Civic Coin: A Smart Investment Decision?

Civic (CVC) is a blockchain-based identity management service that allows users to control and protect their personal information. It aims to revolutionise identity verification by giving users more control over their data while allowing them to access services without disclosing large amounts of personal information. Civic's identity verification solution leverages distributed ledger technology to authorise identity usage in real-time and only shares information with Civic partners after receiving the user's permission. The Civic ecosystem is powered by the Civic token (CVC), a unique utility token used to facilitate identity-related transactions between participants. Validators can earn CVC tokens by verifying documents for service providers, while users can earn tokens by completing tasks such as signing up for a service or referring new users. Civic was introduced in 2018 after a successful initial coin offering (ICO) in 2017. However, despite its potential, Civic Key (CVC) has been on a downtrend since 2018, and its price performance has been bearish. As of August 2024, the current price of Civic is 0.0863 USD.

Civic's price history and future predictions

Civics Price History and Future Predictions

Civic (CVC) is a blockchain-based identity management service that allows users to control and protect their personal information. The Civic Key (CVC) is the cryptocurrency that was launched to kick-start the project and provide security to the decentralised identity system.

Civic, like most altcoins, has been in a downtrend since 2018. On the USD scale, the price was looking for a bullish formation with the break of the pre-COVID high at 0.035. However, the price seems to have reversed before making a higher high. The current price of Civic is 0.0863 USD.

The MACD on the daily scale has taken a bearish turn, while the CMF ratio is positive, which is bullish. The price is looking to break up from the 50-period EMA at $0.034, confirmation of which will be bullish. The 'transaction count' of CVC is rising since April, but it remains below 1000 and has not broken from the highs of the range. The active address account of CVC is also below 200.

The NVT ratio of the cryptocurrency has room to grow. The NVT ratio is similar to the P/E (Price to Earnings) ratio of equities. It uses Transaction Volume (On-Chain) and measures this against the market value.

The Civic wallet is a mobile cryptocurrency wallet that can record a variety of popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC). The app also acts as a digital identity management solution and is enclosed by a $1 million Bitcoin insurance plan offered by Coincover.

Civic's Health Key is an app that allows employers to safely verify their employees' health status to ensure they are healthy to resume work post a COVID19 infection, including if they test positive for antibodies or have been vaccinated. This is accomplished without compromising the employee's privacy.

Civic's use cases

Civic is a blockchain-based identity management service that provides individuals and organisations with the tools they need to manage and protect their personal information. The system aims to redefine how we approach identity verification by giving users more control over their data while enabling them to access a range of services without needing to disclose large amounts of personal data.

• Identity Verification: Civic's identity verification solution leverages distributed ledger technology to authorise identity usage in real time and transfer information with Civic partners only after the user has given permission. This means that users can verify their identity with service providers while maintaining control over their personal information.
• Data Security: Civic users keep all their sensitive information on their mobile devices. By submitting a biometric signature through the Civic app, users can authorise the sharing of specified personal data, ensuring that their data is secure and only accessible with their consent.
• Health Status Verification: Civic's Health Key app allows employers to safely verify their employees' health status, including COVID-19 test results and vaccination status, without compromising employee privacy. This was particularly useful during the COVID-19 pandemic, where social distancing and vaccination status were important considerations for returning to work.
• Cryptocurrency Wallet: The Civic wallet is a mobile cryptocurrency wallet that can store a variety of popular cryptocurrencies such as Bitcoin, Ethereum, and USD Coin. It also comes with a $1 million Bitcoin insurance plan provided by Coincover, offering users peace of mind and protection against potential losses.
• Rewards and Incentives: Civic's ecosystem uses the Civic token (CVC), a utility token that facilitates identity-related transactions between participants. Validators can earn CVC tokens by verifying documents for service providers, while users can earn tokens by signing up for services through the platform or referring new users. This incentivises users to utilise the platform and provides an opportunity to earn rewards.

Civic's team and leadership

Civic's team consists of over 25 people with expertise in design, development, engineering, sales, marketing, and operations.

