Civic is a pioneering personal identity verification protocol that harnesses distributed ledger technology (DLT) to revolutionize digital identity management. By enabling secure, reusable identity attestations on the blockchain, Civic eliminates redundant verification processes while enhancing privacy and reducing costs for users and enterprises alike.
The Problem: Redundant Identity Verification
Every time you:
- Open a bank account
- Apply for a job
- Participate in an ICO or crypto exchange
...you undergo Know Your Customer (KYC) checks, submitting the same documents repeatedly. This outdated system wastes time and resources.
Civic’s Solution: One-Time Verification, Reusable Identity
Civic’s protocol allows users to:
- Upload identity documents once via the Secure Identity App.
- Receive blockchain-backed attestations from validators (e.g., governments, financial institutions).
- Share verified data with service providers without re-submitting documents.
👉 Discover how blockchain is transforming identity management
How Civic Works: A Three-Party Ecosystem
1. Users
- Store identity data (e.g., passport, SSN) in the Secure Identity App.
- Control access via biometric locks (fingerprint/facial recognition).
2. Validators
- Entities (e.g., banks, governments) that verify user data.
- Earn CVC tokens for attestations.
3. Service Providers
- Pay CVC to access pre-verified user data.
- Example: An exchange skips manual KYC by querying Civic’s blockchain.
Key Components
| Component | Function |
|-------------------------|--------------------------------------------------------------------------|
| Secure Identity App | Encrypted, user-controlled identity storage with multi-factor auth. |
| Identity Marketplace | Decentralized platform for buying/selling attestations (formerly Civic Marketplace). |
| CVC Token | Ethereum-based utility token fueling transactions within the ecosystem. |
Civic vs. Competitors
| Feature | Civic | SelfKey (KEY) | THEKEY (TKY) |
|-----------------|---------------------|---------------------|---------------------|
| Blockchain | Ethereum | Ethereum | NEO |
| Focus | Biometric verification | DIY identity documents | Government partnerships |
| Geography | Global | Global | Asia-centric |
👉 Explore Ethereum-based identity solutions
Civic’s Roadmap and Team
Key Milestones
- 2018: Rebranded marketplace to Identity.com, launched smart contracts.
- 2019: Released Validator Toolkit (delayed).
- 2020–2023: Focus on enterprise adoption (e.g., healthcare, finance).
Leadership
- Vinny Lingham (CEO): Serial entrepreneur, Shark Tank SA investor.
- Jonathan Smith (CTO): Ex-Deloitte/RBS tech architect.
Trading CVC: Market Performance
- All-Time High: $0.65 (2017).
- Current Price: ~$0.05 (2024).
- Primary Exchange: Binance (50% of volume).
Why the Low Price?
CVC’s value hinges on Identity.com adoption. Until enterprises actively use the platform, demand remains speculative.
Where to Buy and Store CVC
Buy CVC
- Binance (BTC/ETH pairs).
- Bittrex or Huobi.
Storage Options
- Hardware Wallets: Ledger Nano S, Trezor.
- Software Wallets: MyEtherWallet, MetaMask.
FAQs
1. Is Civic’s data stored on the blockchain?
No—only hashed attestations are stored. Raw data remains user-controlled.
2. Who can be a validator?
Trusted entities (e.g., banks, governments) with access to official records.
3. What’s the use case for CVC tokens?
- Payment for attestations.
- Staking (future plans).
4. How does Civic prevent fraud?
Biometric locks + validator cross-checks with authoritative sources.
5. Is Civic GDPR-compliant?
Yes—users own and consent to data sharing.
Final Thoughts
Civic’s reusable identity model could slash KYC costs and delays across industries. While adoption is gradual, partnerships with major validators could propel CVC’s utility—and price.
Additional Resources:
🚀 Pro Tip: For crypto projects integrating KYC, Civic offers a scalable compliance solution. Learn more here!
Last Updated: June 2024