History of CIVIC
CEO Vinny Langham founded Gyft, a digital gift card platform, which was acquired by First Data Corporation in 2014, realized that there is no single solution for consumer identity fraud then he decided to found Civic. Civic had a large ICO, with $33 million in token sales. Civic has released its identity verification project and won the Best New Startup award at K(NO)W Identity Conference 2017.
What is CIVIC?
CIVIC is an identity management service that allows one to protect and authorize the use of their identity in real-time.
In simple words, every time when you are required to prove that you are who you say you are, you need to undergo the same verification and document submission process repeatedly from scratch.
But using CIVIC infrastructure enables you to use your once verified data to be reused in places where CIVIC is accepted. This is called your CIVIC ID. In short, you can verify your identity without going again and again from bottom to you if CIVIC ID is accepted by the service that you are intended to use.
But wait! This is only one of the use cases of it. There are many more use cases that I will discuss further in this article.
What Is CVC Token & How Does It Work?
CVC is an Ethereum-based token used by service providers that are looking to acquire information about a user. These service providers can make a payment in CVC to access the data for verification. The smart contract system employed will then see funds delivered to both the validator and the identity owner (user).
Civic’s model is on-demand, secure and lowers cost access to identity verification via the blockchain. Through their digital Identity platform, users to set up their own virtual identity and to store it along with their personally identifiable information on the device.
This information will go through a verification process conducted by the identity validators on the platform and then ported into the blockchain where service providers can access it with the proper permission from the user.
Background and personal information verification checks may no longer need to be undertaken from the ground up every time a new institution or application requires one. Civic already has a working identity verification product that is available worldwide.
In simpler terms, there will primarily be three entities for this use-case, i.e.
- Identity Requestor – One who requests for verifying the user’s identity.
- Identity Validator – One who validates the identity.
- User – One whose identity requestor wants to verify.
Simple Steps to Buy CIVIC in India
Simply register at first instance on KoinOK. You will need to upload your KYC documents for verification (PAN Card & Aadhaar Card).
ID Proofs: After registering, you will need to perform a few verification steps before you can start using the account, for which you need to upload PAN card and Aadhaar card.
KYC verification will be done very shortly and you will be notified.
Once you have been notified, you are ready to go.
Why should you pay attention to CIVIC?
Civic provides blockchain-based, on-demand, secure and low-cost access to identity verification (IDV). This removes the need for background and personal information verification checks that are undertaken every time a new institution requires one. Civic’s identity ecosystem will be based on a decentralized model in which participants will use the ‘Civic token’ to transact in IDV-related services.
Making KYC easier & monetization of data
Civic is going to pay identity verifiers (banks, utilities, other trusted sources) to do the KYC work with a coin. Then they are going to store the results in the distributed ledger of the blockchain.
This means their cost to KYC is ZERO, their cost to store the data is ZERO and the buyer of this service (another company that wants to quickly and cheaply verify user identity) has to buy Civic coins to access the service.
What Civic Offers Today?
With little progress toward implementing their master plan, it is natural to wonder whether Civic is worth looking into at all from an investment perspective at this time. Thankfully, the company already has an identity theft prevention service with global distribution, allowing it to generate revenue while simultaneously delivering value to early supporters.
Civic has partnered with TransUnion to allow users to receive on demand credit reports from a known credit bureau. The company also sends users a notification whenever their identity is used to open a bank account, apply for a job, declare bankruptcy, file a Change of Address form, or any other potential fraud alert. If the user is really taking whatever action is described, they can confirm they’re the ones doing it. If not, they can deny the request in real-time and prevent the identity theft from taking place.
This is a significant advantage over traditional credit monitoring services, who generally notify subscribers of fraud only after it has taken place. Civic’s services are also cheaper than more conventional alternatives, costing only $2.95 per month for a comparable suite of services other companies demand $8.95 for.
Finally, Civic is already providing members with $1 million in Identity Theft Insurance to help cover the costs of any lawyers, investigators, and accountants engaged to help recoup losses. Users can actually get this insurance with a free membership, establishing it as an incentive to sample what Civic has to offer, an incredible value!
Civic plans on expanding its credit monitoring services in the near future, with Stolen Funds Replacement, Black Market Monitoring, mass Data Breach Notifications, and Secure ID Authentication through the Civic app.