The leadership team includes:

• Chris Hart, CEO: Chris is a collaborative leader with expertise in cryptocurrency, blockchain, and identity. He previously served as CFO at Guidebook, Inc. and Nextag, Inc. and brings over two decades of senior finance, operations, and IT experience to Civic.
• Jonathan Smith, CTO and Co-founder: Jonathan leads the creation of a trusted digital identity system, combining his passion for cryptocurrencies with his expertise in blockchain and banking technologies. He is a seasoned entrepreneur and investor, having served as an advisor to numerous blockchain projects.
• JP Bedoya, Chief Product Officer: JP is a seasoned product leader with experience in product design, product experience, user research, and new product development. He has held leadership positions at The Climate Corporation, LifeLock, and Yahoo.
• Vinny Lingham, Co-founder & Chairman of the Board: Vinny is a blockchain startup veteran, having co-founded and led Gyft, a mobile gift card company, prior to Civic. He is also a General Partner at the leading crypto investment fund, Multicoin Capital, and an active investor and co-founder of South African Venture Capital leader Newtown Partners.
• Daniel: Daniel has over ten years of experience in finance, e-justice, and blockchain. He holds a PhD in computer science from Trinity College, Dublin, and is dedicated to finding decentralised technological solutions to improve lives.
• Anna: Anna has a background in business consulting and operations, with management positions at Thomson Reuters and Gyft under her belt. She is a trilingual Hong Kong native with a BComm from UT Rotman School of Management, focusing on Management and Economics.
• Nancy, Director of Marketing: Nancy has over 10 years of experience in marketing, events, and sponsorships. She previously worked at Match Group, where she built their sponsorships and brand partnerships programs. Nancy is passionate about blockchain, startups, and brings creative storytelling to Civic.
• Becca Youngs, Director of Communications: Becca leads communications at Civic, building digital identity into Web3. She has a strong background in serving large brands and startups, and holds a B.A. in English from the University of Washington.
• Camille: Camille has over 15 years of experience in finance and accounting, with the last 5 years in blockchain technology. She played a key role in building out Gyft’s finance operations infrastructure after its acquisition by First Data. She brings leadership and management experience, with an aptitude for identifying gaps and implementing policies and procedures.

Civic is also supported by a board of directors, including Maja Vujinovic, J.D., a global operator in digital transformation and an early investor in various digital asset projects.

Civic's market position and competition

Civic (CVC) is a cryptocurrency with a market cap of less than $1 billion, making it highly susceptible to price manipulation. Its current price is 0.0863 USD, with a prediction that it may drop to 0.0826 USD, a change of -4.236%.

When considering Civic's market position and competition, it is important to look at the broader cryptocurrency market and identify Civic's direct and indirect competitors. Direct competitors would include other cryptocurrencies with a similar market cap and price range, while indirect competitors could include larger, more established cryptocurrencies like Bitcoin and Ethereum.

To effectively map Civic's competitive position, one can follow these steps:

• Define the market: Identify all potential competitors or substitutes for Civic. This includes other cryptocurrencies that offer similar benefits or features.
• Track prices and benefits: Determine the prices that customers actually pay (wholesale, retail, bundled, or unbundled) and identify the primary benefit that customers see in Civic. This can be done through regression analysis, examining which attributes of the product best explain its price.
• Create a positioning map: Plot the position of each product in the market based on its price and level of primary benefit. Draw a line through the middle of the points. Products above the line command a price premium due to secondary benefits, while those below the line focus on gaining market share through lower prices.

By following these steps, one can gain a clear picture of Civic's competitive landscape and make more informed strategic decisions. Civic's position in this landscape is that of a high-risk investment option. Its price predictions for the short and long term do not indicate a positive trend, and it is not expected to surpass more established cryptocurrencies in the near future.

Therefore, when considering Civic's market position and competition, it is evident that it occupies a risky and uncertain space in the cryptocurrency market.

Civic's technology and security

Civic Coin (CVC) is a blockchain-based identity management solution that gives individuals and businesses the tools they need to control and protect personal identity information. The platform is designed to give users more control over their personal data while allowing them to access a wide range of services without needing to provide excessive amounts of personal information.

Civic's identity verification solution uses distributed ledger technology to authorize identity usage in real time. Unlike some other identity management services, Civic users store all their sensitive data on their mobile devices. Users can authorize the sharing of specific personal data by providing a biometric signature through the Civic app. This data is then securely encrypted with AES-256.

The Civic ecosystem is enabled by a unique utility token, the Civic token (CVC), which is used for the settlement of identity-related transactions between Civic participants, such as between a customer and a service provider. Users can earn CVC tokens for completing a variety of tasks, such as signing up for a service through the platform or introducing new users, while validators can earn CVCs for validating documents for service providers.

Civic also offers Civic Pass, an industry-leading identity tool for smart contracts, dApps, and more. Civic Pass helps businesses strengthen their compliance programs, configure verifications, and align access privileges with appropriate security clearance levels. It is designed to keep out bots, scammers, and other bad actors, while also helping to prevent Sybil attacks and voting fraud in DAOs or virtual spaces.

In terms of security, Civic prioritises keeping user information safe. In addition to encryption, they leverage advanced strategies, including blockchain and strong data protection policies. Civic also offers a $1 million Bitcoin insurance plan provided by Coincover.

Frequently asked questions