Civic (CVC)

About Civic (CVC)

Civic (CVC) is an Ethereum token used to power Civic’s identity verification protocol. Users who verify their information through Civic can then securely share both their info and the verification with service providers, reducing the need to constantly re-verify their identity. In return for this convenience, service providers may provide users and verifiers with CVC.

What is Civic (CVC)?

Civic (CVC) is a blockchain-based identity management solution that strives to provide individuals and businesses with the tools they need to control and protect personal identity information. The platform aims to transform the way we perceive identity verification by giving users more control over their personal data, while enabling them to access a wide range of services without the need to share excessive amounts of personal information. Civic’s identity verification solution aims to employ distributed ledger technology to authorize identity usage in real time. The Civic ecosystem is powered by a unique utility token known as the Civic token (CVC), which is used for the settlement of identity-related transactions between Civic participants.

How does Civic (CVC) work?

Civic (CVC) operates by using distributed ledger technology to authorize identity usage in real time. This technology is used to share information with Civic partners after authorization by the user. Unlike some other identity management services, Civic users store all their sensitive data on their mobile device. Users can authorize the sharing of specific personal data by providing a biometric signature through the Civic app. The Civic token (CVC) is used for the settlement of identity-related transactions between Civic participants, such as between a customer and service provider. Users may receive CVC tokens as compensation for completing a variety of tasks, such as signing up for a service through the platform or introducing new users.

What are the potential use cases for Civic (CVC)?

Civic (CVC) aims to make it easier for users to verify their identity with service providers, while still retaining full control over their personal information. It allows businesses to onboard users faster using its AI-powered verification system, which when combined with human review, helps businesses reduce fraud and stay compliant with AML regulations and OFAC rules. The Civic wallet is a mobile cryptocurrency wallet that can be used to store a handful of popular cryptocurrencies. The app also serves as a digital identity management solution. Health Key is an app that allows employers to securely verify the health status of employees, ensuring they are healthy enough to return to the workplace after an infection with COVID19.

What is the history of Civic (CVC)?

Civic (CVC) was co-founded in 2015 by Vinny Lingham and Jonathan Smith and was launched in 2018, following a sell-out initial coin offering (ICO) the year prior. Vinny Lingham is a serial entrepreneur who has co-founded several firms, including a South Africa-based investment fund known as Newtown Partners and Gyft — a digital card platform. Jonathan Smith, the current CTO of the platform, has more than 15 years of experience in the banking industry. The Civic team includes a host of individuals with extensive experience in their respective fields, including COO Chris Hart, who has two decades of experience in senior finance. As of late December 2020, there are exactly 670 million CVC tokens in circulation, representing 67% of the maximum 1 billion CVC total supply.