Civic is a protocol built on Digital identity management. You can find answers to questions such as what is Civic coin, how to buy, what is it used for, what are its advantages and disadvantages, in this article of Kriptokoin.com.
What is Civic Coin? What does it offer?
Civic coin is a blockchain project created to better manage digital identities. Prioritizing security, the Project operates as a protocol that uses distributed ledger technology to authenticate personal identities. The native cryptocurrency of the protocol is CVC.
Civic offers its individual and corporate customers a higher quality, secure and inexpensive authentication method. The project provides tools that allow individuals and institutions to verify their personal identity data. The project’s network includes three different entities. These entities are interdependent and consist of users, validators, and service providers. Built on the Ethereum blockchain, the protocol uses smart contracts to perform data validation and payment inspection.
What is a Civic coin? What is it used for?
The project’s cryptocurrency, Civic coin (CVC), is a utility token designed to be used in the verification process. Service providers pay for authentication using CVC coin. Token rewards are split between the validator and the user. Users can also earn tokens by completing other tasks in the app. CVC coin is an ERC-20 token, meaning it is backed by the Ethereum blockchain. The maximum supply of the token is capped at 1 billion units.
CVC entered the markets for $0.16 on June 17, 2017 and saw a price increase the following month. The price reached $0.72 on August 13 and peaked at $1.34 on January 3, 2018. Despite a strong start to 2018, the CVC coin crashed along with many other cryptocurrencies, including Bitcoin. It fell as low as $0.01 on March 13, 2020. The token, which traded at the bottom from 2018 to the end of 2020, started an upward movement from 2021 and went above the launch price.
What are the advantages?
- Civic coin (CVC), an ERC-20 token, can be stored in any Ethereum wallet. Therefore, the accessibility of cryptocurrency is easy.
- Users of the protocol do not have to repeatedly enter the same information in different organizations. In this respect, it can be said that users save time and effort.
- The application’s mechanisms such as encryption give users full control over their data.
What are the disadvantages?
- Civic works as an identity management protocol. Competition in this area is quite high. The protocol has two major competitors, SelfKey (KEY) and THEKEY (TKY).
- Highly competitive environment can negatively affect the value of CVC coin, causing volatility.
How to buy Civic coin (CVC)?
Users who want to buy Civic coin must first become a member of a crypto exchange where the token is listed. Binance, Huobi Global, Mandala Exchange, OKEx etc. crypto exchanges list the CVC token. After signing up for these exchanges and creating a wallet, CVC coins can be purchased by depositing money into the account.
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