What is Civic (CVC)? An overview of the project
Civic (CVC) is the native token of the Civic identity management platform. It serves dual purposes — rewarding its users and facilitating transactions, all while maintaining its 204th rank in cryptocurrency market capitalization.
Project Mission
Primarily designed for business and corporate entities, Civic presents an all-encompassing solution for identity management suitable for smart contracts, dApps, and Web2 businesses making the transition to Web3. The Civic Pass ensures rigorous access controls, underpinned by meticulous client verifications or through data garnered from Civic's identity verification mechanisms.
Source: https://twitter.com/civickey
The company was established in 2015 and quickly emerged as a frontrunner in the realm of decentralized identification. A dedicated team of over 25 professionals, including the platform's core founders, steer the project's evolution, implementation, and outreach:
- Jonathan Smith: The Chief Technical Officer, an entrepreneur, investor, and blockchain consultant with a Bachelor's degree in Electrical Engineering.
- Vinny Lingham: The Chairman of the Board and a General Partner at the crypto investment fund, Multicoin Capital. As a seasoned entrepreneur, he co-authored the book “And For All These Reasons I'm In: Essential Advice for Entrepreneurs.”
Currently, Civic Pass is supported on networks such as Solana, Ethereum, Polygon, and Arbitrum. Over 320 projects utilize the platform's features, having issued 150,000 Civic Passes to their users.
Civic's identity and access management systems offer valuable applications for:
- dApps: Ensuring app compliance, including identity and location verification.
- Games: Validating user authenticity, ensuring age compliance, preventing cheating, and thwarting Sybil attacks.
- Gambling platforms: Confirming user age and location, with the option to revoke access when needed.
- DAOs: Safeguarding against Sybil attacks and fraudulent voting activities, including bot manipulations.
- NFT platforms: Preventing manipulations, bot usage, and restricting underage access to adult content.
- Web2 services: Introducing customized corporate token infrastructure for refined service access.
About the Civic (CVC) Token
Purpose
Civic (CVC) is an ERC-20 utility token integral to the Civic project. Within the ecosystem, it facilitates transactions related to identification among participants. When CVC tokens are awarded, both the validator and the user receive them. The distribution ratio is determined by a smart contract and can be adjusted based on consensus among ecosystem participants.
Furthermore, the Civic (CVC) token acts as an incentive, motivating users to join the ecosystem.
Tokenomics
The total supply of Civic (CVC) is capped at 1 billion tokens. Successfully launched through an ICO in 2017, the CVC allocation breaks down as:
- 33% allocated for sales
- 33% dedicated to the Civic ecosystem
- 33% for user rewards and incentives
- 1% to offset the costs of the token sale
Current Market Overview
Based on data from gagarin.news, Civic (CVC) ranks 204th in the cryptocurrency rankings press time. The token is priced at $0.08527 with a market capitalization of $84.745 million. With a circulating supply of 1 billion tokens, its 24-hour trading volume stands at $1.3 million.
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