What Is Civic (CVC)?
Civic is a blockchain-based identity management solution that provides people and organisations with the means to manage and safeguard personal identification data.
By offering users more control over their personal data and enabling them to access a variety of services without having to divulge excessive amounts of personal information, the platform aims to transform the way we think about identity verification.
Distributed ledger technology is employed by Civic’s identity verification solution to approve identity usage in real time. After user consent, information is only occasionally shared with CVC partners.
Civic customers store all of their sensitive data on their mobile device, unlike users of several alternative identity management services. By submitting a biometric signature via the Civic app, users can consent to the exchange of particular personal data.
The Civic coin (CVC), a special utility token that is used to settle identity-related transactions between CVC participants, including those between a customer and a service provider, powers the Civic ecosystem.
When customers join up for services through the platform or refer new users, they can earn CVC tokens, whereas document validators can only earn CVC tokens when they validate documents for service providers.
Following a sell-out initial coin offering (ICO) the year before, CVC was introduced in 2018.
Who Are the Founders of Civic?
In 2015, Vinny Lingham and Jonathan Smith co-founded Civic.
Vinny Lingham is a serial entrepreneur who made an appearance on Shark Tank South Africa in 2016. He co-founded a number of well-known companies, including the digital card network Gyft and the South African investment fund Newtown Partners. The CEO of Civic is Lingham.
Currently serving as the platform’s CTO, Jonathan Smith has more than 15 years of experience in the banking sector. Prior to joining CVC,
Smith served in a number of executive positions at illustrious companies, including Deloitte MCS Limited, HSH Nordbank, and Genpact Headstrong Capital Markets, where he served as the worldwide head of Platforms.
Along with the founders, the Civic team consists of several other highly accomplished people, such as COO Chris Hart, who has 20 years of senior finance experience and has previously held the position of CFO at Guidebook and Nextag.
There are now 38 workers listed on the CVC LinkedIn page, many of whom are headquartered in the San Francisco Bay Area.
What Makes Civic Unique?
Civic is designed to provide users complete control over their personal information while making it simple for them to authenticate their identity with service providers.
It enables companies to onboard users more quickly thanks to its AI-powered verification technology, which when supplemented with human assessment aids companies in reducing fraud and remaining in compliance with AML and OFAC standards.
Civic’s two primary products as of December 2020 are the CVC wallet and the Health Key.
A few well-known cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and USD Coin, can be stored in the Civic wallet, a mobile cryptocurrency wallet (USDC). The app serves as both a digital identity management tool and is covered by Coincover’s $1 million Bitcoin insurance policy.
Newest item from Civic is called Health Key. Employers can use this app to securely check the health of employees to make sure they are fit to work again after contracting COVID19,
such as if they test positive for antibodies or have received vaccinations. Without compromising the employee’s privacy, this is accomplished.
How Many Civic (CVC) Coins Are There in Circulation?
Exactly 670 million CVC tokens, or 67% of the total quantity of 1 billion CVC, were in use as of late December 2020. The right data panel contains the current circulating supply.
A total of 1 billion CVC were produced, of which 33% were sold during the token sale, 33% were kept by Civic, 33% were set aside for incentives and rewards, and the remaining 1% were used to pay token sale expenses, according to the CVC token sale website.
The 330 million tokens allotted to CVC are still in tact as of December 2020. The multi-signature Ethereum wallet where it is now kept can be followed here.
How Is the Civic Network Secured?
The Ethereum blockchain, one of the most decentralised and secure proof-of-work (POW) networks currently in use, supports CVC as an ERC-20 token.
With the release of Ethereum 2.0, Ethereum will progressively switch to proof-of-stake (POS). Once finished, a network of validator nodes will protect the CVC token and any related transactions.
Customers utilise their own devices to restrict access to their data and secure their digital identities with the Civic app.
Where Can You Buy Civic (CVC)?
Hundreds of exchange platforms, including Binance, Coinbase Pro, and Huobi Global, offer trading of the extremely liquid CVC cryptocurrency. Most frequently, it is exchanged for Tether (USDT), the Korean won (KRW), and Bitcoin (BTC).