Civic (CVC) is a blockchain-based identity management platform that provides users with the necessary infrastructure and tools to control and protect their personal data. The platform is designed to change the way users control their personal data and progresses in this direction. While users are offered the chance to verify their identities without providing unnecessary amounts of personal information, data protection is seen as the primary goal.
The biggest advantage of Civic’s identity verification solution is its use of distributed ledger technology and blockchain. This ensures transparency while preventing personal data from being passed from hand to hand and keeping verification private from other users. All user data is stored on the user’s mobile device and under their control. Users then have control over specific personal data through biometric signature via the Civic application.
Compared to other user data storage methods, Civic leaves all sensitive data under user control. The requirement of mobile device confirmation for this process is also considered an additional advantage.
CVC Coin, founded by Vinny Lingham and Jonathan Smith in 2015, gained significant recognition quickly. Lingham’s appearance on the South Africa Shark Tank program particularly influenced this recognition. Civic Coin, an ERC-20 based cryptocurrency, is used in many transactions on the Ethereum network. Institutions are required to make CVC payments for specific levels of identity verification tools.
The total supply of CVC Coin is 1 billion, and the circulating supply is 670 million. CVC ranks 121st with a 26% increase in the last 24 hours. The price of CVC Coin is trading at $0.38. With a market cap of $257 million, CVC aims to enter the top 100. When the potential market value is calculated based on the unit price of CVC, it is expected to be $389 million. CVC reached its all-time high price record at $1.66 and has since shown a 76% decrease.