What Is CVC (Civic Coin)?

civic-coin-cvc-cryptocurrency

CVC Coin Price

What is CVC Coin Overview

Civic or CVC coin is a company devoted to giving businesses and individuals the tools to control and protect identities.

Using a secured civic id, cvc members can safely access partner websites and services using the civic app.

They also have identity theft protection before, during, and after the incident.

Unlike Equifax.

History of Civic Cryptocurrency

Civic started as a concept for a way to redefine digital identity.

They launched their ICO on the 22nd of June 2017.

After a successful ICO bringing in $30 million, they continued development of their product.

In fact, CVC won best new startup award at the K(NO)W Identity Conference 2017.

The Civic Team:

Vinny Lingham - Linkedin

A serial entrepreneur who previously founded the digital gift card platform, Gyft, which was acquired by First Data Corporation in 2014. After over a decade of experience in e-commerce, he realized that no-one had a universal solution to tackle identity fraud for consumers.

Jonathan Smith - Linkedin

With more than 15 years of experience in banking and technology advisory. After a successful career in some of the most complex and security-sensitive environments, Jonathan brings his talent for technology leadership, innovation, and delivery to the world of digital identity.

The Purpose of Civic Coin

Civic was created in the world of identity theft.

Birthed out of the idea that there is no true decentralized solution built into a blockchain for identities, Vinny Lingham had the idea to create Civic.

Using a decentralized architecture with the blockchain and biometrics on a mobile device, CVC provides multi-factor authentication without a username, password, third party authenticator, or physical hardware token.

Essentially, this platform helps to ensure that no Equifax situation will happen again.

OUR RECOMMENDED RESOURCES

The Special Features of Civic and How It Works:

First off, Civic is a premium platform.

They include both paid and free models depending on how much identity security and insurance one needs.

Granted the platform itself works in a decentralized fashion.

How Civic Verifies Identities

Civic uses something called a SIP (secure identity platform).

The way that these work on civic is that the identity during a transaction is a voluntary exchange between the user and the identity requestor.

SIP securely shares the valid data.

After an individual download, the civic app creates an account and verifies their identity and they are a user.

The platform allows for real-time authentication of identity data, verified by civic, based on what is currently needed (Social security, id, etc…)

Civic Data Verification:

When one submits their identity data, it is run by multiple identity service providers to validate the information.

By using many different sources, a Civic coin is able to establish much more than traditional companies.

From fraud detection algorithms, manual auditing, and an internal decision engine by Civic, they mitigate the risk of fraudulent behaviors by members. This verified identity data is then pushed to their Civic app and the blockchain.

Third-Party Data Verification

Using Civic’s APIs or SDKs a civic identity partner with civic technologies can provide users with verified identity data (including pushing verified data to the civic app and attestations to the blockchain).

Biometric Enabled Security

Using the civic app on the user device, their identity data is fully encrypted.

This means that you can access the app using biometric-enabled security, like fingerprints or facial recognition.

Auxiliary Protection

The private keys on Civic are generated by a third-party wallet.

What that means is that civic doesn’t own your private keys to your wallets data. By taking these precautions, you create a firewall between Civic and the user’s keys.

This can dissuade hackers since they won’t be able to get any valuable data on their platform.

Blockchain Secured

By not having access to any users’ private keys civic helps to safeguard user protection.

This means what is stored on Civic’s blockchain is only hashes of users data, and their blockchain address to store the information.

Real-Time Authentication

As we talked about earlier, on Civic, an identity requester can live push notifications and information to the Civic app.

Including Bluetooth, low energy, QR code, near-field communications, and more.

The requester can ask for more identity verification like biometric scan, facial recognition, etc..

After the identity data is sent, a key to the hash and address with the data is stored on the blockchain, where the requestor generates a hash with the SDK, the identity data, and the user-provided key for access.

Using the user provided address, the requestor can then check and verify the identity.

A Few Benefits of Civic Architecture

No Proprietary Software or Infrastructure

Civic uses a public blockchain so that investors don’t have to set up their own.

This saves money by setting up unnecessary safety precautions

Data is Revocable

The authenticating authority has the right to revoke data. That means if someone changes their last name or phone number it is revoked.

Civic doesn’t store members data

This is stored on your private key, encrypted on the blockchain.

Globally Protected and Globally Compatible

Whether you're in Morocco or Monaco, the data is stored and encrypted.

It can then be accessed anywhere in the world.

With third-party authenticated identity data no foreign government or criminal can force civic to distribute or dispel information.

Next-Generation Security

Using the power of the blockchain, data is safe using Civic.

What We At GCA Think of CVC Cryptocurrency

Civic is a great upcoming company and something well needed.

Not everyone realizes how much of their personal data they are giving out to third party entities. They get hit hard if bribes, scandals, or attacks take place and data is shared or stolen. We're moving into a time where we can actually protect our personal identity much more effectively...

And making sure to protect our identities in the ever-growing big brother like society can seem hard.

This makes it both easy and biometrically secure.

We at GCA are fans of Civic coin.

If you liked this review and want to help support the academy donate some CVC below!

0xfb9AFA847B7f786EB74f6905513D24d8cae03504

myetherwallet-erc20

MORE FROM THE CRYPTOCURRENCY INDEX

Zcash Zec

What Is Zcash (ZEC) Cryptocurrency?

What is ZCach (ZEC Cryptocurrency) | A Beginner’s Guide ZEC Coin Price Zcash or also known as Zerocash is an open, permissionless cryptocurrency that allows for a quick and private transfer of funds without exposing transactions, addresses, wallets or any important information. Using fungibility and keeping confidentiality are the main features of Zcash which allow…

reddcoin-rdd-logo

What Is ReddCoin (RDD) | The Social Media Currency

What is ReddCoin (RDD)? RDD Coin Price What is Reddcoin | A Quick Overview Reddcoin is a decentralized social media based cryptocurrency that aims to have complete privacy and ease for the user. They allow usernames and provide even the ability to backup a wallet, as some of the main features. The History of Reddcoin…

What Is ICX Coin (Icon Cryptocurrency) | Hyperconnect The World

What is ICX Coin (Icon Cryptocurrency)? ICON Coin Price What is ICX Coin? | A Quick Overview ICON Coin is building a platform to hyperconnect the world and creating one of the largest decentralized networks. In other words, ICX is aiming to provide a platform for industry and institutional players that anyone can use to…

Verified on Po.et

February 22nd 2018, 23:44