying for a job, and more? Are you interested in taking active measures to avoid the risk of fraud, hacks, data breaches, and identity theft?
From now on, you can trust your identity management to Civic!
Civic is an AI-powered personal identity verification protocol that leverages blockchain technology's tamper-proof nature to manage digital identities better. With Civic, identity verification information is auditable, traceable, and easily verifiable for individuals and industries worldwide.
CVC is Civic's utility token used in the verification process.
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Read on to learn everything you need to know about the Civic protocol and the CVC token.
What Is Civic (CVC)?
Civic was created to bring the power of blockchain to identity management services. It's a blockchain-based identity management solution that provides individuals and businesses with the required tools to control and protect personal identification information.
The platform is designed to change the way we think about identity verification by giving users more control over their personal data while allowing them to access a wide range of services without needing to fork over excessive amounts of personal information. Users must provide personal identification information only once, allowing any organization or service to cross-check it on the blockchain.
Civic’s identity verification solution uses distributed ledger technology to authorize identity usage in real-time and is used to sparingly share information with Civic partners with the user's authorization.
Civic’s model allows on-demand, secure, fast, and low-cost access to identity verification via the blockchain. Background and personal information verification checks no longer need to be undertaken from the ground up whenever a new institution or application requires one. Both individuals and companies benefit from Civic's high transaction speeds and pay-per-user models, as well as the elimination of the traditional verifications' high fees and long wait times.
Civic won the Best New Startup award at the K(NO)W Identity Conference 2017 and is available worldwide.
Civic Founders
Civic Technologies Inc., based in San Francisco, was co-founded by Jonathan Smith and Vinny Lingham in 2015.
Vinny Lingham is a serial entrepreneur and the founder of the digital gift card platform, Gyft, which was acquired by First Data Corporation in 2014. After over a decade of experience in e-commerce, he realized that no universal solution existed to tackle consumer identity fraud.
Jonathan Smith has over 15 years of experience in banking and technology advisory. After a successful career in some of the most complex and security-sensitive environments, Jonathan brought his talent for technology leadership, innovation, and delivery to the digital identity world.
Civic has over 30 designers, developers, engineers, and other professionals working together to build the ecosystem. The platform uses the blockchain-based ecosystem's open source to verify credentials.
Civic raised $2.75 million in seed funding in February 2016 and announced its official launch and the app's public beta in July. At the time, the app simply alerted members when their social security numbers were being used by one of the company’s partners.
In June 2020, Civic announced its Civic Wallet was available on the App store and Google Play.
In March 2021, Civic announced its integration with Solana blockchain to offer improved privacy, ease of use, and regulatory compliance.
How Does CVC Work?
The project features the Civic app, enabling users to verify their identities by scanning a QR code without handing over their personal information. Using Civic’s Secure Identity app, users upload their personal identity information, including name, address, passport number, etc.
Civic works under a token-based system where Civic CVC tokens, ERC-20 tokens on the Ethereum blockchain, are used to settle identity-related transactions between Civic participants — a customer and service provider. The Civic network uses three entities: users, validators, and service providers.
A user, the person who wants their identity to be validated, submits the relevant information from the Civic app into a "validation contract." Validators are third-party entities, such as governments or utility companies, verifying the data is correct. Once the verification is complete, the information is recorded on the network.
Service providers, and businesses that require the verification information, can buy the data using CVC, Civic’s utility token. Both the user and the validator gain a portion of the CVC.
Users can earn CVC tokens for completing several tasks, such as signing up for a service through the platform or introducing new users. In contrast, validators can earn CVCs for validating documents for service providers.
Civic Security
Civic doesn't store the data on the blockchain, instead, it stores proof of the information as a reference to ensure the user controls the sensitive information while providing sufficient evidence to the businesses requiring it.
Another safety measure is that the app encrypts personal information with a private key issued by a third-party wallet, ensuring that Civic can't access personal identifying information without the user's consent. Users can manage their information and choose which data they want to share.
How to Buy CVC?
The top cryptocurrency exchanges to buy and sell Civic stock are Binance, OKX, Bybit, BingX, and Bitrue.
