Civic (CVC): Blockchain-based Identity Verification Ecosystem
Understanding Fraud Prevention, Streamlined IDV, and the $CVC Token’s Functionality in the Civic Ecosystem
What is Civic (CVC)?
The Civic ecosystem uses blockchain to streamline identity verification (IDV) services by confirming user identities and spotting fraud in an easy and less complicated way.
The Prevention of Fraud and Ecosystem Breaches
Civic has successfully improved the quality of services for current products, such as the Civic Secure Identity Platform (SIP), using blockchain-based solutions.
With Civic’s new blockchain-based method, the role of third-party auditors can be reduced from the previous requirement that the verification of user background engages third-party services as a necessary step. In fact, the blockchain-based solution ensures that there are no human errors because it does away with the need for many audit agencies to repeatedly communicate sensitive data.
Civic wants to make it difficult for fraudulent actions to spread or wants to lessen ecosystem breaches.
Streamlined Identity Verification and $CVC Token Functionality
The Civic platform has added a number of smart contracts, a utility token called $CVC, and several secure software apps to its platform in an effort to improve the client experience.
Additionally, the Civic ecosystem permits “Users” and “Validators,” two distinct parties, to participate in streamlined identity verification procedures. Institutions called Validators are tasked with confirming the identities of Users, which might be either specific people or connected companies. The confirmed User data in the Civic ecosystem is approved by the Validators. The verification of actual User IDs within the blockchain is made simpler by this procedure.
Instead of repeating the validation audit procedure, other external bodies can just go ahead and use the approved data. The Civic ecosystem’s Smart Contracts are used to properly validate the User IDs, eliminating the need for repetitive human involvement.
Application of $CVC Token in the Civic Ecosystem
In the Civic ecosystem, the $CVC token is used to support transactions involving the platform’s services. It is an ERC20 standard token that enables payments for smart contract commands and supports the Civic platform’s blockchain by supporting blockchain maintenance. Additionally, $CVC tokens are developing a variety of fresh use cases to boost platform productivity.
Team
Vinny Lingham, co-founder, and CEO, is a seasoned businessman with over 10 years of expertise in e-commerce. He is a shark on Shark Tank South Africa and a member of the Bitcoin Foundation.
The CTO and co-founder of the project, Jonathan Smith, has more than 15 years of expertise in management, technical analytics, and development for organizations like Deloitte and RBS.
Civic’s online and mobile applications are already functional products. And as long as there is a validator to confirm it, you could submit information to the network for attestation if you wanted to do so today.
Where to Store Civic (CVC)
A trusted wallet provider for your Civic (CVC) token could be Trust Wallet, a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place.
On the other hand, if you are looking for a safe offline storage solution, we recommend the leading hardware wallet provider, Ledger.
Similarly, a user-friendly option to keep your $CVC secure can include MetaMask, a leading browser wallet extension popular among DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting their MetaMask wallet.
Civic (CVC) Resources
Website: https://www.civic.com/
Block Explorer: https://etherscan.io/
Github: https://github.com/civicteam
Twitter: https://twitter.com/civickey
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers' responsibility to complete their own research and due diligence.
