About Civic (CVC)
Civic is a decentralized digital identity provider that formed in June 2017. Civic provides a link between “Identity Verifiers” and “Identity Requesters,” where Requesters can be the Civic team themselves, or anyone who wants to link KYC/KYB (know your customer and know your business) data to crypto wallets. Identity Verifiers are paid in CVC by Identity Requesters and the Civic team takes fees for connecting the parties.
Civic technology is also leveraged by its sister non-profit organization, Identity.com. Identity.com uses Civic to issue non-transferrable, non-fungible decentralized identity tokens to wallets called Civic Passes. Identity verification tokens can be used to gate specific dApps to create a KYC/KYB only decentralized exchange (DEX) or lending protocol.
Personal Identifiable Information (PII) is made available only to dApps once the wallet owner gives permission. The requester (a DEX for example) will ask a Civic Pass wallet owner to permit the sharing of any relevant PII prior to providing access. Once the wallet owner accepts the request, the DEX will go to the Civic network and ask for PII validation of the wallet. A validator will attest the request and relay the results back to the DEX. Validators are then paid in CVC tokens by the DEX.
CVC is an ERC-20 utility token compliant with the Ethereum network and an SPL-20 token on Solana. The primary use case for CVC is for payment verification between Identity Verifiers and Identity Requesters within the Civic ecosystem.
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