Part of Coinbases newest trough of added assets included Civic (CVC). Civic was started via an ICO that successfully funded in 2017 one of a few lest standing from the ICO craze. Since successful finding Civic has systematically built out their protocol.
Civic currently has two big paths it is forging ahead with. The first and initial goal to create a quick, fast, and secure way to overcome the issues with KYC also known as Know Your Customers. People have to fill out from everything from jobs and work info to opening a bank account. This paperwork contains vital information for your personal privacy and with the amount of times people have to fill it out easily allows for leaks to happen. Being KYC compliment also is being increasingly expensive to try and keep the old way secure so this could be a huge breakthrough.
Your personal data is not store on the Ethereum blockchain rather a reference to you is leaving you in full control of your information. CVC Civics token is distributed to users and validates for users sharing their information via the Civic platform.
The second big thing they have created could become a huge thing in the age of COVID. It’s a Health Key that allows employers to be able to see if a person has received the COVID vaccine. This follows all rules and regulation set forth by the government and allows employers to make sure employees are being honest about getting the vaccine before returning to work.
To me this could be the biggest breakout for this protocol yet as COVID is running rampant. When the vaccine comes out employers will want to make sure employees are safe to go back to the office. Instead of again carrying a piece of paper saying you have gotten it could be done this way. Google and Apple both even admitted the app so that there employees could use it to prove vaccinations so it’s already in application!
Currently Civic also offers a Bitcoin wallet that has a FDIC like insurance policy for up to a $1 million in case of getting hacked. This is another thing to try and separate themselves from the rest of the other wallets.
This is all new technology so it will be interesting to see how this protocol plays out! There are several things that Civic is trying to address and it is doing a very good job of doing so! The Health Key could be a really big thing the next few months if the vaccine works out like we all hope it will! The value of the token (CVC) is a little hard to pinpoint but as a reference the ICO valued them at $0.16 USD.
I hope you enjoyed this in-depth look into Civic and its token CVC! If you have not completed the Coinbase Earn quizzes I would appreciate it if you would use my referral link or links below as it would help me out a great deal!
