Near Protocol represents a new generation of blockchain platforms focused on usability and scalability. Launched in 2020, it offers a faster, more efficient alternative to earlier blockchain networks while maintaining robust security.

After several years of implementation, Near Protocol has established itself as a notable player in the layer-1 blockchain space.

TLDR

Scalable & developer-friendly: Near Protocol is a decentralised, layer-1 blockchain designed for high scalability and user-friendly dapp development.

Sharding & low fees: It uses a unique sharded Proof-of-Stake mechanism (Nightshade) to process transactions efficiently while keeping costs low.

Cross-chain interoperability: The Rainbow Bridge enables seamless asset transfers between Near and Ethereum, enhancing blockchain connectivity.

Native token (NEAR): NEAR powers the ecosystem, used for transactions, staking, and governance, with a total supply cap of 1.23 billion tokens.

What is Near Protocol (NEAR)?

Near Protocol is a decentralised blockchain platform designed to be user-friendly and highly scalable. The platform supports the development of dapps (decentralised applications) with a particular focus on usability for both developers and end users. 

The platform utilises a Delegated Proof-of-Stake (DPoS) consensus mechanism called "Nightshade," which implements a technique known as sharding to significantly improve transaction throughput. This approach allows Near to process thousands of transactions per second while maintaining low transaction costs and reducing the environmental impact compared to Proof-of-Work blockchains.

A distinctive feature of Near Protocol is its human-readable account names, eliminating the need for users to interact with long, complex wallet addresses. The platform also incorporates a developer-friendly environment with WebAssembly (WASM) support and tools that make building dapps more accessible.

The platform has gained significant attention for its cross-chain interoperability solutions, particularly through the Rainbow Bridge, which enables asset transfers between Near and Ethereum. The platform has attracted numerous projects across DeFi, NFTs, gaming, and social applications.

Who Created Near Protocol? 

Near Protocol was founded by Erik Trautman, an entrepreneur whose background includes experience on Wall Street and founding Viking Education. 

Trautman partnered with two technical co-founders: Illia Polosukhin, a seasoned software developer with over a decade of industry experience including a three-year tenure at Google, and Alexander Skidanov, a computer scientist whose career path led from Microsoft to memSQL, where he rose to become Director of Engineering. 

This founding team combined financial market knowledge, machine learning expertise, and distributed systems experience to address the scalability challenges facing blockchain technology.

The project was conceptualised in 2018 when the founders recognised the scalability limitations of existing blockchain networks. They set out to build a platform that could deliver the performance needed for mainstream adoption while maintaining security and decentralisation.

The Near team has expanded to include numerous contributors from around the world, with the protocol's development being overseen by the Swiss-based Near Foundation, which provides governance and supports ecosystem growth.

How Does Near Protocol Work? 

Consensus Mechanism and Architecture

Near Protocol operates on a sharded architecture called Nightshade, which divides the network into multiple segments (shards) that process transactions in parallel. This design allows the network to scale horizontally as demand increases and enhances transaction throughput.

This design allows the network to process a high number of transactions per second while maintaining low fees and reducing environmental impact. 

Additionally, Near utilises a mechanism called "Doomslug" for block finalisation, achieving near-instant transaction finality. This means that once transactions are confirmed, they are immediately considered final, unlike some other blockchains that require multiple confirmations.

Near achieves consensus through its unique sharded Proof-of-Stake mechanism, where token holders can stake their NEAR or delegate it to validators who help secure the network. 

Smart Contract Support

The platform supports smart contracts written in Rust and JavaScript, compiled to WebAssembly (WASM) through the AssemblyScript framework. This flexibility enables developers to build complex applications with familiar programming languages.

User-Friendly Features

Near's account model features human-readable account names, simplifying interactions by eliminating the need for complex wallet addresses. The platform also offers account abstraction, allowing for recoverable accounts, multi-signature control, and the ability for users to cover transaction fees on behalf of others, facilitating gasless transactions.

Cross-Chain Interoperability

Near has developed the Rainbow Bridge, enabling seamless asset transfers between Near and Ethereum. This cross-chain interoperability expands the utility of assets and enhances the interconnectedness of the blockchain ecosystem.

What Is NEAR? 

