What currency is Civic(CVC) currency?

Civic's CVC token serves as the platform's native currency, enabling secure and convenient online identity verification, governance participation, and ecosystem utility.

Nov 23, 2024 at 08:30 pm

What is Civic (CVC) Currency?

Civic is a blockchain-based identity verification platform that aims to make online identity verification more secure, convenient, and private. The platform uses the CVC token as its native currency, which serves multiple functions within the Civic ecosystem.

Token Specifications

• Ticker: CVC
• Blockchain: Ethereum
• Token Standard: ERC-20
• Total Supply: 1 billion CVC

Functions of CVC

• Identity Verification: CVC is used to pay for identity verification services on the Civic platform. Users can purchase CVC to initiate the identity verification process, which involves submitting government-issued identification documents for verification.
• Governance: CVC holders have the right to participate in the governance of the Civic ecosystem. They can vote on proposals related to the platform's development, roadmap, and use of funds.
• Utility: CVC can be used to purchase additional services and features on the Civic platform, such as premium identity verification packages and access to exclusive events.
• Staking: CVC holders can stake their tokens to earn rewards and support the Civic network's security. By staking CVC, users can participate in the blockchain's consensus mechanism and help validate transactions.

CVC Currency Value

The value of CVC is determined by market supply and demand. The token's price is influenced by factors such as the adoption of the Civic platform, the overall demand for identity verification services, and the general market conditions within the cryptocurrency industry.

Steps to Acquire CVC

1. Create a Cryptocurrency Wallet: To store and manage CVC, users need to create a cryptocurrency wallet that supports ERC-20 tokens. Popular choices include MetaMask, Exodus, and Trust Wallet.
2. Purchase CVC on an Exchange: CVC can be purchased on various cryptocurrency exchanges, such as Coinbase, Binance, and Uniswap. Users can connect their wallet to the exchange and use funds to buy CVC.
3. Transfer CVC to Your Wallet: After purchasing CVC on an exchange, users need to transfer the tokens to their personal cryptocurrency wallet for safekeeping and management.
4. Stake or Use CVC: Once CVC is in your wallet, you can stake it to earn rewards or use it to pay for identity verification services on the Civic platform.

Additional Information

• Civic Identity Verification: The Civic identity verification process involves submitting government-issued identification documents for verification. The platform uses advanced facial recognition technology to compare the user's selfie with the ID photo to ensure authenticity.
• Partnerships: Civic has partnered with numerous businesses and organizations, including Deloitte, EY, and the World Bank, to provide identity verification solutions for various use cases.
• Future Development: The Civic team is actively working on expanding the platform's capabilities, including developing mobile applications, adding support for new identity documents, and enhancing the user experience.