Nowadays, securing digital identity has become a major concern which requires immediate attention. Vinny Lingham's Civic platforms aims to do just that. So, let us look at what Civic is and how it can prove to be beneficial for user.
What is Civic?
Civic (a blockchain identity startup) is a platform allowing secure, on-demand and less costly identity verification data access through the blockchain.
It is a digital identity ecosystem which has the capability of replacing bio-metrics, usernames and passwords. The platform targets data breaches and ID theft which have become a serious concern in today's world.
Civic will be delivering application to help secure financial services, crypto currencies, social accounts, credit cards, e-signatures as well as medical records.
Let us look at an example which illustrates how Civic alerts users of any likely identity theft. In case, anyone tries to access your SSN then the Civic app will immediately notify you about the same. This way you will be able to check unauthorized use or access of your personal information and take required steps to prevent such access.
Civic has carried out a successful token crowdsale (which ended on June 22) of $33 million (token issue was through Ethereum ERC20 standard) which consisted of more than 10,000 orders.
Out of the total supply of 1 billion tokens, 33% tokens have been sold, another 33% retained as company reserves, 33% kept for community members (for incentivization) and rest 1% used for covering cost of token sale.
Plus Points of Civic Token Over Other Existing Tokens
- It will be possible to use the Civic token across different jurisdictions to create a single settlement method.
- Since it is a token based on blockchain, it will be possible to automatically perform settlements within any smart contract.
- Being a specialized token which is utilized for accessing various identity services, it helps in shielding ecosystem from various extraneous considerations which often result in volatility in other crytocurrencies.
What are the main benefits of Civic?
- Benefit of Civic is that after its implementation, there will not be any need for personal and background information verification to be performed each and every time.
- Moreover, the Civic token (CVC) can be used by the participants for performing transactions related to identity verification.
- Additionally, transaction validators as well as users will be receiving CVC in the form of a reward for sharing their information on Civic app.
- App users will be able to utilize Civic token for purchasing various services (such as blockchain notary services, personal background checks, dark web monitoring, credit report access, etc.) that are available within the application.
What is the usefulness of Civic for various entities?
Civic will be addressing needs of:
- Service Providers: As Civic will lower cost service providers have to bear with respect to verification of identity of entities or individuals.
- Validators: Validators will now be able to recoup expenditure they have to incur on performing identity verification and providing attestation.
- Users: Users will have the right to amend or view as well as control access to their personal data. Civic tokens received by users for participation can be reused for obtaining other services provided by Civic.
- Governments: Agencies or departments will be able to depend upon one another for identity attestations (which has been received with user's express consent) provided by the other department.
Is Civic same as credit monitoring services?
Not exactly. Apart from credit monitoring, Civic provides alert service through mobile and email notification in case anyone tries to utilize your identity for opening a new account. Since, these are real time alerts, you can act immediately and prevent identity theft.
On the other hand, credit monitoring services have the task of monitoring credit report and in addition to it, provide you an alert in case changes show up on the credit report. Thus, they are able to inform you only after fraudulent activity has already taken place.
As such, Civic helps you stop identity theft before it occurs.
Finally, we can say Civic holds a lot of promise and in the following months we will see how well it performs in terms of securing identity of its users.