NEAR is the native token of the Near Protocol ecosystem. It serves multiple purposes within the network, including:

• Paying for transaction fees and storage on the blockchain
• Staking to participate in network security and earn rewards
• Voting in governance decisions to determine the future direction of the protocol

The token follows an inflationary model with a maximum supply cap of 1.23 billion tokens, of which approximately 1.18 billion are already in circulation at the time of writing. 

How can I buy and sell NEAR? 

If you're interested in exploring NEAR, you can do so easily through the Tap app. The app supports buying, selling, trading, and storing NEAR tokens, allowing users to manage NEAR alongside other digital assets.

In today's digital-first economy, businesses across all sectors are seeking innovative financial solutions to drive efficiency, enhance customer experiences, and unlock new revenue streams. One compelling strategy is the implementation of co-branded credit cards, which have been shown to significantly boost customer loyalty and spending.

Notably, 75% of financially stable consumers prefer co-branded cards for their rewards and benefits, indicating a strong alignment between these card programs and consumer desires.

By collaborating with financial institutions to offer co-branded cards, businesses can create tailored payment solutions that meet customer expectations and reinforce brand loyalty. This approach transforms the payment infrastructure from a mere operational necessity into a strategic asset that fuels growth.

For instance, the co-branded credit card market is projected to grow from $13.41 billion in 2023 to $25.72 billion by 2030, reflecting a compound annual growth rate (CAGR) of 9.74%.

Whether you're in retail, SaaS, or manufacturing, a tailored card program could be the key to transforming how your business engages with customers—and how you scale.

What is card program management?

Card program management encompasses the end-to-end process of designing, implementing, and optimising payment card solutions tailored to your business. From corporate expense cards that streamline internal processes to branded payment cards that enhance customer loyalty, these programs offer versatility that can benefit virtually any organisation looking to modernise its financial operations.

As businesses continue to navigate increasingly complex markets, those equipped with flexible financial tools gain a significant competitive advantage. The right card program doesn't just process payments—it generates valuable data, reduces administrative burden, and creates opportunities for deeper engagement with both employees and customers.

Why it matters

At its core, card program management involves overseeing all aspects of a payment card ecosystem—from issuing and distribution to transaction processing, reporting, and compliance. Modern card program management platforms provide businesses with the infrastructure to create customised payment solutions while maintaining visibility and control.

This matters because traditional payment methods often create friction points that slow business growth. Manual expense reporting, limited payment visibility, and rigid financial systems can drain resources and limit innovation. 

However, a well-managed card program addresses these pain points by automating processes, enhancing security, and providing greater flexibility.

Key benefits for businesses across sectors

Streamlined operations

Card programs dramatically reduce administrative overhead by automating expense tracking, simplifying reconciliation, and eliminating paper-based processes. This operational efficiency translates directly to cost savings and allows your team to focus on strategic initiatives rather than transaction management.

Enhanced Customer Experience

For businesses that implement customer-facing card programs, the benefits extend to experience enhancement. Branded payment cards can strengthen loyalty, while instant issuance capabilities meet modern expectations for immediacy. 

From hospitality to healthcare, organisations are using card programs to differentiate their service offerings.

Data-driven insights

Perhaps the most overlooked advantage of modern card program management is the wealth of data it generates. Every transaction becomes a data point that can inform business decisions, reveal spending patterns, and identify opportunities for optimisation. This business intelligence becomes increasingly valuable as programs scale.

Scalability and flexibility

As your business grows, your card program can evolve alongside it. Whether you're expanding into new markets or adding new product lines, a well-designed card program adapts to changing requirements without requiring complete system overhauls.

The implementation process simplified

Implementing a card program doesn't have to be overwhelming. The process typically follows these key steps:

1. Assessment and strategy development: Evaluate your current payment ecosystem and define clear objectives for your card program.
2. Platform selection and integration: Choose a card program management solution that aligns with your technical requirements and business goals, then integrate it with your existing systems.
3. Program launch and optimisation: Deploy your program with proper training and support, then continuously refine based on performance data and user feedback.

Real-World Impact

Across industries, businesses are leveraging card program management to solve specific challenges:

• Retail companies are implementing instant digital card issuance to capture sales opportunities.

