ID, please? Civic token spotlight
I thought I'd take a bit of time today to focus on an ERC20 cryptocurrency token that has quietly been building momentum in the background over the last number of months. Civic, developed under the leadership of Vinny Lingham of "Shark Tank" fame, is a crypto-token that is being developed with some very interesting use-cases.
The goal of Civic will be to become ubiquitous in the world of identity verification and protection. It has many planned applications associated with ID verification such as easing passport-checking procedures, banking KYC procedures, age verification, web logins, and even voting registration. If you're interested in a detailed explanation of the way Civic works, I found some nice illustrations and articles, including the white paper at the following link: https://medium.com/@StorifierCo/what-is-civic-6bb2f429c23d
Civic addresses the problem of vulnerable, centralized data - think Equifax hack - with the decentralization that is available via blockchain technology. Instead of millions of users falling victim to a hack in a single attack, a single user may fall victim, but not an entire group. This greatly reduces the threat of large scale attacks on private personal data.
The reason I am aiming the spotlight at Civic right now is because this particular token has been quietly flying under the radar with all the speculative attention being drawn to the titans of cryptocurrency. While Bitcoin and Bitcoin Cash have been battling it out and whales have been pouring money into the big competitors and a few altcoins like Litecoin and Ethereum, lesser known tokens like Civic have been drowned out by the noise.
Interestingly, Vinny Lingham and Civic have been building up their business with some very promising progress. Civic already works for login verification on a number of websites such as WikiHow, BankToTheFuture, and TokenMarket. Passport and age verification could be ready to go very soon, as well.
Importantly, Civic will be changing its status as an ERC20 token to instead operate on the soon to be implemented "Rootstock" sidechain. Rootstock will enable ethereum-like smart contracts to be run on a sidechain of Bitcoin and is planned to be released within the next month or two. Civic has successfully run on the Rootstock testnet, so it should be ready to go soon after Rootstock is available.
If you do not own any Civic tokens, the opportunity to buy them at the low price where they have resided for a couple months may change very soon. Right now, with all the attention on the bigger value coins, it could be a great time to stock up on this token.
*This is not professional trading advice. Do not spend more than you can afford to lose!
image source:
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