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A utility token created for use in the verification process is the civic cryptocurrency. Civic Coin is used by service providers to pay for each identity’s verification; the earnings are split between the validator and the user. By accomplishing other tasks on the app, such introducing new users, users can also earn tokens.
Since CVC coin is an ERC-20 token, the Ethereum blockchain serves as its foundation. On June 20, 2017, the initial coin offering (ICO) was completed, raising its $33 million goal. One billion CVC, the maximum quantity, have already been produced. 33% of the tokens, or just under one-third, were sold during the initial coin offering (ICO); another 33% are owned by Civic; a further 33% are set aside for awards; and the final 1% were used to pay for the ICO’s expenses.
CVC made its debut on June 17, 2017, at $0.16, and witnessed a price increase the following month. The cost rose from $0.72 on August 13 to $1.34 on January 3, 2018. CVC coin plummeted that year along with many other cryptocurrencies, including bitcoin, despite a good start.
Over the ensuing years, the civic cryptocurrency declined, hitting a low of $0.01 on March 13, 2020. This year, CVC’s fortune has shifted, and the company has been able to rise above its IPO price. It is now trading at about $0.33 at the time of writing.
We have been accustomed to filling out forms repeatedly to verify our identities, whether it be for bank account applications or airline check-ins. Civic’s blockchain-based approach aims to change this. Users simply need to enter their information once on the Civic app, and many other organisations can use it to confirm their identity.
There are other incentives for businesses to adopt Civic as well, so it doesn’t just save time for the person. Civic’s fast transaction speeds and pay-per-user business model are further attractive features for companies. The blockchain technology eliminates the hefty fees and protracted wait times associated with conventional verification procedures.
Civic is currently mostly used in the bitcoin sector. Can Civic enter key markets and make our lives easier?
With Civic, businesses may bypass the time-consuming know-your-customer (KYC) procedures that are required to verify an individual’s identification and check compliance boxes. Businesses may use Civic to speed up onboarding without compromising security by eliminating the need for clients to go through several checks each time they wish to sign up for a service.
By authorising an identity in real time and sharing the information with businesses, this is accomplished via blockchain technology. Users upload their name, address, passport number, and other personal identity information via Civic’s Secure Identity app.
The idea of having all of this data in one location may seem intimidating, but Civic does not directly store the data on the blockchain. It keeps a reference as evidence of the information. This gives the businesses that require it enough proof while ensuring the user is in control of the sensitive information.
Additionally, the application encrypts user data using a private key generated by a third-party wallet. Since Civic cannot access a user’s personal identifying information without that person’s permission, this serves as additional safety precaution.
Users of the mobile app can manage their information and decide which information they want to share. For instance, Civic can confirm your age without knowing your precise date of birth if you need to buy a drink and indicate that you are over 21. With the help of this decentralised platform, consumers will once again control sensitive data.
Civic wants to be a productive platform that will aid organisations in increasing user signups thanks to a quick onboarding procedure. Using Civic’s open software development kit, businesses can integrate it. Each company receives a distinct QR code. It takes the user to the Secure Identity app and launches the verification procedure when it is scanned.
In order to comply with (sometimes mandatory) know-your-customer rules, service firms typically have to spend millions of dollars on identity verification services. Civic allows businesses to pay for each set of data separately rather than for the entire service, which saves both time and money.
Users, validators, and service providers are the three types of entities that the Civic network uses to do this. Each organisation has a unique but crucial role to play in the identity verification process.
A user, who is the individual whose identification needs to be verified, enters the pertinent data from the Civic app into a document known as a “validation contract.” Third-party organisations known as validators check to see if the information is accurate. Validators are frequently service providers like governments or utilities. The data is saved on the network once the verification is finished.
Businesses who need the verification information, or service providers, can purchase the data using CVC, Civic’s utility coin or token. The CVC is split between the validator and the user.
In a YouTube video featuring the fictitious Janice, Civic gave viewers a sense of how the system functions. Giving out numerous paperwork to various people is a laborious part of packing for a trip. Janice utilises Civic to simplify her life so she doesn’t have to go through the hassle of having many organisations validate the same document, like a passport.
The company that Janice employs to schedule her travels is a Civic service provider. It gives her a QR code to use, which Janice fills out on Civic’s app, to send the personal data. Now, Janice may use the same gadget to prove her identity at the hotel, the airport, and the security checkpoint.
Each service provider in this situation, according to Civic, is also a validator. As a result, each time a company asks for Janice’s identity, it also independently verifies the data stored on the blockchain.
Civic was first developed on the Ethereum blockchain but decided to switch to Solana in March of this year. According to the report, investments in the ecosystem are made “unattractive and unsustainable” as a result of Ethereum’s high transaction fees.
In order to address this issue, Civic is utilising Solana, which has transaction fees that start at just $0.00001. Since Civic was created to be used frequently, it requires fast transaction speeds, which Solana also provides. It has a 50,000 transaction per second capacity.
“Early blockchains have been fantastic testing grounds, but with high fees and sluggish transactions, many customers and applications are simply priced out of the ecosystem,” said Vinny Lingham, co-founder and CEO of Civic.
Now, with Solana, we’re putting identification at the core of the blockchain and a larger ecosystem that is prepared for the future and designed to scale for widespread use, Lingham said.
According to CoinReviews, Civic has numerous practical applications and delivers “an intriguing security offering.” It emphasises Civic in particular as a trustworthy and decentralised way to validate a driver’s licence or passport.
It does, however, caution that because it lacks the necessary alliances, implementing these objectives would be challenging. Governments, financial organisations, and a range of retailers will all use Civic’s technology. However, the bitcoin sector presently represents Civic’s sole true partners.
According to CoinReviews, “There is a lot of potential here, but it may take them some time before they have the integration partners and customers to completely realise their vision.”
Similar Civic reviews can be seen on CoinSwitch, which claims that the platform may “meet fierce competition shortly” because to the proliferation of applications that enable blockchain identity management. There is potential, but for Civic to flourish, it must forge significant alliances and break into the mainstream.
There are 670 million civic coins in use as of this writing. A total of 1 billion CVC, all of which have already been minted, are available. These tokens are divided among the company, the ICO, and network benefits.
Jonathan Smith and Vinny Lingham together established Civic. Lingham, a businessperson who has co-founded a number of companies, serves as Civic’s CEO. Chief Technology Officer for the network, Smith previously held positions with prestigious companies like Deloitte MCS Limited and HSH Nordbank.
As an ERC-20 token, Civic coin is supported on the Ethereum blockchain. According to CoinMarketCap, Ethereum is “one of the most secure and decentralised proof-of-work (POW) networks currently in use.”