Civic

CVC

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Civic
Civic, a decentralized provider of digital identities, was established in June 2017. The Civic team or anybody else who wants to connect KYC/KYB (know your customer and know your business) data to cryptocurrency wallets can be a "Identity Requester," using Civic to connect "Identity Verifiers" and "Identity Requesters." Identity Requesters pay Identity Verifiers in CVC, and the Civic team receives fees for bringing the parties together. Additionally, Identity.com, a sister nonprofit, uses civic technology. Civic is used by Identification.com to distribute non-fungible, non-transferable decentralized identity tokens to wallets known as Civic Passes. Specific dApps can be gated using identity verification tokens to establish a KYC/KYB-only decentralized exchange (DEX) or lending mechanism. Only dApps are permitted to access Personal Identifiable Information (PII) once the wallet owner has given them permission. Before granting access, the requester (for instance, a DEX) will ask the owner of a Civic Pass wallet to consent to the sharing of any necessary PII. The DEX will contact the Civic network and request PII validation of the wallet as soon as the wallet owner accepts the request. The request will be validated by a validator, who will then inform the DEX of the results. The DEX then pays validators in CVC tokens. CVC is an SPL-20 token on Solana and an ERC-20 utility token that complies with the Ethereum network. Within the Civic ecosystem, payment verification between Identity Verifiers and Identity Requesters is the main use case for CVC.
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