Civic (CVC) is a blockchain-based identity management service that allows users to protect their personal data and control how and when it is used. The Civic app allows users to authorise the sharing of personal data by submitting a biometric signature. The Civic ecosystem is powered by the Civic token (CVC), a unique utility token used to resolve identity-related transactions. Civic has been recognised as the Laureate of Blockchain Company 2019 in the prestigious Invest Cuffs contest. However, it has had only 10,000+ downloads with an average rating of 3.5. So, is Civic crypto a good investment?
Characteristics | Values |
---|---|
Current Civic (CVC) price | $0.36 USD |
24-hour volume | $310,734,063.00 |
Highest price in the last 24 hours | $1.61 |
Lowest price in the last 24 hours | $1.52 |
Highest price in the last 7 days | $1.68 |
Lowest price in the last 7 days | $1.45 |
Exchange rate Civic in the last 30 days increase | 28.72% |
Founders of Civic | Vinny Lingham and Jonathan Smith |
Current rate of Civic to USD | 0.36 USDT |
Current rate of Civic to PLN | 0.049960 zł |
Civic price prediction | Negative |
What You'll Learn
Civic's potential to solve real-world problems
Civic (CVC) is a blockchain-based identity verification network that enables businesses to increase their onboarding speeds with legitimate users, removing the chances of fraud and other issues. Civic's identity verification technology is powered by the Ethereum token CVC. The primary use case for CVC is as a payment verification between "Identity Verifiers" and "Identity Requesters" within the Civic ecosystem.
Secondly, Civic helps to streamline the onboarding process for businesses and their customers. By utilizing biometrics, document verification, emails, and more, Civic provides a fast and secure way for businesses to verify their customers' identities. This not only improves user experience but also enhances security and compliance for businesses, particularly in industries such as finance, healthcare, and gaming.
Additionally, Civic's uniqueness verification feature promotes fairness and control in Web3 applications. This tool ensures that each user is restricted to a single wallet, preventing Sybil attacks and voting fraud in DAOs and virtual spaces.
Civic also has real-world applications beyond the digital realm. For example, during the COVID-19 pandemic, Civic established a partnership with Circle Medical, an affiliate of UCSF Health in San Francisco. This partnership allowed employees to prove their COVID-19 test results and vaccination status to their employers without compromising their privacy. This use case demonstrates how Civic can be applied to real-world health verification and identity confirmation scenarios.
Lastly, Civic wallets provide a non-custodial solution for cryptocurrency users, offering regulatory compliance and enhanced security. The adoption of Civic wallets is critical for the cryptocurrency's price, as it relies on attestations from validators and data from users to prove identities. Civic wallets also come with insurance coverage of up to $1 million from Lloyd's of London underwriters, providing an extra layer of protection for users.
In summary, Civic has the potential to solve real-world problems by enhancing data privacy and security, streamlining identity verification processes, promoting fairness in Web3, enabling real-world health verifications, and providing secure cryptocurrency wallets with insurance coverage. Civic's blockchain-based identity verification network offers a decentralized, efficient, and compliant solution to businesses and users alike.
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Civic's working product and partnerships
Civic is a blockchain-based identity management service that provides individuals and organizations with the tools they require to manage and safeguard their personal information. The system intends to redefine how we approach identity verification by providing users with more control over their data while enabling them to acquire a range of services without needing to disclose large amounts of personal data.
The Civic app is currently available on Android and iOS. Users can set up their digital identity and, after completing verification, become Civic users. User's personal information is stored locally and securely on their devices. By submitting a biometric signature through the app, users can authorize the sharing of specified personal data.
The Civic ecosystem is powered by the Civic token (CVC), a unique utility token used to resolve identity-related transactions between participants, such as customers and service providers. Validators can gain CVC tokens by verifying documents for service providers, while users can earn tokens by accomplishing tasks such as signing up for a service through the platform or referring new users.
Civic has established several partnerships. For example, the 0x project ICO required the use of the Civic app to verify identities for token sale registration, and WikiHow recently added Civic as a verification option. The company is actively working on forming new partnerships, and its app is quickly gaining attention.
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Civic's clear vision and plans for a whole ecosystem
Civic 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 change the way we think about identity verification by giving 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. This enables users to sparingly share information with Civic partners after authorization by the user. Civic's ecosystem is enabled by a unique utility token known as the Civic token (CVC), which is used for the settlement of identity-related transactions between Civic participants, such as between a customer and service provider.
Civic has a clear vision for a whole ecosystem that revolves around identity verification and access management. Civic Pass is an on-chain solution that enables decentralized apps (dApps) to restrict access to their offerings by vetting users in a way that protects users' privacy. It is available on multiple blockchains, including Ethereum, Solana, Polygon, and Fantom, and can be used with various wallets such as Metamask and Phantom. Civic Pass includes features such as Civic Proof of Personhood, which helps to maintain a high degree of certainty that a wallet is not associated with an AI agent or bot.
