Article Summary, Automatically Generated By AI
About Civic
Key Points
- Civic is a blockchain-based identity management solution.
- It gives users control over their personal data and allows access to services without excessive information sharing.
- The platform uses distributed ledger technology for real-time identity verification.
- Users store sensitive data on their mobile device and authorize sharing through biometric signature.
- The Civic ecosystem is enabled by the Civic token (CVC), used for identity-related transactions.
- Users can earn CVC tokens by completing tasks, and validators can earn CVCs for validating documents.
Founders and Team
- Co-founded in 2015 by Vinny Lingham and
About Civic: Empowering Identity Verification through Blockchain Technology
Introducing Civic (CVC): A Pioneering Identity Verification Platform
Civic is a blockchain-based identity management solution that empowers individuals and businesses with the necessary tools to safeguard and govern their personal identity information with precision and control.
The platform is designed to revolutionize the concept of identity verification, empowering users to exert greater control over their personal data while granting them seamless access to a diverse array of services, all without necessitating the disclosure of excessive personal information.
Civic’s identity verification solution leverages distributed ledger technology to facilitate real-time authorization of identity usage, enabling users to selectively share information with Civic partners, only after granting explicit consent.
In contrast to other identity management services, Civic empowers users to store their sensitive data locally on their mobile devices. By providing a biometric signature through the Civic app, users can selectively authorize the sharing of specific personal data, ensuring a high degree of control and security.
The Civic ecosystem is empowered by a distinctive utility token, known as the Civic token (CVC), which facilitates the settlement of identity-related transactions between Civic participants, such as those occurring between a customer and a service provider.
Through a multifaceted approach, users can accumulate CVC tokens by completing a diverse range of tasks, including registering for a service via the platform or referring new users, whereas validators can earn CVCs by authenticating documents on behalf of service providers.
Founded in 2018, Civic emerged on the heels of a highly successful initial coin offering (ICO) the previous year, which saw overwhelming demand and ultimately sold out.
The Visionaries Behind Civic: Meet the Founders
In 2015, Civic was co-founded by visionary entrepreneurs Vinny Lingham and Jonathan Smith, marking the inception of a pioneering venture.
Vinny Lingham, a seasoned entrepreneur, gained prominence after appearing on Shark Tank South Africa in 2016. Notably, he has co-founded several esteemed organizations, including Newtown Partners, a South Africa-based investment fund, and Gyft, a digital card platform backed by Google Ventures. Currently, Lingham serves as the CEO of Civic.
Jonathan Smith, a seasoned banking expert with over 15 years of industry experience, currently serves as the Chief Technology Officer of the platform. His illustrious career has seen him hold various managerial positions at esteemed firms, including Deloitte MCS Limited and HSH Nordbank, as well as the prestigious role of Global Head of Platforms at Genpact Headstrong Capital Markets.
Beyond its visionary founders, the Civic team boasts an impressive roster of accomplished individuals, including COO Chris Hart, a seasoned finance expert with two decades of senior-level experience, who previously held the esteemed position of CFO at Guidebook and Nextag.
The official Civic LinkedIn page presently boasts a team of 38 employees, with a significant number of them hailing from the San Francisco Bay Area.
Unveiling the Unparalleled Attributes of Civic
Civic is designed to facilitate seamless identity verification with service providers, ensuring users maintain complete autonomy over their personal data.
By leveraging its AI-driven verification system, augmented by human oversight, businesses can expedite user onboarding while significantly reducing fraud and ensuring adherence to stringent AML regulations and OFAC guidelines.
As of December 2020, Civic boasts two flagship products: the Civic wallet and Health Key, both of which have been instrumental in shaping the company’s innovative trajectory.
The Civic wallet is a versatile mobile cryptocurrency wallet, capable of securely storing a curated selection of popular digital assets, including Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC). Notably, the app also serves as a comprehensive digital identity management solution, further bolstered by a robust $1 million Bitcoin insurance plan, courtesy of Coincover.
Introducing Health Key, Civic’s latest innovation. This cutting-edge app empowers employers to securely verify the health status of their employees, ensuring a safe return to the workplace following a COVID-19 infection – whether they’ve tested positive for antibodies or received vaccination. Notably, this verification process is designed to safeguard the employee’s privacy.
What Is the Circulating Supply of Civic (CVC) Coins?
As of late December 2020, the circulating supply of CVC tokens stands at 670 million, accounting for 67% of the total supply of 1 billion. The current circulating supply is displayed in the adjacent data panel.
According to the Civic token sale website, a total of 1 billion CVC tokens were minted, with 33% allocated to the token sale; 33% retained by Civic; 33% earmarked for incentives and rewards; and the remaining 1% utilized to cover the costs associated with the token sale.
As of December 2020, the 330 million tokens allocated to Civic remain untouched, securely stored in a multi-signature Ethereum wallet, the contents of which can be publicly monitored
here
.
The Civic Network’s Robust Security Framework: A Comprehensive Overview
As an ERC-20 token, CVC is underpinned by the Ethereum blockchain, renowned for being one of the most decentralized and secure proof-of-work (POW) networks in current operation, boasting unparalleled reliability and trustworthiness.
As Ethereum undergoes a gradual metamorphosis, it will ultimately transition to a proof-of-stake (POS) consensus mechanism with the advent of Ethereum 2.0. Upon completion, the CVC token and its corresponding transactions will be safeguarded by a decentralized network of validator nodes.
Digital identities safeguarded through the Civic app are shielded by the user’s personal device, which empowers customers to exert granular control over access to their sensitive data.
Acquiring Civic (CVC): A Comprehensive Guide to Exchanges and Platforms
The CVC token boasts exceptional liquidity, with seamless trading capabilities across numerous exchange platforms, including prominent names such as Binance, Coinbase Pro, and Huobi Global. Notably, it is frequently paired with Tether (USDT), the Korean won (KRW), and Bitcoin (BTC) in trading transactions.
For a comprehensive overview of exchanges, please refer to the market pairs section. Additionally, for those interested in acquiring cryptocurrencies such as CVC using fiat currencies, we invite you to explore our exhaustive guide, which provides a detailed walkthrough of the process.
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