Civic

The Civic ecosystem simplifies identity verification (IDV) services using blockchain by verifying user identities and detecting fraud in a hassle-free and less complex manner. Civic has used blockchain-based solutions to elevate the quality of services for existing products, namely the Civic Secure Identity Platform (SIP) successfully. Previously, the verification of user background needed the involvement of third-party services as a mandatory step, but with Civic's new blockchain-based approach, the involvement of third-party auditors can be minimal. In fact, the blockchain-based approach ensures zero human errors by eliminating the need to share confidential data over and over again amongst different audit agencies. Civic aims to make it challenging for fraudulent activities to proliferate or seeks to reduce breaches within the ecosystem.

To elevate customer experience, the Civic platform has introduced various smart contracts, a utility token named CVC, and various secure software applications within its platform. Moreover, the Civic ecosystem lets two different parties be involved in simplified identity verification processes, namely the "Users" and the "Validators." Validators are institutions that need to verify IDs of the Users (comprising either individuals or associated businesses) . The Validators give approval for the verified User data on the Civic ecosystem. This process simplifies the validation for real User IDs within the blockchain. Other external agencies can simply go ahead and use the already validated data, rather than going through the validation audit process once again. Smart Contracts on the Civic ecosystem are leveraged to properly validate the User IDs, thus leaving no space for repetitive human involvement.

The CVC token  on the Civic ecosystem is used to support transactions related to services offered by the platform. It is an ERC20 standard token facilitating payments for smart contract commands and maintaining the blockchain that backs up the Civic platform. Besides, CVC tokens are coming up with different new use cases to make the platform more efficient.

Civic Technologies, Inc. was co-founded in 2015 by Jonathan Smith and Vinny Lingham. Civic has over 30 designers, developers, engineers, and other professionals working together and building the ecosystem. The platform uses the open-source of the blockchain-based ecosystem, ‘identity.com,’ to verify credentials5. In March 2021, Civic announced the integration with Solana blockchain in order to offer improved privacy, ease-of-use, and regulatory compliance.

CVC token is used to settle transactions in the Civic ecosystem. When CVC is used to pay for any transaction within the Civic ecosystem, the Validator and the User, both are rewarded for sharing reliable information. Through consensus of participants, the proportion in which CVC is shared between the validator and the user is decided. Besides, CVC also incentivizes participants to contribute to the Civic ecosystem by exchanging CVC for the service.

The ecosystem manages the incentives in a way that benefits all participants. The service provider (Validator) is rewarded for providing validation of identity data. On the other hand, the User is rewarded for signing up for services, giving identity, or introducing a new user to the platform.

The CVC token can be traded on Coinbase and Coinbase Pro.