Civic (Cryptocurrency)

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CIVIC (ticker symbol: CVC) is an identity management​ service. Using blockchain​ technology, it allows one to protect and authorize the use of their identity in real-time. They also notify users when their data is used by an entity affiliated with Civic, allowing users to make sure the use of this information is legitimate. [4] 


CVC is the native token of the CIVIC infrastructure which is built on the Ethereum​’s blockchain as it is an ERC20 token.


Overview

Civic aims to enable people with the opportunity to use data you have previously verified to be reused in places where CIVIC is accepted. Users have a CIVIC ID, which allows users to verify their identity without the need to start from scratch.


Civic's use cases are quite broad because they are creating something like a free market for identity verification in which the verifier and the user will be fairly incentivized by the requestor. CIVIC ID creation can have various use cases, some of which are:

  1. It can be used for e-signatures.
  2. It can be used to share PHI and PII with relevant parties and users can get incentivized. PHI is personal health information and PII is personal identity information.
  3. It can be used in providing financial services and keeping a credit history of verified users.
  4. It can be used on E-commerce websites to reduce credit care risk frauds.
  5. It can be used a registration and login option on many websites. wikiHow is using CIVIC IDs for login and registration. [3] 

Civic insures its customers from identity fraud for up to $1 million per user, free for life. [4] 


History

In June 2017, Civic raised $33 million in an ICO​, selling tokens which are redeemable for their services. Civic minted 1 billion tokens for sale at 10 cents each, selling one-third, keeping one-third, and distributing one-third to clients. [5] 


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