Identity theft online is a growing threat that shouldn't be underestimated.
It's one of the fastest growing crimes in the world, and over 15 million citizens are affected by it in the US alone.
Now, there's a new solution to fight Identity Theft: with the help of blockchain technology!
I have a series on my blog where I'd like to share some interesting new cryptocurrency projects with you, so let me introduce this new altcoin CIVIC to you!
Overview
Name: Civic
Token: CVC
Market cap: $199,289,980 (Top 14 Asset)
Current price: around $0.58
Launched: 2017
Mission Statement: "Secure & Protect Identities - Giving businesses and individuals the tools to control and protect identities."
Whitepaper
- Website -
What is Civic ?
Civic's secure Identity platform is an app for your laptop or phone that works similarly to a wallet.
It stores your personal information securely and encrypted with the help of blockchain technology, and uses fingerprint identification to verify that you are the owner of that data.
When making a purchase online that requires identity verification and the merchant is a civic partner, you get send a QR code to your phone. You confirm the information and the data is sent directly between you and the merchant - no 3rd parties, total security.
The app allows for secure identity verification for example at banks, airports, medical institutions, government offices and more.
Civic’s model allows for on-demand, secure and lower cost access to identity verification via the blockchain. Background and personal information verification checks may no longer need to be undertaken from the ground up every time a new institution or application requires one.
In order to embrace our vision of creating a truly decentralized identity ecosystem we now intend to launch a utility token known as the Civic Token (CVC)
Civic Identity Theft Protection
The Civic Identity Theft Protection has 4 main features:
- ID Theft Monitoring
- Monitoring Alerts
- Identity Fraud Coverage
- ID Theft Insurance
ID Theft Monitoring
Usually when making a credit card payment online, it only undergoes a credit check from the credit bureau. But with civic, the user can monitor all suspicious activity thanks to the cooperation with TransUnion. If a check gets requested that seems to be suspicious, the user gets notified.
Monitoring alerts
Users will get a direct notification as soon as any suspicious activity is detected in their account, or when their data is being used for new addresses, public records, delinquent accounts, or general fraud alerts.
Fraud Support
Civic offers 24/7 Fraud support based in the US. Whether you just have a question about the platform or you have discovered a fraud, these "identity fraud investigators" will help you find a solution.
$1 Mil Identity theft insurance
Civic offers an insurance of up to $1 Million dollars in case you do get affected by ID theft. The funds will be used to cover for lawyers, accountants and investigators in the case.
Civic Token (CVC)
The ICO for the Civic Token started on June 21st and concluded only 2 days later - because it had already reached the hard cap of $33 million.
The CVC tokens were sold for $0.10 each, but this past week they reached an all-time high of over $0.60 after the major exchange platform Bittrex had started the trade.
With a 176% rise in the last week, the CVC now sits comfortably at the Top 14 spot of cryptocurrency assets.
In my opinion, this project has more potential for future growth and it's definitely not too late to invest!
What do you think about the concept of Civic? And who invested in their token already?
© Sirwinchester
I am kinda nervous. What do you think, safe protection or danger?
Don't be nervous men, civic will not eat you just throw a couple of bucks that's what I did I bought few just to ride cause I saw the project and its good in my opinion very useful for the consumer have a look with their website so you lessen your nervous and do your research too. I prefer to risk couple of bucks than to see the price is getting higher.
Great overview of Civic. I bought during the ICO. Edit : Suppoman from Youtube has given a price target of $15 for Civic in 1 year
Pfft! I would never use it like this.
So I switch your phone, or get your fingerprints in a different way, let's say from a glas you drank in a bar. Bam! I have your identity.
Oh your personal info is encrypted but wide open on the blockchain, this just calls for a brute force attack!
+
most of us don't even know that our identity is a straw man! I would much rather see a fake ID service where I can safely send my drugs to and have plausible deniability. I wouldn't have earned $45 on my post if I didn't know what I was talking about ;) That said it doesn't apply to CVS but maybe some food for thought.
