Civic (CVC)

$0.413786 (-28.96%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
163 $277,236,000.00 $43,349,800.00 670,000,000 CVC -- -28.96% -11.55% $119.83

Exchange Pair Volume (24h) Price
Coinbase Pro CVC/USDC 6,378,789.00 0.4135430000
Binance CVC/USDT 9,151,694.00 0.4146500000
Huobi Global CVC/USDT 1,802,048.00 0.4142000000
Gate.io CVC/USDT 90,442.00 0.4144000000
VCC Exchange CVC/BTC 228,234.00 0.0000091600
Binance CVC/BTC 1,110,107.00 0.0000091600
OKEx CVC/USDT 7,830,769.00 0.4131000000
BKEX CVC/USDT 2,040,521.00 0.4139000000
Bilaxy CVC/USDT 75,176.00 0.4207000000
Huobi Global CVC/BTC 209,738.00 0.0000091700
Binance CVC/ETH 351,257.00 0.0001185700
Bitkub CVC/THB 552,858.00 13.5600000000
P2PB2B CVC/BTC 111,681.00 0.0000092800
AEX CVC/USDT 1,136,057.00 0.4217000000
OKEx CVC/BTC 1,260,091.00 0.0000091900
CEX.IO CVC/USD 62,616.00 0.4177000000
Bitubu Exchange CVC/USDT 124,623.00 0.4155000000
P2PB2B CVC/ETH 127,834.00 0.0001200100
KuCoin CVC/BTC 39,980.00 0.0000091500
P2PB2B CVC/USDT 265,101.00 0.4207700000
P2PB2B CVC/USD 270,039.00 0.4207700000
Huobi Global CVC/ETH 126,188.00 0.0001198500
Bittrex CVC/BTC 15,544.34 0.0000091300
Bittrex CVC/ETH 3,282.50 0.0001183300
Uniswap (v2) 0X41E5560054824EA6B0732E656E3AD64E20E94E45/ETH 17,151.77 0.0001145416
Upbit CVC/BTC 51,519.00 0.0000090200
Poloniex CVC/BTC 19,987.22 0.0000091800
Gate.io CVC/ETH 5,853.80 0.0001198000
Coinfield CVC/USDT 101,878.00 0.4148530000
NiceHash CVC/BTC 465.93 0.0000094400
Bitubu Exchange CVC/BTC 2,750.56 0.0000092700
CoinBene CVC/BTC 669,660.00 0.0000092500
Omgfin CVC/USDT 122,431.00 0.4196800000
Omgfin CVC/ETH 53,459.00 0.0001200100
Omgfin CVC/BTC 116,321.00 0.0000092900
Mercatox CVC/BTC 88,513.00 0.0000096000
BuyUcoin CVC/USDT 28,119.00 0.4209000000
ChainEX CVC/BTC 904.96 0.0000092700
Hotbit CVC/USDT 93,754.00 0.4140220000
Hotbit CVC/BTC 92,011.00 0.0000093148
ZG.com CVC/USDT 37,139.00 0.4186600000
HitBTC CVC/BTC 1,313,837.00 0.0000089620
HitBTC CVC/USD 1,058,324.00 0.4038117000
Coinfield CVC/XRP 102,474.00 0.2723000000
Huobi Korea CVC/USDT 13,794.98 0.4130000000
1inch 0X41E5560054824EA6B0732E656E3AD64E20E94E45/ETH 5,375.35 0.0001180252
Huobi Korea CVC/BTC 41.50 0.0000091700
Upbit CVC/KRW 8,078,940.00 506.0000000000
GoPax CVC/KRW 19,766.46 507.0000000000
Mercatox CVC/ETH 75,914.00 0.0001121200
Bitubu Exchange CVC/TRY 188.84 4.1700000000
Bitubu Exchange CVC/ETH 0.47 0.0001263000
Resfinex CVC/USDT 12.17 0.3909692000
Kyber Network CVC/ETH 18,751.34 0.0001195544

Background

Civic is attempting to create a decentralized identification platform that allows users to control their personally identifiable information (PII). The team believes that by using a distributed, cryptographically secured database users can gain greater control of who access their data and how it is stored, reducing identity theft and increasing access to identity for many in areas where government services are lacking. Civic imagines a broad set of applications such as travel documentation, banking, credit, and web credentials. Personal identification services are currently provided via the Civic mobile app. The app allows users to upload their personal data which is stored locally on their device using encryption and biometric locks. Storing data in this way gives the user full control over their data and can remove the risks involved with Civic holding user data in a central database. Current services are not fully decentralized and rely on the company to verify a user’s credentials before validating them for use. After verification, an attestation is added to the blockchain providing proof-of-ownership for users. Requestors can confirm that the details being provided by a user belong to that user by checking the attestation provided on the blockchain. In the future, using the Civic (CVC) token as an incentive, the team plans to create a fully decentralized system. Civic believes that the future system will allow users complete control over how their information is verified and remove the ability for governments or other organizations to censor data, which they see as compelling enough to make a blockchain potentially worth the cost and inefficiency involved in building a distributed system

Technology

Civic currently provides identity verification through the Secure ID Platform (SIP). Users access SIP through the Civic App. Users are able to upload identity documents, like a driver’s license, which is then verified by a third party and an attestation is added to the blockchain. An attestation is the hash of underlying element of personal identification plus some additional metadata, which results in a ‘stamp of approval’ that can be referenced to validate identity. When a user wishes to prove their identity, they scan a QR code provided by the requestor and can share the specific information being requested. The requestor is able to verify the user’s identity based on details stored in the Civic App and by referencing the blockchain attestation. blockchain attestation. Additionally, user’s personally identifiable data (PII) is organized locally into a Merkel tree that allows for verifying selective attributes and enables users to share data selectively. Civic is currently developing a decentralized, open-source ecosystem, Identity.com. Civic leverage the Identity.com platform for their identity verification solutions provided through the Secure ID Platform (SIP). Identity.com will incentivize identification providers (Validators), such as a business that has already performed verification on a customer, to perform trustworthy identity verification, for which they will be rewarded in CVC tokens. Validators will validate the identity of a Civic user and “stamp” this approval on the blockchain in the form of an attestation. Recent updates to the Civic whitepaper include a Token Behavior Model, explaining a detailed proposal for incentivizing valid attestations by validators in the Identity.com ecosystem. Civic Inc., in conjunction with Newtown partners, proposes a game-theoretic model where requestors can flag validations if they believe these to be incorrect and validators can either accept or reject responsibility for a flagged attestation being incorrect. The Token Behavior Model, predicated on game theory and smart contracts, and is designed to focus on the mandatory goal alignment between ecosystem participants. The penalty and rewards system provides four possible results: 1) correct attestation accepted by requester, 2) correct or incorrect attestation flagged by requester but flag rejected by validator, 3) correct or incorrect attestation flagged by requester and flag accepted by validator, 4) incorrect attestation accepted by requester. Because option one provides the greatest reward, most participants should be incentivized to act in a way that achieves this outcome. A party seeking user identification would stake tokens which would be transferred through a smart contract to the validator once honest validation has been performed.



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