“Another concern for Civic is the competition, as TheKey, Factom, Digusign and Radium are also operating in this same area. As strong points going for Civic we have its creator, Vinny Lingham, an experienced and successful businessman, as well as the use cases: fighting online fraud, lack of security from Facebook or Twitter sign-in, and the fact that ID-verification is a large industry, which represents a great opportunity….”
Coin Name: Civic
Birth of project: 2017
Project Status: Pending
Circulating Supply: 342,699,966 CVC
Official website: https://www.civic.com/
Official Wallet: https://www.myetherwallet.com/
Introduction to Civic (CVC)
We live more and more in a digital world, and identity theft is an issue. This is the purposes behind the creation of Civic, affordable identity protection, as well as easy access to our digital identity.
Civic manages identities, so it has a double strong use case, given the existing anonymity in the blockchain. The Civic Identity Platform, which we can access here https://www.civic.com/ or download from the app store in mobile, allows us to use our identity in real-time in the blockchain, whenever that is necessary.
Civic enables the protection of our identity, and the authorization of its use, so it’s a safe sign-in experience. To setup our Civic account we need to upload personal documents, like a driver’s license, a passport, or a national identity document.
This data is encrypted though, and received by Civic or by a trusted partner, while the blockchain checks its veracity. This validation process uses public records and fraud detection algorithms, but manual audits can also be made if necessary.
Once our account is ready, there’s no longer need for register processes, usernames and passwords, or two factor authentication. All we need is the Civic authentication method, “Continue with Civic” button like, which we can try for ourselves in any site with Civic already integrated.
There isn’t a file Civic has with our information, the data is stored in our device, and to login a site or make a transaction biometric identification is necessary (finger print, voice or facial). No one can access our information. The blockchain private key adds another layer of security to this process, pretty much like a wallet software.
The challenges Civic has are the ones that most blockchain technology faces too, user adoption. For Civic to succeed partnerships with governments, financial institutions and merchants have to be made or else no one will use it. Currently, the only partners Civic has are operating in the crypto area, and making Civic a massively used method is still something distant.
Another concern for Civic is the competition, as TheKey, Factom, Digusign and Radium are also operating in this same area. As strong points going for Civic we have its creator, Vinny Lingham, an experienced and successful businessman, as well as the use cases: fighting online fraud, lack of security from Facebook or Twitter sign-in, and the fact that ID-verification is a large industry, which represents a great opportunity.
No usernames and passwords and no two factor authentication certainly seems engaging, Civic just has to gain user adoption to make this a reality. It will all come down to the partnerships they will be able to make.
This is a brief introduction to Civic, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!
Feb 19, 2018: $0.424299
Jan 19, 2018: $0.753108
Dec 19, 2017: $0.573156
Nov 19, 2017: $0.281262
Interesting concept for a coin. In this digital age where all our identities are vulnerable to attack this is an amazing idea. I’m sure it has potential especially to curb instances on bank fraud and cyber crime.Recently in my Country the card details of retailers who used their cards to fuel were stolen. CVC in my opinion would help because people would be protected from the begging when transacting. I think if sold in this manner it will not be a problem to forge partnerships and move forward.
There are all sorts of cyber crimes going on every day all around the world and it’s all because there is less tight security to counter this issue. I have heard one man’s confession of getting duped more than $10,000 when his account was hacked. If only Civic was used to protect the man’s account, this wouldn’t have been possible.
It’s a general knowledge that we are more in a digital world today where almost everything is carried out online. Now scammers and fraudsters have taken it upon themselves to prey on people’s data and use it to commit one cyber crime or another. But with the services of Civic, getting registered and approved in the system would give a maximum security from identity theft.
Civic and other similar cryptos are certainly a big help to fight fraud, I just don’t know about mass adoption. I see Civic has 2 major barriers to entrance: one, people need to download the Civic app and upload there all their personal info, and this might be hard because people are lazy (true) and might not trust Civic just yet to upload all their personal documents.
Second, Civic needs trusted partners to grow. If my bank or hospital says, from now on you’ll be identified by Civic, I say, ok, I’ll do it. So, partnerships will be the game changer for Civic.
If you buy Civic for 100 dollars today, you will get a total of 503.043 CVC. Based on our prediction, a long-term increase is expected, the price prognosis for 2023-03-17 is 2.045 US Dollars.