Do you have a solution for it? Do you know the algo/process they are using to encrypt data on the chain?
Also, how do you brute force a chain database?
Why is that your opinion "feels like", Civic is all bad things? And if I am not understanding it wrong, why you think that?
Identity is a very serious thing to me too, and I really enjoy learning the ways of it over technology.
You don't need to break no chain but if you'd brute force crack somebody's ID you could get a loan or mortage on his name and get away with the funds.
Yeah strawman, read about how it works: yourstrawman.com
So basically, you need his phone right? This is somehow the same way you steal someones wallet file and then brute force it. Like here on Steem too...
Am I understanding what you mean correctly?
Either way, I agree that if having an ID like that allows you to just execute those kind of actions, then it can be too much of a risk. Maybe multi-sig is somehow part of a better solution to Civic. Also, having 2-factor authentication (finger and eye) could help on encryption.
PS: Your strawman conversation, is for me subject for another post =)
Yes I think so. Multisig sounds good.
Glad to hear that! When I first read it I was like
Hmm yes I understand your concerns, of course I don't know every detail of their encryption process but I do think they will have the most advanced tech on their side.
Nonetheless, your concerns are definitely understandable and we'll see how civic will cope with these problems in the future!
Thanks for the kind reply!
CVC is future!
The only problem with Civic is that they only support US citizens! :(
So for the rest of the world, you have limited support/functionality, which is bad!
Also on too few exchanges.
Well, there are already 16 markets listed on coinmarketcap... so I would say it's actually not that bad.
Hm, true. Let's hope they will allow worldwide customers soon!
For sure a good project I have my eyes on it for the last 2 weeks and I think that I will invest in it.
I'm not sure about it, should have invested a couple weeks ago though!
Yes a couple weeks ago was good time to buy in but still the price is not to high yet $ 0.59
I was lucky enough to have put some in (just a little bit) a few weeks ago, it's hard to say if it will have long term success, as with any altcoin, although some are of course more sure bets than others (cough, NEO, cough).
That said, I totally agree privacy is an excellent space to be in, but we never know if another altcoin will take it's place a few months or a year down the road and outshadow Civic. Not saying that WILL happen, it's just a possibility to be aware of.
When I invest in an altcoin and get lucky like I did with Civic, what I'll do is sell a chunk of it but not all. That way, I won't feel like I missed out if it ends up dropping a day or two later, but if it continues to go up I'm still "in it" too.
Yes you are right there can be always a new project (coin) who outshadows Civic. I do it the same why like you I sell 50% and keep 50% so I trade the coin and hold the coin it lets me sleep better.
haha well played ;)
Thanks!
haha yeees! Stan the man! I met him at a conference in Florida years ago, such a nice guy.
I also think civic has a lot of potential - let's see how the value will develop in the future!
Yes the future will tell. Hope it is good news to tell ;)
@sirwinchester yep, definitely although like @danyelk and I were discussing above, just in case it flops later down the road (or gets overtaken by a competitor), we thought it's a good idea to sell some for profit, and hold on to the rest in case it does become a success.... do you do the same?
Yes this is what I do with all my coins I buy in cheap sell 50% on a high and keep the other 50% on hold this strategy is giving me better sleep at night ;)
@sirwinchester - As the demand for online transactions (for everything from travel bookings to banking, insurance and hospitals) increases globally and more and more corners of the globe get covered, the issue of identity theft will plague the world more and more. As the demand enhances, naturally criminals will focus on targeting online transactions and hence identity theft prevention solutions will become a very hot trend. It makes perfect sense to eliminate all middleman parties needed to facilitate online transactions since the more parties are involved, more will be the security risk, Civic's approach, therefore, makes perfect sense. I, therefore, believe that the coin will grow in value very fast
Thanks for this heads up, I had not heard about Civic till I read your blog. Will look at investing. Thanks again. Cheers. Upvoted
Regards,
Just throw I'd throw this in @vm2904 - if you're looking for some other altcoins with potential to invest in, one that lots of folks haven't heard of yet is Bitquence. I have zero affiliation with them, I've just seen how they've exploded since coming out in late July.
