What Is CVC (Civic Coin)?
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.
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.
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.
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.
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.
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.
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!
MORE FROM THE CRYPTOCURRENCY INDEX
What is Ethereum (ETH)? ETH Coin Price We’re excited to see this article help you as an Ethereum Beginner’s Guide to learning the ins and outs, and why it matters. Let’s talk value. Ethereum, or ETH for short is still considered to be in its early stages of development. Although, since ETH was created in…
What is Quantstamp (QSP Coin)? QSP Coin Price What is Quantstamp | A Quick Overview Quantstamp is a smart contract security-auditing protocol designed to secure all smart contracts, cost-effectively, in a scalable manner. This is an Ethereum ERC-20 based coin, that is aiming to help improve smart contract infrastructure in the fast-growing cryptocurrency and blockchain…
What is NEM Coin (XEM Cryptocurrency) | A Beginner’s Guide NEM Coin Price What is NEM Coin – A Quick Overview NEM (XEM Coin) is a cryptocurrency based on creating smart assets for tracking and management. Whether that be medical records, government records, or keeping track of keys. NEM aims to deliver industry-leading speed, privacy…