Civic has been one of the best performers in 2018 so far as the coin showed again this Tuesday as it crossed the $0.35 mark again this week. CVC returns have outperformed 99 of the top 100 coins listed on Coinmarketcap, as at 10.30 AM EAT Tuesday. The coin gained a massive 10.78% in a day as majority of the remaining coins in the market saw another day of red. Bitcoin has struggled to cross the $10,000 mark since the recent crypto bloodshed early this February and this has greatly affected other coins and tokens especially those that highly depend on its pairing to trade.
This week saw the market cap of Civic (CVC) tokens going below the 100 million market cap barrier for the first time since the massive sell off in early February. However, this was not the defining moment for the identity validation blockchain as its market capitalization soared back into the $100 million region later in the week, a psychological win for most investors.
However well a coin performs the end game is the impact it has on its users and CVC aims at totally revolutionizing the identity service industry. The developing countries still stand to benefit the most as governments continue battling identity fraud increases, corruption and inefficient systems in governments. Civic Identity platform is explained in brief below with its impact in the developing economies in the section below.
What is Civic ?
The Civic Identity Platform is an architected smart contract that provides a network of decentralized nodes to provide identity and validation services that are acquiescent with the rules and regulations placed by governments and other third parties around the world.
Civic collects the data provided by the users and uses various validation providers to check the viability of submitted data against all your social records and other public records such as your driving license and passport. The system then combines multiple algorithms that detect fraud and this prevents any risks of fraudulent behavior. This data is then verified and added to the user’s Civic app and recorded on the blockchain. The Civic’s Secure Identity Platform (SIP) uses a verified identity for multi-factor authentication on web and mobile apps without the need for usernames or passwords.
Case of use in Developing countries
The U.K Department for International Development released a report in May 2015 highlighting its governments’ policies to governance in the developing countries. Some of the issues discussed included efficiency in managing public funds and streamlining the process of collecting taxes, reducing corruption and overseeing the government’s operational planning. These represents the core problems facing developing countries especially African governments. The muddles and complications of governance in developing countries starts with poor and inefficient systems that can be mutated and corrupted hence the need for a blockchain network that allows for efficient government systems and immutable network.
Civic (CVC), comes to rescue the situation as the immutable and permanent blockchain system that governments can use to record their citizens’ identities and run efficient government systems such as utilities. The coin is used for payments within the ecosystem ensuring transactions are decentralized, developing countries become more inclusive, reduced identity fraud and reducing the costs associated with verification of identity. This will create a streamlined collection of revenue by the governments while ensuring every citizen is on their radar. Not only will the revenue governments collect increase, but also the efficiency of use of these funds.