Now they've had a small dip so it might be a good time to get in if you're interested. They've also done this with basically zero marketing, their concept is just a really good one. In a nutshell they're an easy to use altcoin wallet for crypto newbies.
https://coinmarketcap.com/assets/bitquence/ - of course do your own research etc etc, just my 2 cents!
Thanks for your comment and I'm glad I could share some news!
yep, keep the good content coming :)
This looks like a decent token with a decent use case. I see so many trading posts with 'coin x has increased in price' with no background, analysis or idea of why it's increased in price! I'll take a closer look at Civic. My only concern is that both parties (individual and merchant) need to be signed up, so im unsure how big the network will be, but if they sign up some big merchants things should grow pretty quickly.
great post
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I could see CVC hitting $2 soon after this bitcoin high haha
This is a perfect example of a technology that separates the plane when it comes to cryptocurrency. There are either a) currencies that support a project that actually has real-world use cases, or b) currencies that do not have any use cases and are simply money-grabbers.
Civic actually has a great use case that could help so many people across the globe. Technology like this could change the entire security space. While a coin like this may not see a huge increase in value anytime soon, this is the type of investment you hold for a while, and watch its use unfold across the world.
Being in the IT security industry for a long time I can tell you first hand this is potentially a game changer. Imagine having your private and personal identity information data secured and encrypted and spread across ONLY one blockchain, as opposed to doing identity verification over and over again on every site you want to do business with. Civic has the potential to provide a needed service to all of us if they can build the needed partnerships with the big companies on the block. I think they can being that they seemingly have big time investors with the necessary connections on board to forge these relationships. I'm personally rooting for them not only from investment point of view but for my own use and benefit in the future.
Upvoted by Emma
Comment Upvoted by Tyler
Looks like a great blockchain product that will get tons of mainstream attention. I missed the big surge, but got in for a little yesterday.
Correction : I missed the FIRST big surge!
I think this coin will continue to surge!
Just UV a few of your comments!
upped and tweeted
Nice pic haha - do you mean upvoted and resteemed? Or you actually tweeted? :)
PS @sirwinchester I upvoted and resteemed as well - if that's what you meant @aaronmda
Upward momentum of the bitcoin price set by SegWit was carried by the rising demand from institutional investors such as Goldman Sachs and JP Morgan.Earlier this week, Goldman Sachs, the $90.4 billion US-based investment banking conglomerate, encouraged its investors, clients and portfoliomanagersto consider investing in bitcoin and cryptocurrencies, considering the market's increasing confidence in bitcoin.
More importantly, Goldman Sachs analysts, along with JP Morgan researchers, told their clients in official corporate letters that regardless of their lack of understanding of the technical intricacies of bitcoin and cryptocurrencies, the $135 billion market cap of cryptocurrencies cannot be ignored.
JP Morgan analyst Robert D. Boroujerdi stated:
“With the total value nearly $120 bln, it’s getting harder for institutional investors to ignore cryptocurrencies.There are currently over 800 cryptocurrencies out there, though just nine have a market cap in excess of $1 billion.”
I like what you seem to be doing, follow me. I'm in a similar industry as you!
informative article, upvoted!
This is a good project. Upvoted. Thanks @sirwinchester
Nice, i like it the your post, thanks. Resteem upvote
The most important thing about Civic is the highly reputable Viny Lingham behind it. He is quite famous for his market comments on Bitcoin and cryptos in general. His price predictions were also fairly accurate in the past.
So like with all other business ideas, the most important thing is the team behind the project. And here Civic looks also really good!
Every time I see beautiful logo and catchy name of a coin, I think, 'hmm, this fresh fing may bring me profit', then I do nothing and tomorrow see it 40-60% up.
The same way with long-term investments. I got 1000 STRAR when it was less than $1 but sold it.
People, don't repeat my mistakes. Buy cheap and hold forever!)
Hahaha, true! It just happened again with NEO and OMG!