Civic (CVC)

$0.026907 (-11.32%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
353 $18,027,500.00 $1,212,590.00 670,000,000 CVC -- -11.32% 2.99% $3.05

Exchange Pair Volume (24h) Price
Binance CVC/BTC 81,056.00 0.0000025000
Upbit CVC/KRW 152,648.00 31.4000000000
Binance CVC/USDT 72,223.00 0.0269900000
P2PB2B CVC/USDT 10,195.72 0.0271200000
Coinbase Pro CVC/USDC 8,801.85 0.0270180000
P2PB2B CVC/USD 17,437.27 0.0271200000
Binance CVC/ETH 7,873.35 0.0000768000
OKEx CVC/USDT 30,406.00 0.0270000000
OKEx CVC/BTC 65,721.00 0.0000025300
Bitkub CVC/THB 4,227.95 0.8500000000
Gate.io CVC/USDT 755.75 0.0272000000
P2PB2B CVC/ETH 54,215.00 0.0000768600
Poloniex CVC/BTC 1,003.37 0.0000025100
P2PB2B CVC/BTC 15,375.12 0.0000025000
OKEx CVC/ETH 6,202.40 0.0000760000
Bittrex CVC/BTC 1,376.29 0.0000025600
KuCoin CVC/BTC 2,245.77 0.0000025600
AEX CVC/USDT 366,113.00 0.0269800000
Huobi Global CVC/USDT 92,206.00 0.0270000000
BKEX CVC/USDT 107,154.00 0.0270000000
Huobi Global CVC/BTC 18,103.24 0.0000025200
Resfinex CVC/ETH 26,147.00 0.0000767000
Huobi Global CVC/ETH 42,049.00 0.0000764900
Coinfield CVC/XRP 8,258.34 0.1118000000
Bilaxy CVC/USDT 33,384.00 0.0272100000
Omgfin CVC/USDT 6,859.82 0.0270200000
Omgfin CVC/ETH 3,214.39 0.0000768200
CoinBene CVC/BTC 42,209.00 0.0000026500
GoPax CVC/KRW 197.38 31.3800000000
Omgfin CVC/BTC 7,665.64 0.0000025100
Mercatox CVC/BTC 58,166.00 0.0000024500
Livecoin CVC/BTC 362.90 0.0000025400
Resfinex CVC/USDT 967.34 0.0269735000
Coinfield CVC/USDT 6,805.83 0.0270600000
Mercatox CVC/ETH 9,223.32 0.0000825800
ZG.com CVC/USDT 1,855.93 0.0268000000
Bittrex CVC/ETH 15.11 0.0000759100
NiceHash CVC/BTC 28.43 0.0000023600
BuyUcoin CVC/USDT 1,834.19 0.0272000000
Huobi Korea CVC/BTC 193.45 0.0000025100
Huobi Korea CVC/USDT 70.69 0.0270000000
Huobi Korea CVC/ETH 7.10 0.0000764300
Uniswap (v2) 0X41E5560054824EA6B0732E656E3AD64E20E94E45/ETH 150.19 0.0000744513
Zebitex CVC/ETH 15.78 0.0000754800
Zebitex CVC/USDT 11.25 0.0254296600
Upbit CVC/BTC 835.61 0.0000024700
ChainEX CVC/BTC 107.37 0.0000024900
Gate.io CVC/ETH 18.59 0.0000760000
Zebitex CVC/BTC 3.21 0.0000025000
Livecoin CVC/USD 4.77 0.0300000000
HitBTC CVC/USD 20.02 0.0232000000
HitBTC CVC/BTC 0.00 0.0000030000
Vebitcoin CVC/TRY 93.54 0.2523000000
1inch 0X41E5560054824EA6B0732E656E3AD64E20E94E45/ETH 389.40 0.0000702161
Kyber Network CVC/ETH 106.53 0.0000737216
Uniswap (v1) CVC/ETH 24.71 0.0000699449

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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