Marc Serafino
The number of blockchain projects is growing with the day, and it’s getting harder and harder to figure out which ones are real and which just want to cash out on the ICO. On our end, we want to help you separate wheat from chaff, highlighting the projects that: a) make sense; and b) use blockchain to actually change things for the better. To that end, we use the “N things you should know about” approach, to make the content appealing to the wider audience, including perhaps those who don’t know how blockchain works.
That being said, today we are looking at CIVIC, which fits the both criteria – it makes sense and uses blockchain to make things better. Let’s get started, shall we?
1. What is CIVIC?
CIVIC is a decentralized identity management service which allows one to protect and authorize the use of their identity in real-time, and which runs on Ethereum’s blockchain. Its goal is to introduce on-demand, secure and low-cost access to Identity Verification Services (IDV) via blockchain, such that background and personal information verification checks will no longer need to be undertaken from the ground up every time.
In other words, the service makes sure that every time someone requires to confirm your identity, a CIVIC-enabled service could kick-in to smoothen the process — so you don’t have to undergo the same verification and document submission process from the scratch. Said service integrating with CIVIC would ask for your CIVIC ID, which would assure the service provider that you really are – you.
That is the basic premise of CIVIC, but its use cases extend to other services, as we will be discussing later in this article. First an introductory video…
2. Does CIVIC has its token?
Of course it does, we’re talking about a blockchain project, after all.
Marked as CVC, it is an ERC-20 token that lives on Ethereum’s blockchain; and it is / will be used for transactions of and within IDV-related services.
CVC will have a limited supply of 1 billion tokens, of which:
- 33% were sold in the token sale
- 33% retained by Civic
- 33% allocated for distribution to incentivize participation in the ecosystem
- 1% to cover token sale costs
CIVIC’s ICO ended in June 2017, during which $33 million worth of CVC tokens were distributed to investors.
3. How does CIVIC work?
Generally speaking, IDV-based services include three entities:
- Identity Requestor – which requests to verify the user’s identity.
- Identity Validator – which validates the identity.
- User – one whose identity requestor wants to verify.
The validator, in case you wonder, is a trusted party — such as a bank, credit union or government body — that stores the hashes of the data in the blockchain. This data is stringently verified by Civic or identity verifying partners and then anchored to the blockchain in the form of un-decryptable data.
From there, the requestor can purchase the verified personal information of the user, presuming that the user gives his/her consent. For their efforts, validators and users are rewarded with CIVIC tokens.
Also, it makes a life lot easier for users who wouldn’t be bothered to input their information and submit documents on and on.
In addition, CIVIC enables creation of a marketplace of verifiable and attested data which can be bought and sold, but unlike that’s the case today, with user’s consent. Plus, a system could be put in place to reward users for their efforts (with CVC tokens).
4. What are some other use cases for CIVIC?
In addition to verifying user identities, CIVIC could also be used for other purposes, including:
- E-signatures
- Health information/records – CIVIC refers to them as PHI which stands for personal health information.
- Providing financial services and keeping a credit history of verified users.
- E-commerce websites as a mean of reducing credit card risk frauds.
- Universal login, used for registration and login options on many websites. For instance, wikiHow is using CIVIC IDs for login and registration (in addition to Facebook and Google).
And that, we guess, is just a start as many other services could also benefit from being able to access their users’ personal information; while on the other hand, users get something in return for granting these services (limited) access to their data.
5. Buying and storing CIVIC cryptocurrency
As a novel cryptocurrency, CVC is not available on all of the popular exchanges. Still, you can buy it at a few places, including KuCoin, Bittrex, Gate.io, Livecoin and Poloniex. In order to get some CVC tokens, you will have to use your Bitcoin and Ethereum tokens, as US dollars and other major fiat currencies are not accepted for CVC in most places (if anywhere).
When it comes to storing CVC, there a few options:
- Mobile Wallets: Coinomi (Android), Jaxx (Android, iOS)
- Web Wallets: Jaxx (Chrome Extension)
- Desktop Wallets: Jaxx (Windows, Linux, Mac), MyEtherWallet
- Hardware Wallet: Ledger Nano S, Ledger Blue, Trezor
Want to know more?
There are no doubts in my mind that CIVIC is a project worth checking out. You can keep up with it on Twitter and by following its blog. Also, CIVIC has its channel on Telegram where you can join the discussion.
So, what do you think about CIVIC? Is it something you would considering buying into? Feel free to drop your two cents in the comments form below.
