What Is Civic (CVC)?
CVC is the native token of the Civic platform, which is an identity management tool provider based on Ethereum and Solana. If you're interested in the current CVC price, check out the Civic price chart above.
Civic uses distributed ledger technology to approve identity usage in real-time. Service providers employ a verification system powered by AI technology that allows users to verify their digital identity while at the same time having complete control over their personal data. Besides, to avoid fraud and maintain compliance with OFAC and AML standards, service providers pair the AI verification system with human assessment.
In order to utilize Civic, users have to download its mobile app. The app is the place where all personal information about the user is stored. Whenever users need to share certain information about themselves, they need to authorize it in the app with a biometric signature.
Overall, the Civic system consists of three entities – users, requesters, and validators. Users are the ones that must prove specific elements of their identities to requesters, which are organizations that are interested in learning specific details about the users. Validators are the ones who confirm that the information provided by users to requesters is valid.
Besides, Civic also provides users with other features, such as the Health Key app and the Civic crypto wallet. Employers can safely verify an employee's health condition with the Health Key app without compromising their privacy. The Civic wallet is a mobile crypto wallet, which, like every other crypto wallet, allows users to store and manage their crypto assets.
The Founders of Civic
Jonathan Smith and Vinny Lingham founded Civic in 2015. The CVC token sale was held in June 2017 and was officially launched a month later. At the time, the Civic price was $0.17. It started experiencing rapid growth in late 2017 and early 2018, peaking at $1.55 in December 2017.
However, the asset was then hit by the decline in the broader crypto market and a growing bearish sentiment. Despite the high volatility and growth in its first six months in the market, the CVC price in July 2018 was once again down in the $0.10-$0.20 range. Throughout the years, Civic has shown a tendency to follow the general crypto market trends.
Jonathan Smith is a pioneer in the banking sector. Before founding Civic, Smith worked at such companies as HSH Nordbank, Deloitte MCS Limited, and Genpact Headstrong Capital Markets.
Vinny Lingham is an entrepreneur. He co-founded a number of well-known companies. The digital card network Gyft and the South African investment fund Newtown Partners are among these companies.
The Purpose of CVC Tokens
CVC is an ERC-20 token. Within the Civic ecosystem, users and requesters use CVC as a payment verification tool. Requesters pay users in CVC, and the Civic team receives fees for bringing the parties together.
Furthermore, CVC tokens are utilized to reward users for completing certain tasks, for example, inviting their friends to use Civic. Also, CVC tokens are used to reward validators for their services.
Like most crypto assets, Civic coins can be traded for other assets on various exchanges. The CVC price is subject to change, so keep that in mind if you're thinking about purchasing Civic tokens. This occurs because the volatility of the entire cryptocurrency market has an impact on Civic, just as it does on the pricing of other digital assets.
Tokenomics of CVC
CVC tokens have a maximum supply of 1 billion. Thus, the Civic tokens are deflationary because their supply cannot surpass that number. As the available supply decreases over time, the Civic price is expected to increase accordingly.
Upon launch, the Civic crypto supply was divided into four portions, three of which each equal 33% of the entire supply, while the fourth portion represents 1%. The three major portions were dedicated to the token sale, rewards, and the company itself. The remaining 1% covered the costs of the token sale.
Consequently, if you're interested in the current CVC price or want to explore its historical data, you can take a look at the Civic price chart above.
