Since the onset of blockchain technologies, the digital identity has remained a very hot topic. The main objective of recent blockchain technologies has, therefore, been addressing digital identity theft and other issues such as scalability. One such blockchain platforms are Civic. Here is a complete review of the platform.
- 1 What is Civic?
- 2 How Civic Works?
- 3 Main features of Civic
- 4 Pros of using Civic
- 5 Cons of using Civic
- 6 Civic Price
- 7 Where to Buy and Sell Civic in Australia?
- 8 Conclusion
What is Civic?
Civic is a blockchain ecosystem designed by Vinny Lingham to help facilitate secure, on-demand and low-cost access to IDV (identity verification) services. This will ensure that personal verification and background checks will no longer need to be done all the time on the ground.
The main goal of Civic is to help reduce the cost associated with IDV services, remove inefficiencies, enhance privacy, and improve on security. The services offered by Civic include peer-to-peer identity services, access to personal credit reports, dark web monitoring, blockchain notary services, and background checks.
Organizations that have invested in IDV services now have the opportunity to monetize and earn from their services both in and outside the core businesses. Vinny has won a lot of praise globally because he has helped solve one serious issue; association with fraudsters.
Though the Civic platform was introduced in mid-2017, Civic Company had started earlier when Vinny started evaluating other platforms with a view of leveraging their operations. Civic company because the first firm to facilitate identity theft protection to the actual warning so that you can take the best action before the identity theft hits. This made Civic to win the Best News Startup award in the recently held KNOW Identity Conference of 2017.
How Civic Works?
To join and use the Civic platform, you are required to download and install its desktop or mobile app. The app allows the user to carry secure identity verification before completing transactions at points of access such as banks, government offices, banks, airports, and medical institutions. Let us take an example. If you are purchasing an item online that require identity verification, you only need to send a QR code to the phone. The confirmation info is sent to your phone (node) and the merchant directly without involving third parties.
Civic utilizes proof-of-data ownership to help in protecting people from identity fraudsters. Organizations using Civic can now follow, confirm, and trust users without needing to store their data. This means that the risk of data breaches will be addressed while the cost of committing fraud will go up by a great margin.
Main features of Civic
ID Theft Monitoring
This is perhaps the greatest feature and role of Civic. If you are making a payment online, the main check is from the credit bureau. However, Civic has introduced an additional check that helps to identify every suspicious activity. If a payment request receives a suspicious response, you are notified immediately.
The focus of Civic is not to simply identify the threats. But ensure that the user gets notified on time when any suspicious activity relating to the account is picked. For example, you will be alerted immediately when a new address related to your account, access, or general fraud is attempted.
The thrill of using Civic is that it provides actionable solutions when issues are found. The network has a 24/7 Fraud support that will respond to any query. Once you get an alert, the fraud support will help you to look at the platform that sent the threat. The support will also help you get the best solution to the problem.
Up to US$1 million insurance cover for identity theft
Many people might pose the question; after identifying identity theft, what next? Civic does not leave its users there. It has a cover for its users who get affected by ID theft. These funds are used to cover all associated costs including foreign accounting experts and attorneys.
The Civic token (CVC) was launched on 21st June 2017 and ended two days later. It was concluded because the targeted cap of $33 million was reached. The tokens were sold for $0.10 each when they went on sale. However, the price has risen sharply to $0.6 which elevates the token to the top 14 top Crypto assets.
The tokens are used to help incentivize the trusted identity verification providers to keep supplying correct information on request. Most of these providers are top organizations such as banks and utility companies.
Pros of using Civic
- Civic has managed to bring Cryptocurrencies to the daily lives of the people in the community. Because a lot of people have been victims or are conversant with the dangers associated with identity theft, this platform’s technology makes it one of the highly potential cryptos out there.
- The unique operation of Civic has endeared it to big companies that have always sought for a realistic solution to deal with identity theft with little success. With large companies indicating their support, Civic is expected to experience exponential growth in the coming years.
- Civic has provided a perfect way to redeem the image of cryptocurrencies. By clearing the danger of identity theft, more people can now join without worrying of being clustered with fraudsters.
Cons of using Civic
While the potential of Civic is not in doubt, the fact that it is very young and still working on some features makes people uncertain about its future stability.
Where to Buy and Sell Civic in Australia?
Crypto Currency for Fun recommends buying Civic at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Civic and they offer Instant Delivery or your coins right into your account.
From the technology design to leadership, Civic has demonstrated the capability to redefine the image of cryptocurrencies. In the crypto world where minimum trust is the bottom line, a cryptographic such as Civic is the ultimate missing link that everyone has been waiting for. This can explain the fast uptake by big organizations and individuals even though it is only a few months old. If you are looking for a Cryptocurrency with a lot of potential, Civic is one of the best in the market.