•  Healthcare providers are using specialised payment cards to simplify patient financial assistance.
• Manufacturing firms are deploying corporate card programs with custom spending controls to streamline procurement.

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The common thread? Each organisation is using card program management as a strategic tool rather than just a payment method.

How Tap can help

Navigating the complexities of card program management requires expertise and the right technology partner. Tap's comprehensive platform brings together cutting-edge technology with industry-specific knowledge to help businesses design, implement, and optimise card programs that deliver measurable results.

Our solution addresses common challenges like regulatory compliance, security concerns, and integration complexities, allowing you to focus on the strategic benefits rather than implementation hurdles.

Ready to explore how card program management could transform your business operations and drive growth? Connect with Tap's team of specialists for a personalised consultation and discover the potential of a tailored card program for your organisation.

Article Framework: Card Program Management

Tone & Perspective

• Tone: Professional, informative, and authoritative.
• Perspective: Written from an expert viewpoint, educating businesses on launching and managing a successful card program.

Priority Headings & Structure

1. Introduction

• What is card program management?
• Why businesses need effective card program management.
• Overview of key stakeholders (issuers, networks, processors, etc.).

2. How Card Program Management Works

• Key components: issuing, processing, compliance, and risk management.
• The role of a program manager (self-managed vs. outsourced).
• The relationship between issuing banks, networks, and program managers.

3. Core Elements of a Successful Card Program

• Program Design: Choosing card types (prepaid, debit, credit), network selection (Visa, Mastercard), and branding.
• Issuance & Account Management: BIN sponsorship, account setup, and customer onboarding.
• Compliance & Risk Management: KYC, AML, PCI DSS, and fraud prevention strategies.
• Transaction Processing & Settlement: How funds flow through the ecosystem.
• Customer Experience & Support: Ensuring smooth cardholder interactions.

4. Self-Managed vs. Partner-Managed Card Programs

• Benefits and challenges of managing in-house.
• When outsourcing makes sense.
• How third-party program managers add value.

5. Key Considerations Before Launching a Card Program

• Business goals and revenue model.
• Regulatory and security requirements.
• Time-to-market considerations.

6. Trends & Future of Card Program Management

• Embedded finance & BaaS (Banking-as-a-Service).
• AI-driven fraud detection and risk management.
• Open banking and API-driven solutions.

7. Conclusion & Next Steps

• Recap of key insights.
• How businesses can get started with a card program.
• Contact a program management expert.

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Imagine you have euros in your wallet but need to spend dollars at a store. You'd need to exchange your currency first, right? Wrapped crypto works in a similar way, but for blockchain assets.

Wrapped cryptocurrency is a tokenised version of another crypto asset that lives on a different blockchain. Think of it as your original crypto asset wearing an outer layer that lets it work on another blockchain network. For example, Bitcoin can't naturally function on the Ethereum network because they're separate systems with different rules. 

But by "wrapping" Bitcoin, you get a token that represents Bitcoin's value while being compatible with Ethereum's ecosystem.

This seemingly simple innovation has become a cornerstone of decentralised finance (DeFi), allowing assets to move between otherwise isolated blockchain ecosystems and unlocking billions of dollars in cross-chain liquidity.

How wrapped crypto works

The wrapping process involves three key elements: custodians, merchants, and smart contracts.

Here's how it typically works:

1. Deposit: You send your original cryptocurrency (like Bitcoin) to a custodian—an entity or smart contract that holds your assets safely.
2. Minting: Once the custodian confirms receipt of your deposit, they mint an equivalent amount of wrapped tokens (like WBTC) on the target blockchain.
3. Release: These newly created wrapped tokens are then sent to your wallet on the new blockchain, ready to use.

When you want your original tokens back, you simply reverse the process—a procedure called "unwrapping" or "burning":

1. Return: You send your wrapped tokens back to the custodian.
2. Burn: The wrapped tokens are destroyed (burned).
3. Release: The equivalent amount of the original cryptocurrency is returned to your wallet.

This process ensures a 1:1 backing between wrapped tokens and their underlying assets, similar to how stablecoins maintain their value through reserves. For every wrapped Bitcoin (WBTC) in circulation, there's one real Bitcoin held in reserve by a custodian.

