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About Civic (CVC)
Civic is a Silicon Valley company specializing in offering digital identity solutions for commercial enterprises, DeFi players and projects in the Metaverse.
Its identity verification solution uses distributed ledger technology to authorize identity usage in real time. User can authorize the sharing of limited information with Civic partners, service providers deemed by users to be trustworthy.
Civic users get to store sensitive data on their own mobile devices. Authorizations for the sharing of specific personal data are obtained via biometric signatures done through the Civic decentralized app which stores user information.
Civic's flagship blockchain-based identity management solution, Civic Pass, gives individuals and businesses the tools they need to control and protect personal identity information, Civic says.
The offering is billed as solving the problem of having to complete repeated, redundant verification checks, filling out a long series of fields for name, address, date of birth, credit card digits, etc.
"We're working toward a world where identity is not only defined by documents, but also personality, where the unique expression of an individual contributes to the security of a digital identity that they own and control," Civic's website said. "This work is grounded in our firm belief that identity is a fundamental human right, and should be universally accessible."
Civic has introduced a blockchain-based identity layer that establishes trust between parties by using Identity.com, a structured approach to verified credentials that is interoperable across platforms, according to Cryptopedia.
The Civic product line is focused on two things: protecting private user data and creating solutions that help companies meet Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) requirements, Cryptopedia said.
Protocols within the Civic ecosystem are powered by CVC, an ERC-20 token used to settle transactions between users.
All kinds of businesses are mapping out their future Web3 strategies – conducting activities online and potentially in the metaverse – and are keenly aware of the need to get identity management nailed tightly and seamlessly i.e. a one-click verification process.
"A Web3 developer’s goal in providing identity solutions is to deliver the highest level of trust without getting in the way of user acquisition," said J.P. Bedoya, Civic's chief product officer, writing in CoinDesk.
Reusable, cross-chain identity solutions are a must in this regard, he added.
Solana recently partnered with CVC for verification services related to its NFT marketplace activities.
When was CVC created and how much was it worth?
The company was cofounded in Palo Alto by Vinny Lingham, former CEO of Gyft, and Jonathan Smith, former global head of platforms at Genpact Headstrong Capital Markets. In June of 2017, CVC had its ICO with the token debuting at $0.10. One month later, it reached $0.16. The ICO raised $33 million.
Prior to that, the project already had garnered $2.75 million in funding from Social Leverage, an early-stage seed investment fund, as well as through various other venture capital firms, including Pantera Capital, Blockchain Capital and Digital Currency Group.
By January of 2018, CVC was about $1.35, an all-time high. It has been subjected to downside volatility since then.
How is the price of CVC determined?
It's a deflationary asset with a hard cap of 1 billion CVC tokens.
When Civic completed its CVC sale – of one-third of total supply – in June of 2017, the project raised $33 million (worth of BTC and ETH) at a price of $0.10 per CVC.
Roughly one-third was allocated to the company, vesting over three years.
Another one-third was allocated to a fund controlled by Civic. These tokens will be used to incentivize participation in the network.
All of the vested CVCs will be in circulation by 2027. If the project gains traction, the finite supply would of course be a factor in CVC value. But if goals are not met, the deflationary aspects may not influence price action, particularly if market conditions turn bearish generally.
Why does CVC have value?
CVC is used to settle transactions between users on either end of the Civic project’s identity tool. Civic is aiming for billions of users in a Web3 world where commerce takes place within the metaverse. Were Civic to disrupt the large, centralized cybersecurity sub-sector known as identity, then demand for CVC, in limited supply, could surge, impacting CVC price favorably.
Is CVC secure?
Reusable identity verification is at the heart of the platform, said Messari, citing Civic.
Securely sharing information comes down to blockchain-attestation, essentially comprising: the hash of an underlying element of personal information; plus metadata relating to that hashed element. This enables users to share the verification of previously audited personal information, their personal information, or both, giving users full control over their data and identity.
"We currently use a Bitcoin-based blockchain for attestations anchoring and Ethereum as a Smart Contract Platform for implementing Marketplace dynamics between participants of the ecosystem," Civic said, per Messari.
What are the main benefits of CIVIC?
- The CVC project solves a nagging problem stunting online activities –verifying one's identity with service providers. The platform boasts being able to ensure users keep control over their sensitive information, while still offering a non-cumbersome one-click verification process.
- Traditional verification services cost large companies millions of dollars. Software investment powerhouse Thoma Bravo just announced it would buy Ping Identity for $2.8 billion in a take-private deal pegged to the projected growth in corporate spending on just one sub-niche of cybersecurity, that being the identity space. However, CVC has innovated a way to dramatically reduce the high cost of verification services, possibly disrupting the status quo.
- Civic insists its suite of digital ID solutions will broaden access to social rights like voting and financial services and also allow more people to make a living in the burgeoning Web3 economy.
What do critics say about CIVIC?
LetsExchange said Civic's future will depend on getting a huge number of users, validators and organizations signing on to the platform and to willingly providing sensitive information. And Civic already has competitors like Selfkey and Decentralized ID offering similar blockchain services.
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