In the digital age, identity management and security are of great importance. While looking for new ways to protect and verify personal information, an innovative solution is encountered: Civic. Civic offers its users a digital identity experience based on advanced technology. So, what exactly are Civic and CVC coins? For what purposes is it used? In this article, you will discover the features of the Civic project and its place in the digital world.
What is CVC Coin Project?
The Civic token project is a blockchain-based digital identity management service that provides solutions for both individuals and businesses. The Civic platform can be used in users’ digital identity creation and identity verification processes. This platform; It states that it offers a safe, secure and controlled digital identity experience. In this respect, it ensures that the identity is protected in real time and that its use is authorized securely for any purpose.
Personal information transfer, that is, the transfer of people’s identity information, has always been open to abuse. The Civic coin project states that it secures and protects this transfer process with the latest technology. Thus, it helps authentication processes proceed smoothly. Web2 companies or individuals who will begin using smart contracts, dApps and blockchain can benefit from Civic’s on-chain identity and access management services.
Civic Coin example use cases:
- Let’s say you have developed a dApp as a company and your users want to use this dApp you developed. Let’s assume that users have to go through certain identity checks before accessing this dApp. This is where Civic can step in and detect whether users have met the access or authentication stages to use the dApp.
- Game developers want to make sure that every player on their platform is unique, because otherwise this could lead to some deception. Especially if there is a reward system or competition in any subject in the game. The Civic project prevents the creation of multiple accounts per user by using advanced technology such as video selfie or wallet verification. This protects the integrity of the game and ensures justice for all.
These examples make it easier to understand the solutions put forward by the Civic token project. Thanks to this project; Precautions can be taken against attack methods such as SIM swap, catfishing, and deepfakes created with artificial intelligence, specifically for account or identity fraud.
What is CVC Coin used for?
CVC coin is the native cryptocurrency of the Civic project, a decentralized digital identity provide. It is a token, not a coin, as it does not have its own network and is developed on the Ethereum network. Produced in the ERC-20 standard, CVC is primarily used within the Civic ecosystem as a payment verification between authenticators and identity requesting parties.
How Does Civic (CVC Coin) Work?
Civic platform participants; They are divided into three groups: users, validators and service providers. Each of these can be examined under a different heading.
Users
Through the Civic ‘Secure Identity’ application, users enter their personal information and ensure their security by performing biometric fingerprint scanning. Operating the system this way eliminates the need for a username or password. All personal information is encrypted on the user’s phone. This actually means that personal information cannot be directly seen by the Civic platform. On the Civic side, the blockchain is where user data is stored.
Validators
The accuracy of the information specified by users is checked by validators. Those who act as validators are 3rd party organizations. These organizations can also be seen as service providers such as financial institutions, governments, utility companies. The accuracy of user information is cross-checked with public and financial records, and validators are even incentivized for this with the CVC token. Once the verification process is completed, encrypted forms of user data are transmitted to service providers in the Civic marketplace.
Service Providers
Service providers are businesses or institutions such as hotels, exchanges, banks and the like that register with CivicApp to be able to identify their customers more effectively. Civic purchases access rights to users’ information using CVC tokens. This way of working enables service providers to save significant amounts of time and money on these services.
The more service providers have access to a user’s data, the more seamlessly users can interact with each of these service providers. CVC tokens paid by service providers go to both validators and users. The transfer of funds from one party to another works automatically through smart contracts.
Who owns Civic Coin?
The question of who owns Civic coin is also among the frequently asked questions about this project. The Civic coin project was implemented by Vinny Lingham and Jonathan Smith. So, when was CVC coin released? When the calendar showed 2015, the CVC token project was launched. Today, Vinny Lingham is on the board of directors of the project, while Jonathan Smith serves as CTO, that is, chief technology officer.
Vinny Lingham has been a partner at leading crypto investment fund Multicoin Capital since 2018. Previously, he was co-founder and CEO of Gyft, a mobile gift card company that was acquired by First Data Corporation, a recognized global payments leader. He has been credited as the founding partner of Newtown Partners, a South African Venture Capital, and is currently an active investor in the organisation. Lingham has not limited himself to this, and has invested in many successful startups, including SweepSouth, at an early stage.
Jonathan Smith is an expert in blockchain and banking technologies. In the Civic project, he combines this expertise with his passion for cryptocurrencies and token economies. In this context, it helps to create a reliable digital identity system. Smith is a seasoned entrepreneur and investor. In this context, he has been a consultant in many blockchain projects. Looking at his career before Civic; Some of the leading companies in investment banking manage technology, innovation and delivery processes.
Future of CVC Coin
Digital identity management is becoming increasingly important in today’s digital world, and Civic brings the solutions it has developed in this field to both individuals and businesses. This situation provides a brief idea about the future of CVC coin. The fact that Civic offers innovative solutions that allow user identities to be managed securely reinforces the future potential of this project.
One of the biggest advantages of the Civic is the high level of security and privacy it offers. Issues such as personal data breaches and identity theft pose a major threat in the digital world. To solve these problems, Civic uses blockchain technology to provide a secure and transparent authentication process. This is a huge advantage for individuals and businesses alike and will help Civic appeal to a wider audience in the future.
The rise of Web3 technologies could hold significant opportunities for the Civic. Web3 represents a more secure, user-centric and decentralized version of the internet, and Civic’s digital identity solutions can play a big role in this new internet paradigm.
Where to Buy CVC?
ICRYPEX, as one of Turkey’s leading cryptocurrency exchanges, offers a safe, fast and effective experience to users who want to examine the CVC coin price chart and perform buy and sell transactions. While ICRYPEX attracts attention with its wide range of cryptocurrencies and high liquidity, it also secures investors’ assets with strong security measures. Thanks to its user-friendly interface, it can be easily used by both beginners and experienced investors. ICRYPEX stands out with its low transaction fees and fast transaction confirmations, and offers many advantages to users who want to buy and sell cryptocurrencies and benefit from different crypto-specific financial instruments.
You can immediately invest in CVC or hundreds of other cryptocurrencies via ICRYPEX and seize opportunities in the cryptocurrency world.
How to Store Civic (CVC)?
CVC token holders basically have two methods to store their crypto assets. The first of these is cryptocurrency exchanges, and the other is wallet solutions.
Cryptocurrency exchanges are one of the most common ways to store CVC tokens. Exchanges allow tokens to be bought and sold quickly and easily. For example, exchanges like ICRYPEX protect CVC tokens with high security standards. Again, ICRYPEX is especially known for the security features it offers to its users, such as two-factor authentication and cold storage.
Another way to store CVC tokens is through wallet solutions. Wallets allow crypto assets to be stored in a personal environment. Wallets are divided into two main categories: hot wallet and cold wallet. Hot wallets are wallets with an internet connection and generally offer easier access and use. Cold wallets do not have an internet connection and are therefore considered more secure than hot wallets.
When storing CVC tokens, security should be a top priority. Therefore, it is important to take additional security measures such as using strong passwords and enabling 2FA. Additionally, it is critical to make the choice considering the reliability and reputation of the wallet or exchange where CVC tokens are stored.