Benefits of wrapped crypto

Cross-chain compatibility

The most obvious benefit is interoperability. Wrapped tokens allow assets from one blockchain to participate in activities on completely different networks. Bitcoin holders can participate in Ethereum-based DeFi without selling their Bitcoin, while Ethereum users can access the value and liquidity of Bitcoin without leaving their preferred ecosystem.

Expanded DeFi possibilities

Before wrapped tokens, assets like Bitcoin were essentially locked out of the booming DeFi space. Now, billions of dollars worth of previously idle assets can earn yields, serve as collateral for loans, or provide liquidity to trading pools.

Enhanced functionality

When assets like Bitcoin get wrapped as ERC-20 tokens on Ethereum, they gain new capabilities:

• Smart contract interaction: Bitcoin doesn't natively support complex smart contracts, but wrapped Bitcoin on Ethereum can interact with any Ethereum smart contract.
• Faster settlements: Bitcoin transactions typically take about 10 minutes to confirm, while Ethereum transactions complete in seconds or minutes, making wrapped Bitcoin potentially more practical for everyday transactions.

Liquidity boosts

By making assets usable across multiple blockchains, wrapped tokens significantly increase market liquidity. The same value can now participate in various ecosystems without being split across different platforms.

Common types of wrapped tokens

Wrapped Bitcoin (WBTC)

The most popular wrapped token by market cap, WBTC brings Bitcoin's massive value onto the Ethereum blockchain. Each WBTC is backed by one Bitcoin held in reserve. This has allowed billions of dollars worth of Bitcoin to participate in Ethereum's DeFi ecosystem.

Wrapped Ether (WETH)

Interestingly, even Ethereum's native currency (Ether) has a wrapped version. Why? The original Ethereum token (ETH) predates the ERC-20 standard that most Ethereum tokens follow. WETH makes ETH compatible with dapps that require the standard ERC-20 format.

Other Notable Wrapped Assets

As cross-chain functionality becomes increasingly important, we're seeing more wrapped versions of various assets:

• Wrapped AVAX (WAVAX) on Ethereum
• Wrapped UST (Terra stablecoin) on various chains
• Wrapped tokens of various layer-1 cryptocurrencies

How to use wrapped tokens in DeFi

Lending and borrowing

Platforms like Aave, Compound, and MakerDAO allow users to deposit wrapped assets as collateral to borrow other cryptocurrencies. This means you can leverage your Bitcoin holdings to access stablecoins or other tokens without selling your BTC.

Liquidity provision

Decentralised exchanges like Uniswap and SushiSwap rely on liquidity providers to enable trading. By providing wrapped tokens to these liquidity pools, users can earn trading fees and additional rewards.

For example, the WBTC/ETH pool on Uniswap has consistently been one of the largest liquidity pools, enabling billions in trading volume between Bitcoin and Ethereum.

Yield farming

Many DeFi protocols offer incentives for users who provide liquidity or lend assets. Wrapped tokens allow users to participate in these "yield farming" opportunities across multiple blockchains, potentially maximising returns.

Risks involved

Custodial risks

Most wrapped tokens rely on custodians to hold the original assets, introducing an element of centralisation and trust. If the custodian is compromised or acts maliciously, your wrapped tokens could become worthless.

For instance, WBTC relies on BitGo as its primary custodian. While BitGo maintains high security standards, this represents a potential single point of failure in an otherwise decentralised system.

Smart contract vulnerabilities

Wrapped tokens, like all blockchain assets involving smart contracts, face potential security risks. Bugs or exploits in the smart contracts governing wrapped tokens could lead to fund losses.

Minting and redemption friction

The process of wrapping and unwrapping tokens often involves fees, waiting periods, and minimum amounts. These friction points can make wrapped tokens less practical for smaller transactions or quick trades.

Bridge attacks

Cross-chain bridges, which facilitate the creation of many wrapped tokens, have been frequent targets for hackers. Several high-profile attacks have resulted in millions of dollars in losses.

The future of wrapped tokens

Decentralised wrapping mechanisms

The industry is moving toward more decentralised wrapping processes that reduce reliance on centralised custodians. Projects like tBTC and renBTC are exploring new models where custody is distributed among multiple parties or managed entirely by smart contracts.

