Civic (CVC) is a decentralized project built on the Ethereum blockchain, dedicated to creating a cross-chain identity solution. The main objective is to bring trust to Web3 onboarding by enabling individuals and enterprises to create custom immutable digital identities. This eliminates the need for multiple credentials to access different crypto services and products, increasing user convenience and access.
What is Civic
Civic is a decentralized identity management service that individuals and companies can integrate with their decentralized applications (dApps). This platform gives users complete control of their data and allows them to access a wide range of products and services using a unified digital identity. With Civic, users can explore dApp-specific token gating, get access to dynamic user profiles, experience the world of digital passes, and more.
The Civic team
The Civic network is managed by Civic Technologies, a firm based in San Francisco. Chris Hart, the CEO, leads the Civic team, followed by Jonathan Smith, the co-founder and CTO. Other notable team members include Vinny Lingham as co-founder, Kevin Colgan as a full-stack engineer, and Mike Marron as the Vice President of Finance.
How does Civic work
Civic offers cross-chain Identity and Access Management (IAM) solutions, allowing users to manage a single, verifiable identity across multiple blockchains.
Civic Pass, the project’s primary product, is a data wallet that stores verifiable identity data. It serves as a cryptographic version of a post-identity verification pass that allows individuals to prove their identity securely and efficiently. DApps can use their Civic Pass to generate and issue custom tokens, initiate identity checks, and create compliance inputs.
The goal of Civic is to empower decentralized finance (DeFi) products, automated market makers (AMMs), non-fungible token (NFT) ecosystems, decentralized autonomous organizations (DAOs), dApps, and blockchain gaming platforms to conduct age, compliance, and identity-based checks without asking users to reveal their identities. The Civic network introduces different passes for enterprise-level implementation, including Turnkey, Custom, and Hybrid variants with customizable properties.
Civic’s native token: CVC
CVC is the native ERC-20 token of the Civic network. Users who verify their identity across platforms or on dApps get rewarded with CVC tokens. Validators who authorize user access also get CVC tokens as an incentive. CVC tokens also serve other utilities, including access to network services and governance.
CVC has a total supply of 1 billion tokens, and all of them are currently in circulation. There is no maximum supply cap in place. The tokenomics model is inflationary, as CVC rewards continue to be generated and accumulated.
Distribution of CVC
CVC is distributed as follows:
- 33 percent of tokens were allocated to the tokensale
- 33 percent are allocated for incentives for network participation
- 33 percent is for the Civict team members and advisors
- 1 percent is to cover the tokensale cost
What does the future hold for Civic
The Civic ecosystem makes it easy for users to get verified in the Web3 space. It offers on-demand, low-cost, and secure ways to access portable identities for cross-chain dApps. For now, the focus remains on bringing additional security implementations into the mix while expanding to other blockchains in addition to Ethereum (ETH), Solana (SOL), and Polygon (MATIC).
