Civic (CVC) is a cryptocurrency made by Vinny Linham and Jonathon Smith in 2017. It is a decentralized blockchain platform that provides a secure personal identity and verification ecosystem and protocol.
Built on top of Ethereum, Civic aims to make it safer, cheaper and more secure for individuals and businesses to verify identity. Typically an ID verification process is cumbersome and often takes a few days to complete. Any time you apply to join a new exchange, take part in an ICO or even apply for a new job you are required to verify your identity. The platform that Civic offers will allow a single input to verify the identity of an individual and it is transferable from one service to another.
Users of the service will access the platform through Civic’s Secure Identity Application. Upon registering, the user will add all of their personal details including Name, Address, Contact Numbers, Driving Licenses, Tax IDs, etc. This data is encrypted and private keys are provided for peace of mind that Civic will not access your details without your consent. Once you need to validate your ID, the service provider (the entity that needs to validate the ID) will request for the relevant ID details to be placed into a validation smart contract.
Validators are responsible for verifying the authenticity of the identity inside the validation contract. Once in the validation smart contract, the validator will attest that the identity is authentic and mark it as so. The service provider is then free to buy access rights to the validation smart contract and will pay for this in CVC.