Multi-chain integration

As blockchain ecosystems evolve toward greater interoperability, wrapped tokens are likely to play a crucial role in creating seamless experiences across multiple chains. Users may eventually interact with different blockchains without even realising they're using wrapped assets behind the scenes.

Standardisation and regulation

As wrapped tokens become more integrated into mainstream finance, we can expect more standardised practices and potentially increased regulatory attention, particularly around reserve verification and consumer protection.

Bridging the blockchain islands

Wrapped tokens have essentially built bridges between previously isolated blockchain islands, creating a connected DeFi landscape where assets flow freely across networks. They give users remarkable flexibility – allowing them to use Solana's speed while accessing Ethereum's rich application environment.

While these tokens solve major interoperability challenges, it's worth remembering their trade-offs. The centralized custody model goes against blockchain's decentralization principles, and security risks exist.

Though we'll eventually see more sophisticated cross-chain solutions emerge, wrapped tokens currently serve as the vital connectors powering our increasingly interconnected crypto economy.

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Sure, crypto markets reacting negatively to macroeconomic policy shifts is nothing new, but these “worse than expected” Liberation Day tariff announcements have been particularly brutal. 

Looking at the numbers, the sweeping tariffs introduced by U.S. President Donald Trump have resulted in mass liquidations. Almost a week later, $8.27 trillion has been wiped from global stock markets and $233 billion from crypto markets, bringing the overall crypto market cap down 8.5%.

But how exactly do tariffs influence crypto? The immediate reaction was a sharp downturn, with big names like Bitcoin falling below $82,000, and later $74,700, and Ethereum dropping to lows of $1,400. 

In the long term, could these economic policies position crypto as a safe haven? Let’s explore the interplay between trade policy, traditional finance, and crypto prices.

Firstly, what are tariffs, and how do they affect the markets?

In a nutshell, tariffs, or taxes on imported goods, create ripple effects across various financial markets. Historically, they have had an impact on:

• Foreign exchange (FX) markets: The USD typically strengthens when tariffs are imposed, as more global investors seek stability, and in response, a stronger USD often puts downward pressure on Bitcoin and altcoins.
• Equities: Stocks, particularly in sectors reliant on global trade, tend to decline as tariffs increase business costs and disrupt supply chains.
• Inflation & interest rates: Tariffs can contribute to higher consumer prices, influencing Federal Reserve policy and liquidity conditions, which in turn affect investment in risk assets like crypto.

The interconnected nature of these macroeconomic factors proves once again that digital assets are not insulated from traditional market turbulence. Let’s explore the damages.

Trump’s “Liberation Day” tariff announcement

So, what happened? On 3 April, Trump announced a 10% baseline tariff on U.S. imports, with 60 countries, including Cambodia, China, Vietnam, Malaysia, and Bangladesh, facing tariffs of up to 50%. Companies in the EU will see 20% tariffs, all taking effect a week later. 

Previously announced 25% tariffs on steel, aluminum, and foreign-made cars remain in place.

How the crypto market responded

Never missing a beat, the crypto market reacted swiftly to the tariff announcements:

• Bitcoin has dropped ~10% since February. On 3 April, the price fell from $87,106 to $82,526 in a matter of hours, falling to lows of $74,700 days later. 
• Ethereum followed a similar trajectory, dipping to lows of $1,430.
• Altcoins were hit harder, with SOL dropping nearly 25% to $97.52 - its first dip below $100 since February 2024.
• Crypto-related equities tanked, with Strategy (formerly MicroStrategy) down 15%, and mining firms like MARA Holdings and Riot Platforms losing 11%.
• Correlation with equities strengthened, as the Nasdaq and S&P 500 also experienced sharp declines.

According to technical analysis, the overall market cap formed a bear flag pattern, signaling potential price declines (this pattern appears after a sharp drop, followed by a temporary upward channel). If the price breaks below this channel, a further decline is likely.

Source: Emmaculate, published on TradingView, April 3, 2025

Why Bitcoin might bounce back

A note from the bears. Despite the initial sell-off, Bitcoin could see a rebound for several reasons:

• Bitcoin as "digital gold": During economic uncertainty, BTC has historically been viewed as a hedge against inflation and fiat devaluation.
• Institutional movements: Exchange outflows suggest that institutions are holding rather than panic-selling, reducing BTC liquidity and potentially driving prices higher in the future.
• Monetary policy shifts: If the Federal Reserve pivots toward rate cuts or quantitative easing (QE), Bitcoin could benefit from increased liquidity.

