The Civic platform is an identity management system based on blockchain technology that allows businesses and individuals access to the specific tools they require to enhance the protection of their data. The platform was designed in a protocol that revamps the overall view on identity verification protocols and gives the participants a more efficient control over their personal information, while also providing them with access to a wide variety of services without the need to fork over large amounts of personal data.
The identity verification technology used by the Civic network is a distributed ledger technology that authorizes users access to information on their identity in real-time, and also allows them to share their information with other network participants. Unlike most of the other identity management systems available, the Civic network allows participants to store all their important data on their mobile devices. Additionally, the users are also given the authority to execute data sharing protocols to specific pieces of data via their provision of biometric signatures through the Civic app.
Who are the Founders of Civic (CVC)?
The Civic network was co-established by a pair of blockchain enthusiasts known by Vinny Lingham and Jonathan Smith in 2015.
Vinny Lingham first appeared in Shark Tank South Africa in 2016 and ever since has been a serial entrepreneur. He has facilitated the co-founding of several major firms, some of which include the South African-based investment company called Newtown Partners, as well as a Google ventures-backed digital card platform known as Gyft. Currently, Lingham is the CEO of the Civic network.
His partner, Jonathan Smith serves as the present CTO of the network and is also well experienced with more than a decade and a half of banking industry experience. Before landing his role at the Civic network, Smith had several managerial roles at top firms, some of which include HSH Nordbank, and Deloitte MCS Limited. He also served as the head of the platform on a global scale at Genpact Headstrong Capital Markets.
Apart from the founders, the team members of the Civic platform include a collection of highly successful professionals, among which include Chris Hart, its COO who has over 20 years of experience in finance. He was also the former CFO of Nextag and Guidebook.
What is Civic (CVC) used for?
The Civic network is facilitated by a dedicated utility token which is essentially known as the Civic token and the token is also used to settle all identity-related transactions executed between the participants of the network just like the exchange between a customer and network service providers.
The network also allows users an avenue where they can earn CVC tokens for the execution of a collection of services through the platform or the introduction of new users, while validators can also earn CVCs for facilitating the execution of transactions and validating documents as required by the service providers in question.
What Is the Unique Point of Civic (CVC)?
The Civic network is designed to make the process of identity verification with service providers easier, while they still retain absolute control over their data.
The network also allows the onboarding of business users faster using an AI-powered verification protocol which is also combined with a human incorporated review system that helps businesses curtail fraud and remain compliant with OFAC rules and AML regulations. As of December 2020, the Civic network had two major products: the Civic wallet and Health Key.
The Health Key is the newest product of the Civic network. The Health Key Is an application that permits employers to verify the health status of the employees securely, to guarantee that their health is optimal enough to get back to the workplace after infection with COVID-19. Such as the case where the individuals have been vaccinated or tested positive for antibodies.
The Civic Wallet, on the other hand, is a mobile cryptocurrency wallet that provides a platform where participants can store a collection of other cryptocurrencies, such as USD Coin, Ethereum, and Bitcoin. The application also acts as a digital identity management system and allows them to enjoy a $1 million Bitcoin insurance plan delivered by Coincover.
How many Civic (CVC) coins are in circulation?
As of December 2020, the available supply of Civic tokens was pegged at exactly 670 million CVC tokens in circulation, an amount that represents 67% of the maximum supply of 1 billion CVC. The circulating supply currently available at the time was available in the right data panel.
According to details of the token sale of the Civic network, while the total minted supply of 1 billion, a total of 3% of the tokens were sold in the token sale. An extra 33% of the supply is retained by the Civic; 33% of the amount is allocated to serve as incentive and rewards for the network participants and the leftover 1% was used for the costs incurred in the token sale.
In December 2020, the allocated supply of 330 million tokens was left untouched. Currently, it is being held in a multi-signature Ethereum wallet, which provides an avenue for the system to be trackable.
Is the Civic (CVC) Network secured?
The CVC coin is an ERC-20 token and is backed by the Ethereum blockchain; a network that is largely tagged as the most centralized and secure network with its dedicated proof-of-work consensus algorithm.
Over time, the Ethereum network will slowly transition to the proof-of-stake system with the roll-out of Ethereum 2.0. The network’s token is also associated with systems that ensure transactions will be secured by a collection of interconnected validator nodes.
How do I buy a Civic (CVC)?
The Civic Network provides the participants on the network with a state-of-the-art security system that allows them to manage their identity and also transfer access to their data to other users of the system. As such, several other people have gravitated towards the Civic network thus making it largely available across several exchanges and can be easily bought through the process below.
- create an account with the crypto trading platform,
- transfer the amount of fiat money to the crypto account through the options provided.
- When the transaction has been confirmed, then you can buy your CVC tokens.
Which Cryptocurrency Wallet Supports Civic (CVC)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Civic (CVC). Because of its vast use case has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Civic wallet because offers a simple and interactive interface making it easy for people to navigate its system.