Civic

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Civic?

Civic (CVC) is a personal identity verification service provider that leverages modern cryptography, blockchain technology, and smart contracts to develop secure, on-demand, and low-cost access to identity verification services. It aims to build a safe and equitable future for all by providing a futureproof identity for any use case. Civic’s decentralized identity verification ecosystem, called Identity, connects users, requesters, and validators worldwide, allowing users to reuse their verified identities across various platforms without constant re-verification.

How is Civic used?

Civic (CVC) is used as a utility token to facilitate various functions within the Civic ecosystem. Here are some key ways CVC is utilized:

  1. Payment for Identity Verification: CVC is used to settle transactions between Identity Verifiers and Identity Requesters within the Civic ecosystem. Requesters pay Verifiers in CVC for verifying user identities.

  2. Incentivizing Participation: CVC is used to incentivize users to contribute to the ecosystem. For example, users are rewarded CVC for signing up for services, sharing their identity, or introducing new users to the platform.

  3. Purchasing Services: CVC can be used to purchase existing services directly from Civic, such as personal background checks, blockchain notary services, dark web monitoring, and P2P identity services.

  1. Smart Contract Payments: CVC is used to facilitate payments for smart contract commands within the Civic ecosystem.

  2. Validator Rewards: Validators are rewarded CVC for confirming identities, which helps maintain the integrity of the network.

Overall, CVC plays a crucial role in powering the Civic ecosystem, enabling secure and efficient identity verification processes.

How do I store Civic?

To store Civic (CVC) tokens, you can use various wallet options that offer secure storage. Some popular Civic wallet options include:

  • Trust Wallet: A secure and user-friendly wallet for storing CVC coins.
  • MetaMask: A well-known wallet that supports Civic tokens.
  • Ledger: A hardware wallet option for secure offline storage.
  • imToken: A reliable wallet for storing CVC tokens.
  • Torus: Another secure wallet option for Civic tokens.
  • Guarda: A multi-currency wallet that allows you to buy, send, receive, and store your Civic tokens quickly and securely.
  • Civic Wallet: A mobile crypto app that stores CVC tokens along with other popular cryptocurrencies.

These wallets provide a safe and convenient way to manage your Civic tokens.

How to buy Civic?

To buy Civic (CVC) tokens, follow these steps:

  1. Choose a Cryptocurrency Exchange:

    • KuCoin: Create a free account, secure and verify it, add a payment method, and buy CVC using a credit/debit card, bank transfer, or third-party channels.
    • Coinbase: Search for Civic on the website or mobile app, and follow the prompts to complete the purchase.
    • Binance: Register, verify your account, choose a payment method (credit/debit card, bank deposit, or third-party channels), and buy CVC.
    • Kriptomat: Sign up, verify your account, add funds using a bank deposit or credit card, and buy CVC.
    • Other Exchanges: Compare and choose from top exchanges like Uphold, Kraken, and WazirX, which offer CVC trading with various payment options.
  2. Verify Your Account:

    • Complete the verification process by providing the required identification and personal information.
  3. Add Funds:

  • Deposit funds using your chosen payment method, such as a credit/debit card, bank transfer, or third-party channels.
  1. Buy Civic (CVC):

    • Navigate to the CVC purchase page, select the amount you want to buy, and confirm the transaction.
  2. Store Your CVC:

    • You can store your CVC tokens in your exchange account or transfer them to a non-custodial wallet for added security.

Remember to always follow the specific instructions and guidelines provided by the exchange you choose.

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History of Civic

Civic (CVC) officially entered the market in July 2017 via a public crowdsale. The network was founded by Vinny Lingham and Jonathon Smith. Vinny Lingham, a South African entrepreneur, has a long history in the eCommerce sector, having founded the digital gift card platform Gyft, which was acquired by First Data Corporation in 2014. Jonathon Smith has extensive experience in banking and technology, having worked as an advisor for multiple innovative platforms.

Civic began integrating with partner sites and developing its first set of smart contracts in Q3 of 2017. The platform went into Alpha phase in Q4, providing Know Your Customer (KYC) services including document verification and the ability for validators to confirm identities to earn CVC tokens. In Q1 of 2018, CVC progressed to Beta version 1, expanding CVC token transaction capabilities amongst partners and identity providers.

The token sale started on January 1, 1970, and lasted until June 22, 2017, raising $33 million in two days. Over 1 billion tokens were created, with 330 million CVC sold during the token sale. The token sale was intended to be as decentralized as possible, resulting in 8,000 different individuals successfully purchasing Civic tokens.

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How Civic works

Civic (CVC) is a blockchain-based identity verification protocol designed to provide a safer, cheaper, and more efficient method for managing digital identities. Here's how it works:

Key Components
  1. Users: Individuals who register their identities using the Secure Identity app.
  2. Validators: Entities responsible for verifying the authenticity of user identities on the blockchain.
  3. Service Providers: Organizations that need to verify user identities for various purposes, such as Know Your Customer (KYC) compliance.
Secure Identity App

To use Civic, users download the Secure Identity app, which allows them to input personal identity information such as names, addresses, social security numbers, and passport details. This information is encrypted with a private key issued by a third-party wallet, ensuring that Civic does not store any personal data directly on the blockchain. Instead, it stores attestations of this information for reference, keeping users in control of their sensitive data.