BitMEX co-founder Arthur Hayes has argued that such macro conditions could push BTC toward $150,000 in the next cycle.

Do tariffs + the U.S. Dollar = a crypto opportunity?

The impact of tariffs on the U.S. dollar has direct implications for crypto:

• Reduced exports and lower bond demand could weaken the USD over time.
• A weaker dollar typically boosts Bitcoin, as investors look for alternative stores of value.
• Grayscale suggests that Bitcoin could benefit from a fragmented monetary landscape, particularly as central banks diversify reserves away from USD.

Tariffs, regulation & crypto’s role in the financial system

Trump’s policies could indirectly accelerate crypto adoption by:

• Increasing the use of crypto for trade settlements due to currency uncertainties.
• Encouraging alternative reserve assets beyond the U.S. dollar.
• Aligning with a potentially pro-crypto regulatory stance under a second Trump administration.

What should crypto investors do now?

Crypto investors should watch a few key things closely:

• When and how the new tariffs are rolled out, and if any changes are made along the way
• How other countries respond, especially with their own tariffs
• Changes in crypto regulations, as governments adjust to the new economic climate
• How money moves between traditional markets and crypto, which can impact prices and sentiment

• Consider long-term portfolio strategies, as crypto’s role in a shifting financial landscape could strengthen.

Conclusion: Tariffs may hurt now, but crypto could emerge stronger

While recent tariffs triggered a downturn across both traditional and crypto markets, it’s worth noting that this was driven more by uncertainty than fundamentals. As has previously been the case, crypto’s response is often tied to macro trends, with Liberation Day tariffs being no exception. 

The bottom line is that market dynamics are changing. As liquidity patterns shift and capital moves differently, crypto’s role within broader portfolios continues to evolve. While this can have both a positive and negative impact on portfolios, continuing to stay informed is the wisest step one could take. 

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Got some exciting news—Card Auto Top-Up is finally here, and it’s about to make your life way easier.

Say goodbye to those "uh-oh" moments at checkout. This feature automatically tops up your card when your balance gets low—on your terms, no surprises.

You asked, we delivered. We took your feedback and built Auto Top-Up to take the stress out of managing your spending. Your card stays ready to go, so you can focus on more important things (like deciding what to order for lunch).

And here’s the cherry on top 🍒—you can now use your crypto for payments!  Pick any of your crypto holdings, top up your card, and start spending—simple as that.

Let’s break it down and show you why Auto Top-Up is about to be your new favorite feature.

No More "Oops, My Balance!" Moments 🙀
We've all been there—your card balance runs low right when you need it most. Auto Top-Up has your back.

Set It and Forget It
Activate it once, and you're good to go. No more scrambling to manually top up your card every time funds run low.

Your Money, Your Rules 💸
Prefer fiat? Crypto? A mix of both? Auto Top-Up lets you choose what works best for you.

Always Ready to Spend
With Auto Top-Up, your card stays funded, so you’re always ready to pay—no interruptions, no stress.

How it works? ✨

With Auto Top-Up, you're in complete control. You decide:

• The minimum balance that triggers an automatic reload amount.
• How much to add when your balance dips below your set threshold.
• Which currency you want to use.

Imagine you're about to make an important purchase, only to realise your card balance is too low. Frustrating, right? Those days are over. 

Set your minimum balance to threshold, and Tap will automatically reload your card before you ever hit zero, using your preferred currency.

Ready to make your life easier? Enabling Auto Top-Up is quick and easy:

1. Log in to your account.
2. Navigate to your card settings.
3. Enable Auto Top-Up and customize your preferences.
4. Enjoy your card!

Built for peace of mind 😌

Auto Top-Up takes the hassle out of managing your card. Whether you’re travelling, shopping online, or covering everyday expenses, your Tap card will always have your back when you need it.

Ready to get started? 

Make sure your Tap app is up to date to start using the new Auto Top-Up feature, and then follow the flow within the Card section. 

Got any questions about Auto Top-Up? Our support team is ready to help you get started. 

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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