What is Civic ?
Civic is a blockchain identity verification technology that allows consumers to authorise the use of their identities in real-time. It allows businesses and financial institutions to reduce the cost and increase the reliability of background checks.
About Civic Coin:
Civic (CVC) is a cryptocurrency based on Ethereum. This is what powers the Civic’s identity verification mechanism. Upon verifying their information using Civic, users may safely share and verify personal information with service providers. This eliminates the regular re-verification requirements. Service providers may give CVC to users and verifiers in exchange for this convenience.
Jonathan Smith and Vinny Lingham founded Civic in 2015.
Primary features of Civic
CVC coin is an ERC20 token. This means that you can store it on any wallet that supports Ethereum.
- Civic is a network of decentralised applications built on Ethereum that focuses on verifying and requesting information about one’s identity.
- It enables people to use the blockchain to verify their age when purchasing beer from vending machines.
- The Civic ecosystem is composed of three distinct components: Users, Requesters, and Validators.
- The user is in complete control of their data as it is stored locally on their mobile device. They can share the information with whom they want to.
Is Civic a promising cryptocurrency?
Civic coin price currency has increased over 200% in 2021 and by around 800% in the previous year.
According to different civic currency price forecasts, the coin still has the opportunity to grow. There may be a higher upside potential after the coin resumes its ascent to the peak.
Suppose you missed the Civic Coin’s Initial Coin Offering (ICO). In that case, you could purchase it on third-party cryptocurrency exchanges such as CoinSwitch Kuber.
How to use Civic ?
It is more than a coin and aims to serve as both a wallet and an identification card. You may use it to build a safe and handy personal database. It can save virtually anything you desire, from your passport details to your medical history.
Pros & Cons of Civic
- Civic securely verifies the identity of any user without requiring a username and password.
- It does a thorough background check on the individual by examining publicly available information such as social media accounts. This effectively prohibits the creation of false identities and identity theft.
- It seeks to address real-world issues and has enormous development potential.
- As their technology is patented, it may be advantageous against competitors in the future.
The platform may face stiff competition soon. More blockchain applications may emerge in the future as the size of the identity verification business is huge. Thus, Civic must establish several relationships and enter the mainstream market soon to flourish.
Trade Civic on CoinSwitch kuber
You may begin investing and trading with as little as Rs.100.
You can carry out immediate withdrawal and deposit to bank accounts.
Zero-fee Civic exchange.
Simple and intuitive user interface.
Easily track and manage your transactions and portfolio.
Civic ICO summary
Civic Coin’s initial coin offering (ICO) concluded on 20 June 2017 and raised the whole $33 million target.
FAQ's on Civic
Is civic coin a good investment?
The coin performed very well only after launch, but this coin did not do anything special after that. But in 2021, Civic currency got a lot of investor’s attention. However, the price of the civic coin has stabilised after April 2021.
But before trading in CVC Coin, it would be better to do exhaustive research. After all, market trends shift all the time, and what is true today may no longer bear any resemblance tomorrow.
How many civic coins are there?
Civic issued 1 billion tokens in July 2017, of which 330 million were sold during the token sale.
Presently, 670,000,000 Civic coins are in circulation.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.