Verification Process

When a service provider needs to verify a user's identity, they request the necessary information from a validator. The validator retrieves the relevant attestation from the blockchain and checks it against the user's provided data. If everything matches, the validator is paid in CVC tokens, and the service provider gains access to the verified information. This process ensures that users do not need to repeatedly provide the same identity information to different service providers.

CVC Token and Marketplace

The CVC token is used to facilitate transactions between users, validators, and service providers. Validators can sell access rights to verified identity information on the Civic Marketplace, and service providers can purchase these rights using CVC tokens. This marketplace allows for flexible and secure identity verification, ensuring that users are always in control of their data.

Integration and Partnerships

Civic has integrated with various platforms, including the Solana blockchain, to expand its capabilities and improve efficiency. It has also partnered with non-profit Identity.com to provide decentralized protocols and tooling for identity verification.

AI-Powered Identity Verification

Civic uses an advanced AI-powered identity verification system, which is coupled with human review to ensure accuracy and security. This combination improves the overall performance of the network by speeding up initial compliance actions and adding an extra layer of security through human approval.

Civic Wallet and SDK

The Civic Wallet is a key product that streamlines the verification process by eliminating human error and fakes. It can be integrated directly into businesses, such as bars or stores, to provide age verification and other services. The Civic SDK package helps developers incorporate these advanced tools into their decentralized applications (DApps) by simplifying the integration process.

Overall, Civic (CVC) provides a robust and secure identity verification system that leverages blockchain technology to protect user data and streamline verification processes for service providers.

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Civic's strengths

Civic (CVC) has several strengths that make it a robust identity verification platform:

  1. Privacy: Civic gives users control over their personal identifiable information (PII), allowing them to access various services and products with unrevealing and reusable identities.

  2. Flexibility: Users can link multiple wallets to a single pass using decentralized identifiers (DIDs), which can then be used with different audiences.

  3. Trustworthiness: Civic's tokenized identity system creates a secure and reliable system that protects human users while offering the best of the digital world.

  1. Interoperability: Civic's platform is designed to be interoperable across different platforms, making it easy to use and integrate.

  2. Scalability: By leveraging Solana's proof-of-stake (PoS) blockchain, Civic benefits from high-speed, low-latency, and inexpensive transactions, making its identity tools easily accessible to mainstream consumers.

  3. Security: Civic uses advanced AI-powered identity verification, coupled with human review, to improve the overall performance and security of the network.

These strengths contribute to Civic's goal of building a safe and equitable future for all by providing secure, on-demand, and low-cost access to identity verification services.

Civic's risks

Civic (CVC) is associated with several risks, including:

  1. Volatility Risk and Liquidity Risk: The value of CVC can fluctuate significantly, and liquidity issues may arise, making it difficult to buy or sell the token quickly enough or at a favorable price.

  2. Short History Risk: CVC has a relatively short history, which can make it challenging to predict its long-term performance and stability.

  3. Demand Risk: The success of CVC depends on its adoption by users, developers, and organizations. If demand is low, the token's value may decline.

  1. Forking Risk: Changes to the underlying blockchain technology can lead to forks, which can impact the value and functionality of CVC.

  2. Code Defects: Errors or vulnerabilities in the code can compromise the security and integrity of the network.

  3. Regulatory Risk: Changes in laws and regulations can negatively affect the use, transfer, exchange, or value of CVC.

  1. Electronic Trading Risk: Technical issues with trading platforms or exchanges can disrupt the trading process.

  2. Cyber Security Risk: Hacking and other cyber threats can compromise the security of the network and user data.

  3. Competition Risk: Other blockchain-based projects offer similar services, which can impact CVC's adoption and success.

  1. Lack of Disclosure: The CVC community and founding team are not obligated to disclose material information to the public, which can make it difficult for investors to make informed decisions.

  2. No Recourse: Holders of CVC have no legal recourse if the token declines in value for any reason.

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Did Civic raise funds?

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Civic’s team

  • Vinny Lingham: Co-founder and Chairman of the Board, serial entrepreneur, and blockchain expert.
  • Jonathan Smith: Co-founder and Chief Technology Officer, leading the development of a trusted digital identity system.
  • Chris Hart: CEO, collaborative leader with expertise in cryptocurrency, blockchain, and identity, prioritizing strategic business development and global culture.
  • Titus: Team member with experience in finance, accounting, and HR, holding a certificate in Machine Learning and an Executive MBA.
  • Nancy: Marketing expert with over 10 years of experience, passionate about blockchain and startups.
  • Becca Youngs: Communications lead, building digital identity into Web3 by connecting and inspiring global audiences.
  • Camille: Finance and accounting expert with over 15 years of experience, including in the blockchain technology space.

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