Civic (CVC) is a blockchain-based identity verification platform focused on providing secure, cost-effective identity management solutions. As digital identity verification becomes increasingly important in today’s world, Civic distinguishes itself with its decentralised approach and user-centric control over personal data.
Let's explore how this platform is addressing the challenges of digital identity verification, privacy, and security.
TLDR
- Decentralised identity verification: Civic provides secure personal data verification without storing user information centrally, reducing fraud and identity theft risks.
- User-controlled identity: Users maintain ownership of their personal data, selectively sharing only required information with service providers through the Civic app.
- Multi-layered ecosystem: Utilises the Identity Verification Marketplace and Civic Pass for DeFi access control.
What is the Civic network all about?
Founded in 2015 by Vinny Lingham and Jonathan Smith, Civic launched its Initial Coin Offering (ICO) in June 2017, raising $33 million. The platform enables users to verify their identities on the blockchain while maintaining control over their personal information.
It aims to overcome traditional identity verification drawbacks, such as centralised data storage, repetitive KYC processes, and privacy concerns—and it uses blockchain technology to achieve this. The platform’s infrastructure allows for reusable KYC, minimising the need to repeatedly share personal documents with different service providers, all while reducing verification costs.
In June 2017, Civic conducted its token sale, selling $33 million worth of CVC tokens. Since then, the platform has continued to evolve, introducing Civic Pass in 2021, serving as an identity gateway for DeFi apps, NFT platforms, and DAOs requiring compliance.
At the time of writing, it remains one of the notable blockchain-based identity verification solutions in the cryptocurrency ecosystem.
How does the Civic platform work?
Civic's core architecture revolves around three main components that work together to provide comprehensive identity verification services:
- Identity Verification Marketplace - connects identity requesters with trusted validators to verify user information.
- Civic Pass - provides access control for DeFi applications and other services requiring compliance checks.
It’s worth noting that their product Civic Pay was quietly retired in 2020-2021.
The Identity Verification Marketplace operates on the blockchain, creating a trusted ecosystem where validators (trusted entities that verify identity information) and service providers can interact. When users provide identity information through the Civic app, it's encrypted and stored on their device, not on Civic's servers.
By distributing the verification process across the blockchain and putting users in control of their data, Civic promises to deliver security, privacy, and convenience without compromises. Because users can reuse their verified identity across multiple platforms, this makes it an efficient solution for both individual users and businesses requiring KYC processes.
Civic created CVC to be the utility token across its ecosystem, used for paying for verification services, rewarding validators, and incentivising ecosystem participation.
The advantages of the Civic platform
According to the Civic team, the platform significantly reduces verification costs compared to traditional identity verification methods. It's also capable of completing verifications in minutes rather than days. This makes it a superior solution for businesses looking to streamline their KYC processes while maintaining regulatory compliance.
Beyond that, Civic is designed to address major issues facing identity systems today: data breaches and identity theft. This is done by eliminating centralised databases of personal information, ensuring that even if Civic were compromised, users' personal data would remain secure.
It's also highly inclusive. While many identity verification systems require extensive documentation, Civic works to provide solutions for the unbanked and underbanked populations globally, potentially bringing financial services to billions of people.
In 2021, Civic expanded its offerings with enhanced DeFi protection tools and NFT verification services, ensuring that its identity solutions remain relevant in the evolving blockchain ecosystem. The platform continues to develop new use cases for its technology, particularly in combating bot activity and fraud in decentralised applications.
Civic use cases
The Civic network allows individuals and businesses to verify identity information securely and efficiently, whether for account creation, age verification, or compliance with regulatory requirements.
It is one of the first platforms to combine blockchain technology with identity verification to create a user-centric system that puts individuals in control of their personal data while still meeting the verification needs of businesses.
Due to the platform's focus on privacy and security, businesses can implement strong KYC procedures without creating vulnerable centralised databases of user information. This provides them with compliance solutions that protect both the business and its customers.
How to buy CVC
If you’re looking to incorporate CVC into your crypto portfolio, users can effortlessly buy and sell the token on the Tap app (after completing the account registration process). Download the app to get started.
FAQs
How does Civic protect user data?
Civic employs a decentralised identity architecture where users’ personal data is stored locally on their devices, not on central servers. Data is encrypted and hashed, and Civic leverages zero-knowledge proofs in some cases to validate information without exposing the data. Only attestations (proofs of verification) are stored on the blockchain, not the personal data itself. Users maintain control over what information is shared and with whom.
Can you mine CVC tokens?
No, CVC tokens cannot be mined. The total supply of CVC was created during its token generation event in 2017, and no new tokens were issued. As an ERC-20 token on the Ethereum blockchain, CVC transactions are secured by Ethereum’s Proof of Stake mechanism, but CVC is not mined or staked for rewards.
What is the CVC price?
As the market is known to change regularly, please check the Tap app to find the most relevant CVC price.
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