Civic (CVC)

Welcome to our Civic (CVC) news page. Here you'll find some of our featured Civic Blockchain content pieces as well as all our latest Civic Identity Verification posts.

Civic Identity Verification - Secure & Private Blockchain Biometrics?

Civic is an identity verification system that promises to give businesses and individuals tools to control and protect identities. Here’s our Civic review.

What Is Civic Identity Verification?

Civic Identity Verification is a secure identity platform built using a decentralized blockchain system. The platform provides multi-factor authentication without a username, password, third party authenticator, or physical hardware token. In other words, it’s the perfect identification system for the digital age.

Users authenticate their data using the Civic mobile app. Then, they can choose to share that data securely with businesses. When you open a new account at the bank, for example, you can authorize that bank to view a portion of your Civic data.

Civic can be used for a variety of purposes. It’s gaining ground in the cryptocurrency world, for example, but it can also be used to verify identities in fields like medicine, law, e-commerce, and social networking. It can be used to verify electronic signatures, for example, when signing legally binding contracts.

The benefits of Civic are obvious: we live in a world where identity theft and data breaches are increasingly common. Businesses pay millions of dollars to ensure their servers are protected – but hackers still do enormous damage every year by stealing identities, impersonating employees, and committing other acts of fraud.

With Civic, businesses can protect themselves without the need for a password, username, and other easy-to-breach identification methods.

How Does Civic Identity Verification Work?

How can Civic Identity Verification verify identity without a username, password, or other conventional verification tools?

The secret behind Civic is its Secure Identity Platform (SIP), which uses a verified identity for multi-factor authentication on web and mobile apps. It’s a decentralized system that uses private keys, mobile devices, and encrypted data to protect your identity.

Here are the basics of how it works:

• Keys are generated by the third party wallet, providing a firewall between Civic and users’ keys
• You can access identity data (which is fully encrypted) in the app on the user’s device using biometrics
• The authority has access to a public identifier it can use for hashed identity data, and a flag indicating the data is still valid

Overall, this system lets Civic authenticate individuals in a secure way without relying on conventional authorization tools – like physical IDs, knowledge-based authentication, a username/password, or two-factor hardware tokens.

How To Use Civic

Step 1)

You download the Civic App then complete an identity validation process. Each process is customized to the Civic client’s requirements (like the business owner). This process verifies personally identifiable information (PII) to ensure ownership of the identity at a level of trust chosen by the Civic client.

Some clients may choose to require a passport scan, driver’s license scan, or social security number scan, for example, while others may choose to use only an email address or mobile phone number.

Step 2)

After validation, the customer is considered a Civic member with authenticated identity data secured in the Civic app on the user’s device. Civic members can choose to share authenticated identity data with Civic’s business customers (i.e. the clients using Civic). A bank might ask you for your Civic data, for example.

You open the Civic app and view which data the bank needs in order to open your account. You might see that the bank requires your email address and mobile number, for example. If you want the bank to access that information, you can tap the “Authorize” button.

Uses For Civic

Civic is offering its identity verification services to a wide range of clients across industries. The company has already customized its platform to suit the needs of people in a number of different services. Some of the applications for Civic’s identity verification service include:

Cryptocurrency:

Civic can be used to create secure new accounts for cryptocurrencies. Civic offers multi-factor authentication for web and mobile apps.

E-Signature:

Civic promises to offer a better user experience with more options to establish various levels of trust in the identity of a signer of a document.

Social:

Civic offers secure account creation with varying levels of privacy for users, including anonymity or verified demographic attributes.

Financial Services:

Financial organizations can avoid new account fraud using Civic’s verified identity data.

E-Commerce:

Online businesses can reduce the impact of a data breach by not storing personally identifiable information with credit card data. Civic’s verified identity system lets you avoid fraud.

Medical:

Civic members can securely store and share authenticated medical records from their device using the Civic app.

Civic Token Crowdsale

Civic is launching a crowdsale on June 21, 2017. The ICO will sell tokens that can be used to access Civic’s services. As a token holder, you’re entitled to on-demand, secure, low-cost identity verification via the Civic blockchain. The token will be called CVC.

Validators will receive CVCs when other participants utilize their identity verification systems. Validators can price their identity verifications however they like (through the use of smart contracts). Users then receive CVCs for providing their data more securely and privately through the ecosystem.

All categories of participants in the Civic ecosystem can use CVCs for identity-related products and services.

Overall, the tokens promise to reduce the overall cost of KYC while removing inefficiencies and enhancing security/privacy.

A total of 1 billion tokens will be issued. 33% of tokens will be sold in the ICO. 33% will be retained by Civic. 33% will be allocated for distribution to incentivize participation in the ecosystem. And 1% will go to covering the costs of the token sale.

CVCs are Ethereum ERC20 tokens. You can purchase the tokens using BTC or ETH.

Who’s Behind Civic Identity Verification?

Civic was founded by serial entrepreneur Vinny Lingham (CEO) and banking/tech expert Jonathan Smith (CTO). The company is based in Palo Alto, California.

