What is the CVC token and its usage?
The Civic Coin is an ERC-20 token on the Ethereum blockchain network, created in 2015 by Vinny Lingham and Jonathan Smith, prior to an ICO (Initial Coin Offering) in 2017 and started in the following year.
CVC tokens have a maximum supply at 1 billion. Currently, there are approximately 67% of coins in the system, or 6.7 hundred million coins.
Civic wants to be a middleman in managing personal information to be safe and reduce the process of verifying identity on various platforms for quick and convenient personal data, where the information is encrypted and stored within the blockchain.
When a user wants to open a new account It is not necessary to provide personal information again. Because Civic can be used by service providers to verify information via Civic immediately, there is no need to fill in new information. Civic has now stored identity verification data for more than 4,500 people and 195 countries around the world.
Interesting technology of Civic
Whenever you want to open an account with any service providers, identity verification is a crucial step, where Civic has kept your personal information securely. This makes it possible to retrieve information quickly and easily. As a result, Civic technology is applied to a variety of services as follows.
1.Civic for DeFi
Civic’s approach to DeFi is planned to be launched in Q3 2021 and will allow users to use DeFi to authenticate through Civic.
Users can utilize the information stored in Civic to verify their identity on various platforms without having to re-enter information for the certain service. Whether it’s services in being a liquidity provider, decentralized application developers, lending , etc.
2.Know your customer (KYC)
The Personal Data Verification (KYC) service by Civic has stored data for more than 4,500 users in 195 countries around the world. Users can open an account and verify their identity quickly, accurately, within a few minutes. Currently, Civic can support up to 30,000 accounts per month with a single set of personal data which can lead to new business opportunities.
The new age verification with artificial intelligence (A.I.) alongside the team observations to prevent technical errors, which the system will calculate the age of the user through the face And no ID card is required to verify age to prevent identity card duplication or impersonation from scammers.
It is considered a channel to upgrade business more conveniently and faster. Especially businesses that need the confirmation of age that meets the conditions of the business.
4.Login & Multi Factor Authentication (MFA)
The MFA provides users with an easier and faster account login function via face authentication.The account would not be required to have an account name or password anymore, further reducing confusion from various names and passwords.
It can be said that Civic is one of the coins whose purpose is clearly different from other coins because Civic wants to be an intermediary in managing personal data which are easy, convenient, and quick for users.
*Investing in digital assets involves a high level of risk. Investors should conduct adequate research ahead of any investment.