What is Civic Coin?
The Civic Coin model allows for secure and less expensive access to identity verification using blockchain technology upon request. The initial data and verification of personal information need no longer be repeated each time a registration in a new institution or application is required.
Civic Coin already has an authentication product that is globally available and received the Best New Start-up award at the 2017 User Authentication Conference.
To further the company’s vision of creating a truly decentralized identity ecosystem, the project has now introduced a utility called Civic Coin Token (CVC).
What is Civic?
Civic is a digital platform that enables reliable and decentralized identification of a person. The platform makes this possible in accordance with the laws and regulations adopted in different countries around the world. The first version of the product is similar to Facebook Connect, allowing users to use their identity when registering and logging in to their account page.
Unlike Facebook, Civic allows users to control the process – which data is transmitted during the authentication process and which is not. Unlike subscribing to third-party platforms that profit from selling personal information to annoying advertisers, users own and manage their own data.
The ecosystem of Civic Coin
Only reliable providers (banks, utilities, etc.) are able to verify the attributes of the identity of a person or company and confirm them in the blockchain. Such a system became possible through the use of the personal data protection network, Civic Identity Protection Network. It is a network of companies that collect personal information from users.
Network participants can be banks, financial service providers, health organizations and other companies. Customers of the network receive a warning when their data is used by one of the Civic Coin Partners. Using intellectual contracts, validators will be able to validate identity cards, resulting in the creation of a reliable and decentralized authentication ecosystem.
Civic Coin Token (CVC)
Validators receive Civic Coin CVC when other participants use their identity verification documents. Users receive CVC for secure and confidential delivery of their data through the ecosystem. All categories of participants can use CVC for products and services related to the identification of citizens and third parties through the ecosystem.
The new Civic ecosystem will reduce the overall cost of KYC. Inefficiencies will be eliminated; security, privacy and user experience will be significantly improved, and the current chain of authentication will be redefined.
The Civic start-up intends to spend a total of 1,000,000,000 CVC tokens on products and services that can be used to identify personal information. The tokens are created using the ERC-20 protocol.
Vinny Lingham, CEO, is an entrepreneur who previously founded the Gyft digital gift card platform. He is a Bitcoin enthusiast.
Jonathan Smith is the CTO and co-founder of Civic Technologies. Jonathan has more than 15 years of experience in banking and technology consulting. After a successful career in the most difficult and sensitive security areas of the economy, he uses his talent for innovation, which is associated with authentication in the crypto industry.
Evolution of authentication by the blockchain system
The new method of protecting personal data in the network is accomplished through the blockchain, using the Identity Protection Network. The company calls it the “evolution of authentication”. When logging in to the platform, users may verify the legitimacy of their identity and take additional security measures to prevent malicious users from accessing their personal information.
The Civic website says, “Authentication without the need to use the traditional physical identifiers, smart authentications, usernames/passwords, and the two-factor tokens.” Civic envisages that people will use their services to ensure the secure storage of identity data in the blockchain and to protect it from the actions of hackers and other intruders.
Partnership between Civic and Intel
According to the information on the Civic website, the company is partnering with the manufacturer of electronic devices and computer components from Intel. This should provide the platform with additional protection.
Representatives of the start-up believe that the simultaneous use of the blockchain technology and the Intel technology – Software Guard Extensions – can provide good results. According to Intel, the SGX technology can be used by applications to isolate personal information.
This includes registration data, their storage and verification, without being exposed to the risk of being transmitted in physical form or sent over an unprotected Internet connection.
Civic developed and presented its product before announcing the sale of tokens. Even the most amazing idea is often difficult to understand and to present its embodiment. At Kickstarter, organizers of funding actions solve this problem with video clips and prototyping products.
Civic released its first product long before the announcement of the ICO. In many ways, it was the excitement that led users to make Civic’s ICO successful.
Goals of the Civic Coin
Civic has a mission – to solve the problem of global democracy, to ensure digital identity, and to preserve the privacy of personal data.
The scale of their ambitions and the credibility of the team, as well as the release of the product before the ICO, demonstrates the high potential and importance of Civic’s innovative solution in the long run. Consider, for example, how Hyperloop tries to solve the world’s transportation problems.