Civic Identity Verification Conclusion

Civic is an identification platform that promises to change the way we authorize individuals. The platform can be used to combat identity theft, reduce fraud, and lower costs across many different industries. Civic solutions can be implemented in fields like medicine, law, e-commerce, finance, and more, for example.

Civic is currently preparing for its ICO, which takes place at the end of June and will see the release of 1 billion CVC tokens. You can learn more about Civic by visiting the company online today at Civic.com.

Civic Blockchain Identity Project to Giveaway $43 Million in CVC Tokens For User Growth

Civic is Giving Away $43 Million in Tokens to Grow Its Userbase

Blockchain-based identity platform Civic has announced aggressive expansion plans. The company will spend $43 million in tokens to grow its userbase.

Civic, for those out of the loop, is placing identity on the blockchain. Users can place personal data on the Civic blockchain, then share data with anyone who requests it. It’s a decentralized identity management platform. Companies, meanwhile, can use Civic to complete KYC/AML verification.

As reported by CoinDesk, Civic founder Vinny Lingham understands the platform needs more users. Civic is a working platform and the technology is in place for it to succeed. The next step is to grow its userbase.

With that in mind, Civic announced Wednesday that it will pay for all identity checks for users and business partners from now until the end of the year.

Specifically, Civic will spend up to $43 million covering identity checks for all users and business partners. Civic is allocating 333 million CVC tokens to the endeavor, or one third of the total supply of CVCs.

Civic has previously sold one third of the total supply of CVC tokens in its June 2017 token sale, raising $33 million in the process.

One third of the total supply of CVC tokens had always been reserved for platform growth. Now, Civic is planning to use those tokens to cover the cost of identity checks for new users on the platform.

Every time a user gets verified on the Civic platform, it makes Civic more attractive to businesses and users. With that in mind, Civic is investing in the platform’s future. They’re creating incentives for people to join today in the hopes that it will encourage more adoption in the future.

In an interview with CoinDesk, Civic founder Vinny Lingham described how PayPal took a similar approach in the early days of the internet. People were hesitant to use a new online platform to manage their money. To convince users, PayPal did something unique. The company offered $10 free if you invited a friend:

“Paypal got it right with the whole $10 free if you invite a friend and it nearly bankrupted the company. They managed to crack the chicken and egg problem doing it that way.”

Fortunately, crypto companies have a slightly easier time dedicating capital to expansion. They have tokens they can use to cover expenses.

It’s also important to note that Civic is the only company in the Civic ecosystem that currently provides know your customer (KYC) verification. That means this $43 million investment will go right back to Civic: the company is essentially sending tokens from the platform to itself (although they do pay about $2 USD per verification on the platform).

What’s the Next Step for Civic?

Civic has built a number of partners, companies, and entrepreneurs since launching in 2017. Anheuser-Busch famously signed onto Civic, for example. In a well-publicized stunt, the beer company verified the identities of people at CoinDesk’s Consensus 2018 conference, allowing them to distribute Budweiser beers from a vending machine to attendees of legal drinking age.

Civic has also partnered with major names in the crypto space, including ShapeShift, 0x, and the Chamber of Digital Commerce, among others. Civic has also been used by companies conducting ICOs. ICOs can use Civic to maintain KYC/AML compliancy for investors during a token sale.

Civic also acquired the highly-coveted Identity.com URL. The company plans to use that URL to serve as a meeting place between companies needing KYC services and companies that provide KYC services.

“A hundred companies have signed up to use Civic,” explained Lingham in his interview with Coindesk. “It’s working.”

The main thing Civic needs now is to attract users. This $43 million investment should help the company attract new users to the platform. Instead of paying an identification confirmation fee in CVC tokens, your verification costs will be covered by Civic until the end of 2017. Civic is currently the only KYC provider on the platform. However, if the volume tests continue to run successfully, then Civic plans to open the ecosystem to other providers.

How Many Verifications Will $43 Million Cover?

Will $43 million in CVC tokens be enough to attract sufficient users to the platform? How much does it cost to verify someone’s identity anyway?

Civic claims the average cost for identity verification is about $2.

However, there are different levels of verification. ICOs can choose to splurge on the accredited investor test, which costs about $60 to complete.

Lingham believes the 333 million CVC tokens will be more than enough to cover identity verification costs before the end of the year, and the company isn’t expecting to burn through its entire supply of tokens. Based on a verification cost of $2, the $43 million of CVC tokens should cover the verification of 21.5 million users. If Civic could attract that number of users to its platform, then we assume that would make them extremely happy.

There’s also the fact that more users would drive up the cost of CVC tokens. This would make Civic’s stash of 333 million tokens more valuable than $43 million, lowing the costs of each identity verification.

Ultimately, Civic is swinging for the fences by offering one third of the total supply of Civic tokens to cover verification costs. You can learn more about Civic’s free giveaway today by visiting online at Civic.com.

