Civic (CVC)
Civic (CVC) is an Ethereum-based decentralized platform founded in 2015. It is designed to prevent online fraud and provide an identity management solution that empowers individuals and businesses to control and secure their personally identifiable information. Users can create a virtual identity and store personal information on their devices. Civic is committed to making identity verification convenient, safe, and secure, allowing users to control their identity information with cutting-edge technology.
Civic company
Company background
Civic Technologies, Inc., founded by Vinny Lingham in 2015, specializes in blockchain technology, identity verification, and cryptocurrency wallets. Headquartered in the San Francisco Bay Area, the company employs 11-50 people and focuses on protecting and authorizing the use of personal identity in real-time.
| Ticker | CVC |
| Category | Software as a service |
| Website | https://www.civic.com/ |
| @civickey | |
| https://www.reddit.com/r/civicplatform | |
| Contract Addresses | |
|---|---|
| ethereum | 0x41...45 Copied! |
| polygon-pos | 0x66...beCopied! |
| energi | 0x0d...0fCopied! |
Funding
Civic has raised $35.8 million over six funding rounds, with the latest being a seed round on September 21, 2017. The company is backed by 19 investors, including Plug and Play and Genesis One Capital. Its post-money valuation as of January 27, 2016, was between $1 million and $10 million.
History and team
History of Civic
Civic was founded by Vinny Lingham, who envisioned a system where individuals control their own identities. The company began integrating with partner sites and developing smart contracts in 2017, advancing its platform into an alpha phase with KYC services. By 2018, Civic had expanded its token transaction capabilities, and its product is now available on both web and mobile platforms.
Civic team members
- Vinny Lingham: Co-Founder & CEO with prior experience as founder of Gyft.
- Jonathan Smith: Co-Founder & CTO with over 15 years in banking and technology advisory.
- Chris Hart: COO with extensive experience in finance and IT.
- JP Bedoya: VP of Product & Design with a background in product design and development.
- Daniel Kelleher: VP of Engineering with expertise in finance, blockchain, and a PhD in computer science.
- Anna Aubuchon: Director of Business Operations with a focus on customer satisfaction and startup growth.
- Mike Marron: Director of Finance & HR with experience across various industries.
- Nancy Li: Director of Marketing with a decade of marketing and sponsorship experience.
Features and technology
Civic features
Key features
- Cut out scammers and bots: Utilizes biometrics, liveness checks, and document verification.
- Fast, low-friction onboarding: Users can verify their identity quickly via mobile devices.
- Privacy: Stores attestation of verification on the blockchain instead of centralized databases.
- Compliance: Adheres to international data privacy regulations like GDPR and CCPA.
- Data security: Employs AES-256 encryption and TLS protocol for secure communication.
How Civic works
Civic operates a public ledger of verified identities similar to Bitcoin's blockchain. It involves three participant types: users, validators, and service providers. Users secure their information using biometrics and store encrypted attestations on the blockchain. Validators, often service providers, verify user data and earn CVC tokens. Service providers purchase access to user data using CVC tokens, facilitating efficient customer identification.
Civic (CVC) token
Uses of the Civic token
CVC tokens are ERC20 tokens used by service providers to obtain user information. Validators receive CVCs for confirming identities, and users earn CVCs for securely sharing data. The tokens facilitate transactions related to identity verification services within the Civic ecosystem.
Token sale terms/allocation
As of December 2020, 670 million CVC tokens are in circulation, representing 67% of the total supply of 1 billion tokens. The allocation includes 33% sold in the token sale, 33% retained by Civic, 33% for ecosystem participation incentives, and 1% for sale costs.
Civic ecosystem
What makes the Civic network unique
Civic simplifies identity verification for users while maintaining control over personal information. The platform allows businesses to efficiently onboard users and comply with regulations using its AI-powered verification system.
Civic products
- Civic Wallet: A mobile cryptocurrency wallet with identity management features and a $1 million insurance plan.
- Health Key: An app enabling employers to verify employees' health status securely.
How is the Civic network secured?
CVC tokens are secured by the Ethereum blockchain, transitioning to a proof-of-stake system with Ethereum 2.0. Users' digital identities are protected by their devices.
Civic partners
Civic collaborates with various partners, including automated retail and KYC service providers like Aaeon, Anheuser-Busch InBev, BitGo, and Onfido.
Civic (CVC) listed exchanges
CVC tokens are traded on multiple exchanges, such as Binance, Coinbase Pro, and Huobi, against currencies like USDT, KRW, and BTC.