Civic (CVC)

What is Civic (CVC)?

Overview and Purpose

Even in the world of blockchain, with all its claims of anonymity and privacy, some form of identity management is still needed, especially if you don’t want to deal with any regulatory hurdles of the sort.

However, unlike the real world, where your passport or ID serve as the means with which every process requiring identity verification can be completed, the world of cryptocurrency is a bit different.

To put it bluntly, it’s far from seamless, and there is definitely some room for improvement.

A lot of the time, the exchange you’re primarily dealing with may not have what you’re looking for in the way of assets or trading options.

However, you have already gone through KYC and everything there, so if there is another exchange that has the stuff you want, you’ll need to go through KYC once more if you want access to the entirety of its services.

But something like that is far from convenient, and it can even impact the traffic that exchanges would normally get if this wasn’t there.

If only there was a way where you registered once with a platform and that could serve as your digital passport of sorts, something that you could use within every exchange and not have to worry about KYC all the time.

Well, you’re in luck; there are a couple of services that do offer that, to some extent, at least.

One such service that we’ll be looking at is Civic.

So, what is Civic, or more specifically, Civic Pass?

Well, it’s a wallet-agnostic, multi-chain IAM, short for identity and access management, solution for smart contracts, Web2, and dApp firms coming into blockchain.

With Civic Pass, if you own a protocol or network, you may manage access to it depending on the verification you can perform or with inputs from the IDV, i.e., identity verification services of Civic.

A Civic Pass that’s active can prove that some users’ wallets were verified according to the dApp requirements you’ve set.

Moreover, your dApp may verify a wallet’s Civic Pass status prior to enabling transactions, thereby blocking non-compliant individuals.

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Key Features

Some cryptocurrency-specific features or tools that the Civic Pass offers include a Civic Pass for NFTs and a Civic Pass for DeFi.

Civic’s anti-bot tools may be utilized for NFT, aka non-fungible token, drops, auctions, or sales to guarantee fair participation so that any bot attempting to game a system may be flagged immediately.

It carries this out through artificial intelligence (AI), where buyers are verified via video-based screen capture authentication processes.

Moreover, it even enables an optional AML and KYC layer for those high-profile NFT launches.

One example of integration includes Metaplex’s Candy Machine NFT minting tool.
In 2021, during its peak, the DeFi sector’s total value locked (TVL) passed $160 billion.

With its increasing growth and trading volumes, several jurisdictions have been closely scrutinizing the space.

Depending on the location, such DeFi services, products, and dApps need to adhere to some specific regulatory requirements.

Wanting to stay within the boundaries defined by law, numerous institutions or high-net-worth individuals (HNWIs) have displayed an interest in acquiring access to the investment and trading opportunities of DeFi.

Besides AML and KYC, such institutions might need to deal with OFAC (Office of Foreign Asset Control) legislation as well, along with the Financial Action Task Force (FATF) and a couple of CTF (Counter-Terrism Financing) standards.

By providing decentralized applications with a built-in identity layer, the team behind Civic seeks to allow permissioned access to decentralized exchanges (DEXs) and dApps for those institutional investors, all through baking compliance directly within an opt-in virtual identity solution by Civic.

Furthermore, even retail investors may also be in need of a Civic AML or KYC check, which may be acquired by completing an identity check on Civic.

For instance, you have Solrise DEX Pro, which is a permissioned exchange leveraging the Civic Pass in its KYC-related efforts.

A Civic Pass is also made to allow for more cost-efficient and quicker onboarding with the utilization of AI-optimized verification systems that can be paired with human review procedures to maintain compliance with KYC and AML regulations and catch fraud.

No PII, i.e., personally identifiable information (PII), is stored within the blockchain.

There’s only the hash, which is an attestation pertaining to that pertinent data.

This is one layer of security made to secure the PII of Civic users from possibly malicious actors.

Then there’s another feature where you can validate certain parts of a CIVIC ID without sharing everything inside it.

For instance, just imagine verifying one’s nationality without entering any other data, like your name—quite a source of convenience.

How Does Civic (CVC) Work?

Identity Verification Process

The identity verification process is pretty straightforward.

Users begin by registering on Civic and then offering the necessary documentation.

Then, Civic verifies the accuracy of this information through its validator network.

After verification, users get a virtual identity that may be used across various platforms, lowering the requirement for verification processes to be repeated.

Data Privacy and Security

Besides what we mentioned earlier, Civic deploys sophisticated encryption technology to make sure that any personal information of users has been securely stored and is available only to authorized parties.

Then there’s how the platform’s operations happen within a decentralized network, improving security while lowering the risks of data breaches when compared to centralized infrastructures.

