Civic - Shitcoin Review
on Sep 05, 2018
We have no idea how the cluck this project got their domain
Even if they do have a mid level celebrity.
Today’s project is Honda Civic…
SORRY, just Civic…at civic.com...
Let’s dig in..
Civic (ticker: CVC)
Wtf is this shit?
Civic is an identity management and verification platform (and an ERC-20 token). Since it is an ERC-20 token, like many others, we can dive right in to how the APPLICATION works, and not fancy consensus algo’s and complex privacy methods.
Civic has three types of participants: users, validators and service providers.
Through Civic’s mobile app, anyone can become a user. Simply upload your personal information, and boom, you are all set. You will then get ID codes and have a system where you can perform KYC instantly, as long as the other company is integrated with Civic. The KYC process when opening bank accounts, making investments, and more can take time because each company has to start from scratch by validating with different state, federal, and private agencies. This can be a costly and lengthy process (days or weeks). With each person being in control of their data, and instantly being able to share it, this process becomes frictionless.
Validators. Validators attest and verify data. As a reward, they gain CVC. Each time a user’s data is validated, it is recorded to the blockchain via a series of hashes in a Merkle tree..
Lastly, there are service providers. These are the entities that require KYC (an ICO, bank, insurance company, etc). If they are integrated with Civic, then the end user (client) can choose to share their data directly with them. Service providers can also validate user data and attest it further, which makes the user profile even more worthy. This way institutions will not question your profile, or Civic as a whole.
Civic also intends to foster a marketplace where users can sell their data for CVC.
You can download their Secure Identity App to upload your personal information. You also do this free of username and passwords and it is all secured via biometrics (your fingerprint).
TL;DR - it is a peer to peer identity management platform.
Who tf is behind this shit?’
Vinny Lingham is the founder and CEO. He is a South African entrepreneur and was a shark on the South African ‘Shark Tank’ show. He was the founder of both Gyft and Yola. Gyft is a virtual gift card service which was bought out in 2014, and Yola is a website generator similar to Wix. He has a big name, and managed to obtain civic.com, which is pretty nuts.
All in all, mid-tier shitcoin. Their biggest hurdle will be onboarding major entities to their platform to give their process any value. We think Civic can grow in popularity, but we are a bit skeptical on what the token’s price can really hit. Let’s see how they grow.
Hope you learned some shit.
- Mike and Aaron