Civic (CVC)

  TABLE OF CONTENT-

• What Is Civic (CVC)?

• Who Are the Founders of Civic?

• What Makes Civic Unique?

• How Many Civic (CVC) Coins Are There in Circulation?

• How Is the Civic Network Secured?

What Is Civic (CVC)?

Civic is a blockchain-based identity management service that provides individuals and organisations with the tools they require to manage and safeguard their personal information.

The system intends to redefine that how we approach identity verification by providing users more control over their data while enabling them to acquire a range of services without needing to disclose enormous amounts of personal data.

Civic's identity verification solution delivers leverage of distributed ledger technology to authorise identity usage in real-time and to transfer information with Civic partners only after the user has given permission.

Civic users, apart from some other identity management services, keep all of their sensitive information on their mobile devices. By submitting a biometric signature through the Civic app, users can authorise the sharing of specified personal data.

The Civic ecosystem is powered by the Civic token (CVC), a one-of-a-kind utility token used to resolve identity-related transactions between Civic participants, such as between customers and service providers.

Validators can gain CVC tokens by verifying documents for service providers. Users can earn CVC tokens by accomplishing a range of tasks, such as joining up for a service through the platform or referring new users.

Civic was introduced in 2018, after a successful initial coin offering (ICO) the prior year.

Who Are the Founders of Civic?

Vinny Lingham and Jonathan Smith co-founded Civic in 2015. Vinny Lingham is a serial entrepreneur who showed up on Shark Tank South Africa in 2016 and has co-founded numerous notable companies, including Newtown Partners, a South African investment fund, and Gyft, a Google Ventures-backed digital card platform. Civic's CEO is Lingham.

Jonathan Smith, the platform's current CTO, has served in the banking industry for more than 15 years. Before joining Civic, Smith worked at Deloitte MCS Limited and HSH Nordbank, and also Genpact Headstrong Capital Markets, where he was the global head of Platforms.

Moreover to the founding members, the Civic team involves several incredibly successful individuals, including COO Chris Hart, who has two decades of expertise in senior finance and previously retained the position of CFO at Guidebook and Nextag.

The official Civic LinkedIn page presently lists 38 employees, several of whom are rooted in the San Francisco Bay Area.

What Makes Civic Unique?

Civic is designed to make it convenient for users to verify their identity with service providers whilst also still maintaining complete control over their personal information.It enables businesses to onboard users rapidly with its AI-powered verification process, which, when merged with human review, assists businesses in reducing fraud and remaining compliant with AML regulations and OFAC rules.Civic has two main products as of December 2020: the Civic wallet and Health Key.

The Civic wallet is a mobile cryptocurrency wallet that can record a variety of popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC).The app further performs as a digital identity management solution and is enclosed by a $1 million Bitcoin insurance plan proffered by Coincover. Civic's most recent product is Health Key.

This is an app that allows employers to safely verify their employees' health status to assure they are healthy to resume work post a COVID19 infection, including if they test positive for antibodies or have been vaccinated. This is accomplished without compromising the employee's privacy.

How Many Civic (CVC) Coins Are There in Circulation?

There are exactly 670 million CVC tokens in circulation as of late December 2020, representing 67 per cent of the maximum 1 billion CVC total supply. The current circulating supply can be discovered in the correct data panel.

According to the Civic token sale website, a total of 1 billion CVC were issued, of which 33% were managed to sell in the token sale, 33% were retained by Civic, 33% were assigned for rewards and incentives, and the rest 1% was used to cover token sale costs.

The 330 million tokens assigned to Civic remain immutable as of December 2020. It is currently stored in a multi-signature Ethereum wallet, which can be followed here.

How Is the Civic Network Secured?

CVC, as an ERC-20 token, is endorsed by the Ethereum blockchain, which is broadly considered as one of the most decentralised and safe proof-of-work (POW) networks in use nowadays.

With the release of Ethereum 2.0, Ethereum will gradually transform to proof-of-stake (POS). A network of validator nodes will protect the CVC token and associated transactions once they are completed.

The Civic app safeguards digital identities by utilising the user's device, which customers use to regulate access to their data.