Review on Civic by Fabrizio Zampieri
Civic is a blockchain-based technology company seeking to provide low-cost…
Civic is a blockchain-based technology company seeking to provide low-cost, universal identity theft protection on a global scale.
Unlike current credit monitoring systems, Civic's proprietary network delivers credit alerts in real time, allowing users to potentially take action before it is too late.
How it operates:
Civic users begin by downloading the Civic app on their mobile device of choice. Users verify their identity as part of the account creation process and then gain access to Civic's Secure Identity Platform (SIP). SIP is a blockchain allowing for the real-time authorization of the user's identity whenever that user authorizes an Identity Requester to receive it.
Either Civic itself or a trusted third-party Identity Partner (such as a government entity, bank, or utility company) receives the user's encrypted Personal Identifying Information (PII) through the blockchain and sends their “attestation” that the data provided remains true. Once enough of these “Validators” have approved a given request, the Identity Requester is notified that the Civic user is who they say they are.
The actual check is performed using a broad range of public records, such as the user's social media accounts, contact information, and credit checks. Third-party Validators may use any information they have on the individual when auditing their requests. There are also fraud detection algorithms and manual audits that help the network approve valid requests while rejecting fraudulent ones at a high success rate.
Pros
- Great team and CEO (Vinny Lingham). Transactions may not be initiated without a biometric proof of identity, such as a facial, voice recognition, or thumb print. This ensures that only users can access their sensitive information. All of the personal information on the blockchain appears as hashes, so it's safe there too. The company already has an identity theft prevention service with global distribution, allowing it to generate revenue while simultaneously delivering value to early supporters.
Cons
- We are at initial steps; there ia a lot of work to do. It's not widely used at the moment. The more people who utilize Civic (users, validators, websites, etc.) the more widely distributed the token will be which may positively impact pricing over the long-term. Considering CVC has a high-planned circulation of 1 billion tokens, it's probably not a good cryptocurrency for the short-term investor to speculate on but excellent for the long-term investor to consider for a variety of reasons.