Fortune-500 Company Johnson Controls to Partner with Civic Blockchain Digital ID App

Blockchain companies are continuing to find real-world applications. In the latest instance, Fortune 500 company Johnson Controls has announced a partnership with Civic, the global digital identity leader. Through this partnership, Civic’s Secure ID Platform (SIP) will integrate with Johnson Controls C-CURE 9000 Security and Event Management Systems to provide secure visitor management with greater data privacy and protection.

https://twitter.com/civickey/status/1072492197470265345

The integrated solution will initially be deployed at three locations in New York. In a statement, the companies did not specify the locations or clients involved in these deployments but said that collectively the locations process more than 20,000 visitors per month, who are usually required to check in with a physical ID and the provision of contact information. Thanks to the deployment, these visitors will be able to check in simply by scanning a QR code at C-CURE 9000 kiosks using the Civic App on the smartphones.

User authentication is a growing security threat that organizations face today. With identity theft and data breach numbers reaching new heights every year, businesses pay millions of dollars to ensure that the transactions on their servers are authentic. Civic’s Secure Identity Platform (SIP) uses a verified identity for multi-factor authentication on the web and mobile apps without the need for usernames or passwords.

“Today, we all carry various items to identify ourselves, from government-issued IDs to fobs that grant us building access. By integrating the Civic App, anyone who needs to visit a C-CURE 9000 secured building will have the opportunity to identify themselves with their Civic App. Civic enables building guests to prove who they are with a mobile device, rather than requiring them to show an ID document, sign a visitor logbook, and stand in line to check-in and out of a facility. We’re looking forward to working with Johnson Controls to bring blockchain-powered identity verification to enable secure access management to guests across the U.S,”

said Vinny Lingham, Civic Co-founder, and CEO.

Johnson Controls International plc is a multinational conglomerate headquartered in Cork, Ireland, that produces automotive parts such as batteries, and electronics and HVAC equipment for buildings. It employs 170,000 people in more than 1,300 locations across six continents. It has a revenue upwards of $30.17 Billion and estimated net income of $1.65 Billion.

Civic (CVC) Releases Civic Connect Blockchain ID Verification App

In a press released uploaded by Civic on October 21, the company explains that they have launched Civic Connect. Civic Connect is a new app-to-app integration that provides secure logins and reusable know your customer (KYC).

https://twitter.com/civickey/status/1054124226981126144

In this way, there will be 6 million applications that will integrate security identity verification mitigating the use of identity hacks and thefts. Moreover, using the Civic platform for identity verification is reusable. If the account is verified, it would be possible to create the Civic ID and use it in other applications that support the Civic Connect platform.

Users will be able to leverage the Civic Secure Identity Platform within different mobile applications. It is also possible to add secure 2-factor authentication (2FA), anonymous private 2FA, and many other features.

The platform allows users to verify their data when they try to reuse their verified identity in another application. The information is only stored locally and data sharing is done with permission from the users.

For example, Civic explains that Dentacoin has implemented the Civic identity verification solution some months ago. With it, it was possible to collect genuine patient feedback. Now, Dentacoin will be using the Civic Connect service and provide ID verification for Dentacare Health Training App.

With the Civic Secure Identity Platform, it is possible to provide people with their digital identity rather than companies. Some of the main features are fully encrypted identity data which can only be accessed with biometrics, keys generated by a third party wallet provider, liveness testing, selfie extraction for comparison and many other things.

According to the official release, this is the first release of Civic Connect app-to-app libraries for iOS and Android. The partner application will have a button that says ‘Connect with Civic’ and the library will be launching the Civic App and confirm the credentials.

In addition to it, the Civic Connect iOS library allows developers to integrate the Civic Secure Identity iOS application and the Civic Secure Identity Platform (SIP). In this way, over 6 million people worldwide will have a new option to replace Google or Facebook as login verification.

Binance Exchange Lists Civic (CVC) Coin For Trading Resulting in Price Surge

Binance has announced that it will be allowing users to trade the Civic token (CVC), which is Ethereum based, commencing 9:00 AM UTC. Users either have the option of trading CVC/BNB or CVC/BTC. As a result, the prices have tremendously gone up, namely, 24 per cent.

Civic uses a decentralized platform to allow businesses and individuals to better protect and have control over their own identity. With identity theft becoming a growing concern, their aim towards using a secure ID and reusable KYC, that promotes an easy-to-use, private and secure solution is much needed. Some of its features that many traders have desired includes a multi-factor authentication that neither requires a username, password, third-party or authenticator of sorts. Most importantly, CVC has been implemented in several platforms for trading and payment methods.

The release of CVC through Binance was announced through Twitter, as the well-known exchanged simply tweeted out: “#Binance Lists #Civic ($CVC)”. The price hike after the listing of a coin on any exchange has become a norm and is clearly depicted in Civic’s case.

Prior to Binance’s announcement, Civic’s market cap was sitting at $107 million and was valued at approximately $0.31. As of today, its market cap sits firmly at $147.7 million and is valued at $0.43. As this article is being written, the CVC/BTC has gone up to 4.27% and the CVC/BNB, 10.62%.

Several Twitter users were shocked at how such a growth was possible given the fact that the price surge occurred within 8 minutes of having announced it. Others are suggesting that it could be possibly due to internal trading done at Binance. This leads to the question as to whether or not traders will trust exchanges at this point!

For more information regarding the new listing, fees and any applicable rules, go to:

https://twitter.com/binance/status/1001016421374017536