Civic (CVC) is revolutionizing the idea of identity management by providing cross-platform, secure, and low-cost identity management services. The Civic platform is actually a blockchain of verified identities, and the ecosystem includes users, validators and service providers. Identity information(Name, Passport, SS, etc) can be uploaded to a user’s phone and secured with a fingerprint scan. This information will be stored only on the phone and can be referenced on the public blockchain through attestations. Validators(FI’s, governments, utility companies, etc) are tasked with ensuring the information put into the public blockchain is correct, by cross-checking with public references; and they are incentivized to do so by receiving CVC tokens in exchange.
CVC tokens are the utility token of the platform and will also be used by service providers(hotels, bankes, etc) as a means of purchasing access to the rights of the users' information. This system is a massive improvement from a cost perspective on a sector that is racking up higher costs for KYC (know your customer) processes. It also provides a fully decentralized mechanism of trust and confirmation, which is important given the vast scope of the recent equinox hack. Civic's team is backed by many years of experience from their C-level, all of whom have found great success with companies like Deloitte and RBS. They know how broken the current system is, and have been doing a great job to ensure Civic addresses these shortcomings.
The Civic app is already in open enrollment for users, and partnerships between validators and service providers are growing as well. As the team expands, if they can continue to gain adoption, CVC will become increasingly valuable given it’s strongly defined use case. CVC trades at just $0.41 USD on Huobi and Bittrex at the moment.
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