What are the utility benefits for CVC holders?
I have been a civic holder for a quite a while now ,but I got curious what could I do with civic besides selling it .So I started digging and here are my findings .
Civic is a secure identity platform. It’s like a digital wallet that's like a brige between your physical and online credentials.And it's does it wonderfully .
For starters civic is a token not an coin , and if you don't know the difference here is it in short:
A cryptocurrency, or coin is a unit of value that has it’s own blockchain, like Bitcoin, Ethereum, Dash, NEM and Steem.A token is a unit of value that is created on a blockchain that acts as a host for it, so tokens do not have their own blockchains. Additionally tokens give the holder a right to participate in a given blockchain activity.
By owning civic you own a little part of the network ,the total token supply is fixed, Basically a token represents a crumble of the totale cake(civic network) .In order to make to the token worth anthing it should offer utility.
what utility does civic offer the civic holders ?
Users authenticate their data using the Civic mobile app. Then, they can choose to share that data securely with businesses. When you open a new account at the bank, for example, you can authorize that bank to view a portion of your Civic data.But what makes it great is
I found a great explanation
"The CVC tokens will be used to execute the smart contracts used for identification purposes. A simplified example of how one of the smart contracts could work: 1. User wants to open account at a Service provider. 2. Service provider requests specific Personal Identity Information (PII) of user. 3. Validator offers specific user PII attestation in the form of an attestation hash, at a certain price. 4. Service provider, Validator and user all sign of to the agreed smart contract. (All automated and visually intuitive, user does not see code or has to negotiate a certain price or anything). 5. Smart contract executed. The service provider gets a customer, the validator receives CVC and the user can open an account. The user also receives a ratio of the total CVC transacted between the Validator and Service provider in the example above. This CVC is meant to incentivize users, the CVC can be used for identification products/services within the ecosystem. So, the smart contract will automate and and identification process. The service provider needs to pay in CVC to buy and execute the smart contracts. The user and the validator use the smart contract to get paid and verified. Which is why the tokens are needed to have a functional decentralized identity ecosystem. A service provider can also be a Validator and a user, and vice versa. "
https://www.reddit.com/r/civicplatform/comments/7ttajl/what_are_the_utility_benefits_for_cvc_holders/
If you way to lazy read it all , I will give you a quick summary , You get paid by using the civic ulities .
Hopefully it helped you,
peace out ,
Durzo
Don't forget 1 million USD Identity Theft Insurance for free.
wow , I didn't know about that , A quick question how to mention something in your post from other source without that cheetah bot plaguing me
You could
But no guarantees. It's a bot and I don't know what algorithm it use. If you use a significant piece of text, you are likely to get tagged. It happened to me here: https://steemit.com/philosophy/@vimukthi/the-toughest-and-most-profound-q-and-a-between-a-genius-king-and-an-even-wiser-priest-the-best-answer-to-the-question-who-are
It's harmless as long as it doesn't happen often.