Civic is a digital platform for cryptocurrencies. The currency mainly used in this platform is known as Civic Coin Token (CVC). The platform was developed as a response to the need of identity verification. This platform is also based on blockchain technology. The basic idea is that the information regarding the identity of an entity is stored on the platform. Thereafter, each time identity verification is required, in the event that a person wants to register for something online, the person need not go through the entire process of authentication. The platform aims to provide a lower cost verification with a higher level of security than what identification systems use at present.
What is Civic?
The Civic platform allows users to own and control their data. Civic aims to keep the data of its users private and confidential and does not seek to profit from the contents of that data. Also, in addition to this, the user can control which data gets transmitted on request. The user can opt to not transmit certain data too. This is a feature that is almost non-existent on commercial platforms at present. In some ways, Civic can be considered a pioneer in this field. So how exactly does Civic ensure the security of the data if it can be accessed upon request? In order to ensure security, only institutions that are registered with Civic can make requests regarding data. Thus, only banks, hospitals and the like can ask for information from the platform. Each time a user’s data is accessed, the user is sent a warning. Using a system of intellectual contracts, the notified user can either validate the request or decline the same.
The Civic Coin is received by the user whenever their data is transmitted securely through the network. The network aims to have about 1,000,000,000 coins available for this purpose. Since the tokens are created using a protocol called the ERC-20, the tokens are compatible with the Ethereum network too.
Where to buy Civic?
The best way to buy Civic coins is to buy Bitcoins or Ether using a credit or a debit card. Then, those cryptocurrencies can be exchanged for Civic coins on sites like Bittrex, Changelly, and so on. Since Civic works better with the Ethereum network, it would be better to acquire Ether and then try to exchange them for Civic coins.
The Civic coins are compatible with a number of wallets like MyEtherWallet, Jaxx Wallet and Mist. Except for the MyEtherWallet which is already integrated with Civic coins, the user has to set up their wallet and add a token using the settings option in order to be able to accept Civic coins. The wallets will be compatible with the Ethereum network and therefore, ERC-20 tokens can be easily stored.
As of April 2018, there seems to be no option to mine Civic coins. But, users are rewarded with Civic coins each time their data is transmitted securely through the Civic network. This is done in order to incentivise more people to use the platform.
Civic Price trends
As of the third week of April 2018, the price of one Civic coin was about $0.42 (USD). The historical price trend for this coin is presented in the table:
Risks associated with Civic coins
From the historical price trends it can be seen that the price of the Civic coins was higher in the period leading up to December 2017, January 2018 when there was a worldwide boom in the investment for cryptocurrencies. The price increase reflects that trend. Eventually, the price declined as investors decreased in number. The historical price trends also reflect the level of volatility in the prices of cryptocurrencies. This volatility is not a good sign for investors who are looking for solid returns on their investments. It would be better to invest in mutual funds instead in order to reap a better return. This is considered a better investment in light of cryptocurrencies getting banned or prohibited in certain countries.
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