Civic (CVC) is a decentralized identity ecosystem, allowing the request to verify the identity of the user safe and cost-effective way, which became possible thanks to the blockchain technology. Using the digital identification platform, the user can create his / her own virtual identity and store it together with personal information on the device.
Civic builds an ecosystem that is designed to facilitate on-demand access, safe and affordable access to services verify the identity of the individual (IDV) through the blockchain, so that the test check on the basis of background and personal information no longer need to do from scratch each time.
Example of use: the company offers a free sale of goods, which is only suitable for us citizens. The company collaborates with Civic and provides a QR code (or something like that) that verifies whether the giveaway participants are US citizens. Participants who have account Civic can verify the information using their civic account without providing the documents evidencing that he is a citizen of the United States.
Civic’s model allows for on-demand, secure and lower cost access to identity verification via the blockchain. 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.
Civic decided that they want to attract the widest possible audience to their ICO. Therefore, unlike most companies preparing for the ICO, Civic made the initial offer of their tokens completely open and public, at the same time setting a limit on the maximum purchase amount for both crowdsale and pre-sale. This restriction allowed small buyers to take part in the ICO on an equal footing with all rights, which contributed to the wide dissemination of information and reduced the influence of speculative buyers.
According to the information on the Civic website, in order to provide additional protection, the company enters into a partnership with the manufacturer of electronic devices and computer components Intel. Representatives of the startup believe that the simultaneous use of blockchain technology and Intel — Software Guard Extensions technology will give good results.
According to Intel, SGX technology is a set of new instructions that can be used by applications to isolate personal information. This includes registration data, storing and verifying that can be done without exposing them to the risk of transmission in tangible form or sending via insecure Internet connection.
CVC is an Ethereum-based token that is used by service providers to obtain information about the user. Therefore, organizations use the CVC token as a means of payment. The system of smart contracts further provides for the transfer of funds from service providers to validators and owners of individuals (users).
Civic CVC tokens will be used to perform transactions in services associated with IDV. CVC paid by the transaction is distributed to the validator and the user as a reward for sharing information. The more use for CVC, the more valuable the tokens are.
The price of cryptocurrencies like a market capitalization is always changing, however, BitcoinWiki suggests users an opportunity to see an online price of CVC token.
- CVC market cap on 1 JUNE 2018: $110,41M
- CVC price on 1 JUNE 2018: $0.327973