In an era where information can be exchanged seamlessly, people still find it difficult to process information, especially when it comes to verifying their accounts and personal details across the internet. Now, through blockchain technology, Civic coin features instant verification without the need to undergo tedious authentication procedures.
The CVC token, also known as Civic coin, is a currency that runs on the Ethereum platform. Developed by Vinny Lingham, the goal of CVC is to ‘give people control and security over their digital identity’. This is made possible by a simple application that can be utilised to access digital assets, information, transactions, and authorization.
Civic coin: In a nutshell
Civic coin is a token that runs through the Civic identification protocol. Through this, people can bypass long verification procedures, share peer-to-peer transactions, and transfer digital assets through the Civic wallet.
This cryptocurrency allows people to create their own personal database that can be used over and over through different apps that also utilize it. Once logged in, only the user has the access to all the information in the database.
Aside from protecting customer information, Civic also allows instantaneous payments and the storage of Bitcoin in the Civic wallet. At the time of writing, the CVC coin price is US$0.1371. After peaking at November 10, its value dropped and is currently heading towards a bearish run.
Why you should invest in CVC coin
It prioritizes your privacy.
Being a privacy-focused coin, CVC stores information in a decentralized ledger powered by the Ethereum blockchain. With this, identity-theft is highly unlikely whether you use your phone or email in your transactions.
It utilises a multisig private key management.
Civic doesn’t use seed phrases or mnemonic codes to save user information or passwords. What it does is separately store private keys using a Multisignature (multisig) feature. Additionally, this design requires a set of keys to execute a transaction.
Should an issue arise, the company will use the identification details of the user to recover funds and other data.
It can be your all-in-one ID
Having a CVC wallet is like having a digital ID and wallet with you at all times. You don’t have to bring papers, documents, and other files if you want to verify your identity. Your CVC wallet can act as your passport identification because it can store all your information, as well as your health information details.
Civic coin at the time of Covid-19
Originally designed for identification and verification purposes, Civic coin is now used to track people’s status if they’ve been vaccinated or not in the midst of the Covid-19 pandemic.
They teamed up with Circle Medical, an affiliate partner of the UCSF hospital in San Francisco to execute the project. Through the Civic App, employees can use their medical data logged in the app to prove to their employers that they have been vaccinated.
Since Civic wallet can authenticate identity through the use of blockchain and AI technology, it can check on people’s vaccination status that can help streamline the health protocols of hospitals and clinics during the pandemic. According to the company, users can assure themselves that they will have power over their information and personal details.
‘When a user signs up with Civic Wallet, they are authenticated as a real person, using both AI and blockchain-based technology. Once verified, Civic Wallet holders have more control over the information they share with third parties. For example, Civic Wallet users may share their Health Key but not provide their name or address to a requesting company’, said Civic.
Should you invest in Civic coin?
With the ability to create privacy-centric space for information, Civic coin shows the capacity in harnessing the power of decentralization to meet the demand for data security. It can provide a more efficient user experience, especially for people who are searching for new cryptocurrencies to take interest in.
Based on research, CVC is showing positive signs for investment in the next 5 years, which gives the coin more time to improve its function and blockchain for future investors. As of writing, the current price prediction after 5 years is at US$1.1555.
As of the moment, crypto experts are still in dispute with CVC coin prediction. It still has a lot to improve in terms of market cap and utilisation to become a more stable crypto investment. With that said, it shows potential as a formidable digital asset despite its fledgling status in the crypto sphere.
Words by: Rain Quintana