Civic (CVC)

$0.041057 (-1.65%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
114 $27,507,900.00 $2,453,050.00 670,000,000 CVC 98 -1.65% 2.93% $0.68

Exchange Pair Volume (24h) Price
Upbit CVC/KRW 523,462.00 48.3000000000
Binance CVC/BTC 319,080.00 0.0000049300
Bittrex CVC/BTC 33,178.00 0.0000049100
Upbit CVC/BTC 33,246.00 0.0000049200
Coinbase Pro CVC/USDC 11,891.19 0.0431930000
Bittrex CVC/ETH 8,568.80 0.0002214200
Upbit CVC/ETH 8,572.69 0.0002214200
Poloniex CVC/BTC 2,529.80 0.0000049000
KuCoin CVC/BTC 2,133.96 0.0000049700
Ovex CVC/BTC 1,207.98 0.0000046700
OKEx CVC/USDT 726,932.00 0.0408000000
Bitsdaq CVC/BTC 33,157.00 0.0000049100
Huobi Global CVC/BTC 26,061.00 0.0000049200
Huobi Global CVC/USDT 42,394.00 0.0409000000
Bkex CVC/ETH 104,482.00 0.0002159600
Binance CVC/ETH 47,248.00 0.0002212200
OKEx CVC/ETH 88,596.00 0.0002240000
Binance CVC/USDT 46,094.00 0.0408900000
Bkex CVC/USDT 38,934.00 0.0393000000
Bitsdaq CVC/ETH 8,572.04 0.0002214200
OKEx CVC/BTC 57,520.00 0.0000049000
BitAsset CVC/USDT 52,658.00 0.0409420000
Huobi Global CVC/ETH 5,607.88 0.0002227900
Binance CVC/BNB 6,466.75 0.0022500000
KuCoin CVC/ETH 57.01 0.0002225000
Bitkub CVC/THB 246.32 1.2600000000
Livecoin CVC/BTC 238.08 0.0000049200
Dcoin CVC/USDT 35,267.00 0.0428230000
AEX CVC/USDT 1,195,758.00 0.0371400000
ChainEX CVC/BTC 17,689.65 0.0000049100
P2PB2B CVC/USDT 19,284.37 0.0410251900
P2PB2B CVC/USD 19,220.81 0.0408145700
CoinBene CVC/BTC 10,612.97 0.0000038100
P2PB2B CVC/BTC 8,682.06 0.0000049400
Mercatox CVC/BTC 44,572.00 0.0000047800
Mercatox CVC/ETH 3,008.54 0.0002257700
Huobi Korea CVC/BTC 227.24 0.0000049200
Huobi Korea CVC/USDT 2.27 0.0407000000
Huobi Korea CVC/ETH 1.03 0.0002230800
P2PB2B CVC/ETH 707.38 0.0001100000
Coinplace CVC/BTC 19,679.04 0.0000227200
Gate.io CVC/USDT 305.91 0.0402000000
GoPax CVC/KRW 0.59 53.6500000000
Gate.io CVC/ETH 0.00 0.0002160000
BuyUcoin CVC/INR 265.66 2.9200000000
Kyber Network CVC/ETH 4.89 0.0002178489
COSS CVC/ETH 2.81 0.0002230000
Idex CVC/ETH 0.00 0.0004692600
Livecoin CVC/ETH 0.00 0.0000000000
HitBTC CVC/USD 0.00 0.0306004000
CredoEx CVC/CREDO 0.01 14.2306278792
Uniswap CVC/ETH 0.00 0.0002158826
ForkDelta CVC/ETH 0.00 0.0001653765

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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