Civic App

As for the Civic App, well, think of it as a hub where users may manage their identities, controlling who gets access to their data while, in real-time, approving or denying access requests.

CVC Tokenomics

Token Utility

Like with any blockchain protocol these days, the Civic platform has its own native token, going by the ticker CVC.

Its primary utilization in the Civic ecosystem has to do with payments for identity verification services, whether it be on the part of service providers or normal everyday cryptocurrency users.

If you want to take part in its ecosystem, then it may serve as a reward token too.

Supply and Distribution

According to CoinMarketCap, the total and circulating supplies both equal exactly 1 billion tokens.

There doesn’t seem to be any amount in the maximum supply field, though, which could still mean that supply is fixed and that its circulation has caught up.

As far as distribution is concerned, Civic has already conducted an initial coin offering (ICO) to distribute CVC tokens to incentivize ecosystem participation, development, and more.

How to Acquire and Store CVC

Purchasing CVC

So, you want to get some CVC tokens for yourself? Fortunately for you, it can be bought on several cryptocurrency exchanges, such as Binance, Gate.io, HTX, and more.

But do note that, depending on what you choose, the process will likely vary.

For instance, assuming you’re purely interested in the token from an investment perspective or that the exchange you want to buy it from doesn’t support Civic’s identity verification, then you’ll need to complete KYC and register on the exchange, which may take a while.

But once done, you can use various methods to buy CVC, either directly through fiat, or by swapping.

Storing CVC

One thing that we didn’t mention earlier is that CVC is an ERC-20 token, and because of that, it may be stored within any Ethereum-compatible wallet.

If you’re looking for something on the software end of things, then you can always opt for popular options like MetaMask or MyEtherWallet.

But if you care more about security, you might want to use hardware wallets such as Trezor or Ledger, which are currently the best that the cryptocurrency sector has to offer in that regard.

Conclusion

Future Prospects

As far as the future is concerned, Civic obviously plans on integrating its services into more platforms, where it will play its own role in improving the adoption and utilization of identity verification technology in general.

So, if the Civic ecosystem’s ongoing development remains successful, then you can be sure it’ll enhance privacy standards and make identity management a lot more seamless across various sectors, not just cryptocurrency.

Challenges and Considerations

You should know that what Civic is offering makes sense and can indeed be worthwhile; just because it has a solid use case doesn’t automatically mean that it will succeed.

Its success, for one, is largely dependent on adoption, both on the part of service providers and users.

What good will its services really do if there aren’t that many exchanges or service providers integrating them?

While it certainly has made some progress within this niche, there’s no guarantee that that momentum will continue.

Growth can always stagger.

But if you’re new to the cryptocurrency sector and the service providers that you have your eyes on support Civic, then what it has to offer will be quite welcoming.

And besides adoption, there’s competition to consider, as it’s not the only one providing these services.

There are many out there that are like it, and it won’t be easy competing with them.

You have to up your game every so often to differentiate yourself and whatnot.

We Coin-Labs.com provides only objective information about Civic (CVC).
Therefore, we are not responsible for the investment decision in Civic (CVC) and the resulting loss.

Civic (CVC) Basics

Here are some factors that investors should consider before investing in Civic (CVC).

Cryptocurrency Features	Civic (CVC) ()
Publisher or Developers
Headquarters (Registration Number)
Symbol
Platform
Published Date (CMC Registration)	2024-10-02
Max Supply	958,691,258,152,859

Reliability Score of Civic (CVC) in 2024

These are indexes mesuring the investment reliability of Civic (CVC) conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 0 Exchanges
Number of Available Pairs Worldwide	1 Pairs
Market Cap of the Cryptocurrency	6,683,329 USD (Rank #1295)

The table above shows the result of investment suitability evaluation for Civic (CVC).
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Civic (CVC) Price

Here are the price and recent trading volume of Civic (CVC). (Data of 2024-10-03 00:15:00)

Price Items	Price and Trading Volume of Civic (CVC)
Civic (CVC) Price	0.000 USD
Price Change 24h	-5.48%
Price Change 7d	-4.99%
Trading Volume 24h	11 USD
Trading Volume Change 24h	-82.47%

Cryptocurrency Metadata

You can check the development status and social media information of Civic (CVC) through the links in the table below.

Metadata Source	URL
🌎 Official Website
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter
🤖 Reddit
🎺 Message Board

Where to Buy Civic (CVC)

Here are the top ten world crypto exchanges where traders can buy Civic (CVC) in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Not listed
Coinbase	Not listed
Kraken	Not listed
KuCoin	Not listed
Bitfinex	Not listed
OKX	Not listed
Huobi	Not listed
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Not listed

Frequently Asked Questions