Civic (CVC) is a secure and privacy-focused identity verification platform. Users can securely use their identity information in many different applications and services after registering it once. At the same time, the platform’s decentralised structure keeps identity information under user control and does not host it in any heavy centralised system. CVC provides the power needed for the platform to operate. Users benefit from identity verification services using this cryptocurrency.
Blockchain ecosystem operates transparently thanks to the principles of Bitcoin, the first blockchain. For example, when you send a cryptocurrency to another address, everyone can see it. However, this situation is seen as a risky thing, especially for some investors. Therefore, privacy-focused cryptocurrencies and blockchains have emerged. Unlike these, Civic only provides security and privacy of identity information and you can find more about the project in this article of Zatrun.com.
What is Civic (CVC)? How Does It Work?
Civic is a blockchain project developed to better manage digital identities. The project operates by prioritizing security and using distributed ledger technology to verify personal identity data. The native cryptocurrency of the project, CVC, offers secure, high-quality, and cost-effective identity verification methods to individual and corporate customers. The network hosts three different identities: users, verifiers, and service providers. These people work interdependently to verify the personal identity data of individuals and institutions.
The protocol was built on the Ethereum blockchain and performs data verification and payment auditing transactions through smart contracts. Thus, it provides customers with extremely cheap, efficient, and secure identity verification and hosting services.
The project also provides tools that allow users and organizations to verify their personal data. Thus, Civic provides a comprehensive identity service for corporate and individual customers. The platform aims to further develop the mentioned features and integrate new features into the platform in the future.
Civic has been enabling users to securely manage their digital identities since its launch in 2015. After each user verifies their identity once, they can use any company’s services. The ecosystem also offers a blockchain-based solution, Civic Pass, designed to protect the privacy of decentralised applications (Dapps). This is the protocol’s main product. Pass works as a secure restriction layer to limit users’ access to information.
Civic Pass provides secure DeFi access for all users. This includes blockchain-based identity verification, IP location checks, and Dapps, and can be used by developers to liquidity providers. Pass is a cross-chain technology, and users can access Dapps with this technology. Institutional investors can use Civic tools to manage risk and participate in the crypto ecosystem. The platform’s identity management tools host many features, such as global identity verification, watchlist screening, and VPN detection.
What is CVC? Is It a Good Investment?
CVC is the cryptocurrency of the Civic project, designed with the ERC-20 standard. It serves as a utility token for use in the verification process and is used by service providers for identity verification. CVC crypto holders pay with the token to use identity verification services on the platform. Token rewards are split between verifiers and users, and users can also earn tokens by completing other tasks on the application.
Users can access identity services with the cryptocurrency hosted on the Civic Wallet. CVC, which cannot be mined, is also used to reward users who provide liquidity to the platform. These incentives enable verifiers to earn income. Due to the innovations in identity verification offered by the Civic platform, an increase in price is expected for CVC in the future. The platform uses decentralisation and blockchain technology to make identity verification secure.
According to reviews, CVC coin provides solutions in a different area than other cryptocurrencies that focus on payment and banking systems, as it focuses on identity verification. Its record of accomplishment since 2017 also instils investor confidence.
However, CVC coin also faces significant competitors in the crypto market, such as SelfKey (KEY) and THEKEY (TKY). Therefore, the project must continuously improve and never stop competing. Otherwise, it could be at risk of being left behind and potentially eliminated from the market. Currently, CVC ranks as the 259th largest project according to CoinMarketCap data.