Civic also offers a mobile cryptocurrency wallet, known as the Civic Wallet, which can store popular cryptocurrencies such as Bitcoin, Ethereum, and USD Coin. The wallet benefits from a $1 million Bitcoin insurance plan provided by Coincover. Additionally, Civic has developed Health Key, an app that allows employers to securely verify the health status of employees, such as COVID-19 test results and vaccination status, without compromising their privacy.
Civic's vision for its ecosystem revolves around providing secure and privacy-preserving identity verification solutions for individuals and businesses, enabling them to control and protect their personal identity information. The company's products, such as Civic Pass and Health Key, showcase this clear vision and their plans for a whole ecosystem.
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Civic's founder, Vinny Lingham, is well-respected in the crypto world
Civic's founder, Vinny Lingham, is a well-respected figure in the crypto world. Lingham is a South African-born American Internet entrepreneur with a decent reputation as an entrepreneur. He has founded and led several successful companies prior to Civic, including Gyft, Yola, and SiliconCape. Lingham was also an investor on the popular start-up show, Shark Tank South Africa, and has authored a book titled "I'm In: Essential Advice for Entrepreneurs".
In 2015, Lingham founded Civic, a startup that encrypts identity information on the blockchain. Lingham's expertise and reputation in the tech and entrepreneurial space have likely contributed to his respect in the crypto world. He has successfully raised funding for Civic, with $33 million raised during its Initial Coin Offering (ICO) in 2017. Lingham's industry accolades further cement his standing as a respected figure in the crypto and tech industries. These accolades include:
- Top 500 CEOs in the World (2015)
- World Economic Forum Young Global Leaders (2009)
- Endeavor High Impact Entrepreneur (2006)
- Top Young ICT Entrepreneur in Africa Award (2006)
Lingham's success and contributions to the crypto and tech industries have likely earned him the respect of his peers and established him as a well-respected figure in the crypto world.
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Civic's price volatility
Civic (CVC) is a blockchain-based identity management service that provides individuals and organisations with the tools they need to manage and protect their personal information. It aims to address the problems associated with identity management, such as identity fraud, the high costs of identity verification, and complicated KYC (know your customer) processes.
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. Users keep all their sensitive information on their mobile devices and can authorise the sharing of specific personal data by submitting a biometric signature through the Civic app.
The Civic token (CVC) is a unique utility token used to resolve identity-related transactions between Civic participants, such as customers and service providers. Validators can earn CVC tokens by verifying documents for service providers, while users can earn tokens by accomplishing tasks such as signing up for a service through the platform or referring new users.
The Civic wallet is a mobile cryptocurrency wallet that can record various cryptocurrencies such as Bitcoin, Ethereum, and USD Coin. It also serves as a digital identity management solution and is insured for up to $1 million by Lloyd's of London underwriters.
- Competitors: Civic has several serious competitors in the identity verification market, including Uport, Blockstack, Air, and OpenID. The presence of competitors may impact the demand for Civic's services and affect its price.
- Partnerships: Civic's success relies on forming partnerships with service providers and validators, such as financial institutions, government entities, and utility providers. The ability to attract and retain these partnerships can influence the price of Civic tokens.
- Token distribution: Civic plans to distribute the remaining tokens after the platform launch, which will increase the supply and potentially impact the price per token.
- Price stability: As the final CVC token is intended for payments within the Civic ecosystem, price stability is crucial. Volatility in the price of CVC tokens may deter users from utilising the platform.
- Regulations and compliance: Civic's services must comply with regulations and security standards, particularly when partnering with financial institutions and government entities. Failure to meet these standards may impact their operations and, consequently, the price of CVC tokens.
- Market demand: Civic addresses a target market with a strong demand for trusted, efficient, and secure identity verification services. The demand for Civic's services can influence the price of CVC tokens.
- Bitcoin association: Civic is built on Rootstock, a smart contract platform based on Bitcoin. As Civic's founder, Vinny Lingham, is a bitcoin maximalist, the price of Civic tokens may be influenced by the performance and sentiment surrounding Bitcoin.
- Speculation and hype: Civic's potential for worldwide adoption and its real-world use case can attract speculators and create hype, leading to potential price volatility and the possibility of dumps or ups and downs.
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Frequently asked questions
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.
Civic aims to solve real-world problems, such as identity fraud, the high costs of identity verification, and the complicated process of KYC (know your customer). It has a working product that is quickly gaining traction and has established several partnerships. Civic also has a clear vision and well-constructed plans for creating a whole ecosystem.
Civic has several serious competitors in the identity verification market, and new blockchain applications are being created all the time. Civic also needs to form more partnerships and go mainstream as soon as possible to succeed. Additionally, the migration to Rootstock, a smart contract platform based on Bitcoin, is confusing, as Civic's founder, Vinny Lingham, is a Bitcoin maximalist who has publicly stated he doesn't believe in Ethereum.
In the short term, Civic has the potential to rise in value if more projects, especially ICOs, start using the app for identity verification. This could create hype and attract speculators hoping for quick profits. However, it also increases the possibility of a big dump or several ups and downs in the market.
Civic (CVC) has the potential to solve massive problems and bring a good return on investment. However, it is important to choose the right time and strategy for investing in Civic. Due to its low market cap, CVC's price can be easily manipulated, and it may not be a good long-term investment option.