Everything To Know About Civic (CVC)

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hitnaija

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What is Civic (CVC)?

Civic (CVC)

Civic (CVC) is a decentralized identity ecosystem, allowing the request to verify the identity of the user safe and cost-effective way, which became possible thanks to the blockchain technology. Using the digital identification platform, the user can create his / her own virtual identity and store it together with personal information on the device.

Civic builds an ecosystem that is designed to facilitate on-demand access, safe and affordable access to services verify the identity of the individual (IDV) through the blockchain, so that the test check on the basis of background and personal information no longer need to do from scratch each time.

History of Civic (CVC).

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

Who Uses Civic Wallet?

One important question to ask as we make our assessment of the potential of CVC to outperform the market here needs to be a simple business question: who uses the service? Is the user base likely to grow, or are we likely to get snared in a failure to launch scenario where the tech doesn’t ever really get off the ground?

After some googling, I haven’t really found a very satisfying answer to this. I believe the interoperability with ETH that CVC offers could be the answer that we seek. Maybe next to nobody is using CVC right now, but the powerful authentication it provides may be used in any number of ways. Voting is one use-case that comes rapidly to mind, but exchange registration could become a snap as well.

The crypto community is the most obvious use-case for CVC, but today the technology only sports about a $50M market cap, which seems to more or less account for the lack of users. The cap should go up as the user base increases. It looks like this could be an excellent value buy in the near future.

What is the Maximum Potential Market Cap?

Another question I like to ask when I play the speculation game has to do with the potential market cap of a given project. And Civic could be at least as large as Chainlink if it serves the same sort of oracle function — that is, if Civic manages to successfully solve the problem of trustless user verification on the blockchain.

We know that a technology like this can be developed a variety of different ways from watching the BAND Protocol team pivot to the Cosmos-based BANDChain system, so the ETH ecosystem does not seem to be a limiting factor that could curtail growth if the product-market fit is eventually dialed in.

DeFi is cool, and anonymous, but many times during ordinary trading operations we users are called upon to submit various forms of ID. At first, this was a real problem for me, though I don’t worry quite so much about it anymore. Civic allows users to see exactly what information their dApps are getting about them and why, so there is the potential here for it to actually clarify these matters to some extent while also remaining decentralized and giving the user more complete control over their own data.

Without speculating about competition because there is little or no information on anything directly similar, it seems that CVC could turn out to be a missing puzzle piece in digital life today. 0Auth, the protocol which allows Facebook and Google sign-in on third-party websites, could cede substantial territory to CVC over time.

On a purely speculative basis, having outlined the troubles with coming up with a bulletproof estimation, I believe it’s fair to expect Civic’s market cap to eventually be over $1B if nothing terrible happens. The timeline is difficult to estimate because we don’t know much about adoption rates or possible stealth competitors, but under the current circumstances it’s fairly easy to see why Civic is doing so well. The USPS just filed to patent a voting system which might be plug-and-play with Civic’s authentication technology at some point in the future, so it’s safe to say that there is absolutely potential upside here, but it may still be too early to make a big investment because we do not have a good reason to believe there’s much in the way of a timeline available and we all know things can go wrong.

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