What is Civic
Civic (sym. CVC) is a blockchain based online identity verification and storing system which also has a native coin for the ecosystem, called Civic tokens or CVC.
History of Civic
In Q3 2017, the Civic Partner Network established and several partner sites including WikiHow were introduced to the ecosystem. The first Smart Contract was build and tested around the same time.
In Q4 2017, the Civic Marketplace was released in Alpha phase and some more providers were added to the system, along with the introduction of CVC payment system for identity verification. The WordPress API were also made available to the developers.
Civic has a total of 1 billion tokens available out of which 33 million were sold via ICO which started on 25th May 2017. The Same amount has been kept reserve by the company and again, the same amount has been kept to give incentives to the users.
How Civic Works
When the user wishes to register with a new service provider, he can submit the request, along with the digital identity which is stored in the blockchain. This new service provider, then, requests a validation of the furnished data from a trustworthy partner of the ecosystem, such as a government agency(validator). This validator then stamps an approval of validation on the received data.
The user receives a reward whenever they register with a new service provider. The validators receive a Civic token for validating the data. The users can also earn Civic tokens when they furnish their data to a validator. Finally, the users get rewarded for introducing another user to the network.
- Amazing Team: Civic is headed by Vinny Lingham who is one of the most trusted names in cryptocurrency world. Under his leadership, the team has a vision and the plan to make it to the top tier.
- Amazing Opportunity: Civic comes with an amazing concept and there is hardly any direct competitor. With the information boom, we need easy, instant, on-demand data validation which this coin aims to achieve.
- Rewards for All: Almost everybody gets rewarded in the ecosystem for using Civic. The validators, the users and even the partner sites get paid for adopting this technology. Users get paid even for introducing others to the network.
- Inexpensive Validation: Utilising a decentralised network, the validation happens between two parties and thus, no central authority makes their cut for the information. This keeps the network really inexpensive.
- Enhanced Security: There is no central server which the hackers can target to steal sensitive data. Thus, the network is a much safer alternative to the existing systems of data validation where we need to depend on others and their security systems.
- Free Use: users can always sign up for a free account where they don’t need to pay anything yet can use the network. This will lead to mass adoption of the network.