The foundations of Civic were laid when a thought process initiated between Vinny Lingham, CEO and Jonathan Smith, CTO over increasing identity thefts and security breaches. Civic was born to combat the fact that people all over the world often do not have any control over their identity and who may or may not use it. The rise in security breaches and data theft has resulted in identity verification becoming a very crucial part of any process.
According to the stats available on their website, “it is estimated that in 2016 alone, 15.4 million adults in the U.S. were victims of identity fraud resulting in a loss of $16 billion, while globally almost 1.1 billion identities were stolen last year. It has been reported that personal identity information is the most common form of data stolen.
Given such problems are growing at a fast pace, a blockchain-based solution to secure and protect identities by Civic may be able to make a difference. As Civic is adopted by more and more entities, its token may be the next big thing in the cryptocurrency space.”
In The News : The CIVIC ICO has crossed $33Million USD. It was started on 21st June 2017. The CVC tokens were priced at $0.10 per token and were sold in purchase tiers ranging from $50 to $25,000 with BTC and ETH being the only methods of payment to be accepted during the crowdsale.
With a team composed of Matt Roszak – Co-founder and chairman of Bloq & Civic technical advisor, Jeff Garzik – Co-founder and CEO of Bloq & Civic technical advisor. Juan Benet – Founder, CEO at Protocol Labs, Inc. & Civic technical advisor, Diego Gutiérrez Zaldívar – CEO & Co-founder at RSK Labs & Civic technical advisor, Anthony Di Iorio – CEO & Founder at Jaxx and Decentral, Founder at Ethereum & Civic technical advisor and Jeffrey Paul – Hacker, Researcher, Speaker, Entrepreneur, EEQJ, Inc. & Civic technical advisor and headed by Lingham and Smith, Civic won the Best New Startup Award at the K(NO)W Identity Conference in 2017.
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. Civic’s identity ecosystem will be based on a decentralized model in which participants will use the ‘Civic token’ to transact in IDV-related services. Civic’s Secure Identity Platform (SIP) uses a verified identity for multi-factor authentication on web and mobile apps without the need for usernames or passwords.
Through their decentralized architecture on the blockchain and biometrics on the mobile, Civic’s platform provides authentication without a username, password, third party verification or a hardware token.
How Does It Work?
According to the website, “An individual downloads the Civic App and completes an Identity Validation Process customized to the Civic Business Customer requirements. This process verifies Personally Identifiable Information (PII) to ensure ownership of the identity with enough data to establish the level of trust required by the Civic Business Customer” and also, “Civic’s Secure Private Login (SPL) enables you to allow your users to log in to your web and mobile apps without a username or password. SPL provides a better user experience and multi-factor authentication without weak passwords, password reset vulnerabilities and the hassle of legacy two-factor authentication.”
More importantly, why will this platform work?
OperationStopIt, a partner of Civic believes: “Safe, swift, and accurate verification of a user’s true identity has never been more important. By partnering with Civic, we can offer exactly that to all users of our national support network”
An article on The Medium quoted,
1. KYC is a huge manual headache for companies, this is 10x cheaper, faster and better.
2. KYC for consumers is annoying and while this may create new risks for consumers, people are lazy and will always migrate to an easier answer even if it means some new un-known (but likely minuscule) risk.
3. The current ICO market will fund projects that are novel, create real value from blockchain AND expand the ecosystem.”
By using blockchain, Civic will pay identity verifiers to do KYC work with coin. The results will be stored in the distributed ledger on the blockchain. This essentially means that their KYC cost and data storage costs, both become zero. The only thing is that the buyer has to buy civic coins to access the service. This makes Civic one of the most interesting blockchain companies.
USAToday said, “Civic is becoming the first company to turn identity theft protection into truly warning you before the identity theft truck hits you,” and at this point it is not too difficult to imagine Civic-based firms providing effortless digital solutions for identity thefts and protection.