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Civic

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Description

What does Civic do?

Civic is creating a solution for identity verification and storage. Currently, the KYC and AML processes to register personal identities with financial institutions, medical companies, and government bodies can be time consuming and expensive endeavors. There are two parts to these KYC and AML processes. First, users give consent, which is a simple and fast step in the process. Then, user information is retrieved from multiple counterparties, which is slow and costly.

Eliminating the need for multiple counterparties, Civic provides a safe and secure method for individuals to consent and send their data to institutions from one source. This simplifies the entire identity retrieval process while also giving individuals control over their personal data.

What is CVC used for?

CVC is used to pay for fees as well as reward different types of participants. The Civic platform has three types of participants: users, validators and service providers. Users are the people who upload their identities to the Civic platform. They can also hold CVC and be rewarded in CVC by staking. Validators put in work by verifying the accuracy of user identities via cross-checking with existing public and financial records. They are rewarded for their work with CVC. Lastly, service providers are the companies and institutions who wish to use Civic to perform KYC/AML on their clients.

How can CVC appreciate in value?

Considering that Civic has a limited supply of 100,000,000 CVC and there is currently ~342,000,000 in circulation, it is inflationary by nature. A participant can only gain CVC by staking. CVC cannot be mined since it is an ERC-20 token.

If CVC gains popularity, then the demand should outweigh the inflation rate, resulting in an increased price. Overall however, CVC seems more attractive as a utility token than as an investment.

What is the difference between Civic and its competitors?

Civic’s main competitor is TheKey. While TheKey has more volume, Civic’s team appears to be stronger and its roadmap is more ambitious. TheKey is a NEO based dApp, while Civic is an ERC-20 token available globally to all Ethereum users. The number of users and service providers integrated with either platform will be a large deciding factor in future success.

  • Mainnet Launch: Q3 2018
  • Open Source: No
  • Consensus Type: PoS
  • Technology: Blockchain
  • Total Coin Supply: 1,000,000,000 CVC
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REWARD
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Our opinion

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Description

What does Civic do?

Civic is creating a solution for identity verification and storage. Currently, the KYC and AML processes to register personal identities with financial institutions, medical companies, and government bodies can be time consuming and expensive endeavors. There are two parts to these KYC and AML processes. First, users give consent, which is a simple and fast step in the process. Then, user information is retrieved from multiple counterparties, which is slow and costly.

Eliminating the need for multiple counterparties, Civic provides a safe and secure method for individuals to consent and send their data to institutions from one source. This simplifies the entire identity retrieval process while also giving individuals control over their personal data.

What is CVC used for?

CVC is used to pay for fees as well as reward different types of participants. The Civic platform has three types of participants: users, validators and service providers. Users are the people who upload their identities to the Civic platform. They can also hold CVC and be rewarded in CVC by staking. Validators put in work by verifying the accuracy of user identities via cross-checking with existing public and financial records. They are rewarded for their work with CVC. Lastly, service providers are the companies and institutions who wish to use Civic to perform KYC/AML on their clients.

How can CVC appreciate in value?

Considering that Civic has a limited supply of 100,000,000 CVC and there is currently ~342,000,000 in circulation, it is inflationary by nature. A participant can only gain CVC by staking. CVC cannot be mined since it is an ERC-20 token.

If CVC gains popularity, then the demand should outweigh the inflation rate, resulting in an increased price. Overall however, CVC seems more attractive as a utility token than as an investment.

What is the difference between Civic and its competitors?

Civic’s main competitor is TheKey. While TheKey has more volume, Civic’s team appears to be stronger and its roadmap is more ambitious. TheKey is a NEO based dApp, while Civic is an ERC-20 token available globally to all Ethereum users. The number of users and service providers integrated with either platform will be a large deciding factor in future success.

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