Just over a week ago CIVIC (CVC) announced their partnership with COTI and thought being invested in COTI it would be wise to find out who CIVIC are and what they do. More importantly how do they fit into the crypto space by what they offer.
CIVIC provides a user with 3 different identifications with a digital id that you keep in your wallet plus you are also provided with physical ID card and a mobile app id. The digital id uses non transferable tokens that have been verified and are kept in your digital wallet for ease of use. This has been developed with web 3 in mind where AI and identify theft is a real threat. COTI's technology with the use of encryption is required to take CIVIC to the next level.
The aim obviously is to have as many users onboard using their personal identification system which they say will save users time having to go through verification processes.
There are a number of blockchains that are already using CIVIC technology for their verifying process. The userbase includes Fantom, Metaplex, Solana, Polygon,Arbitrum , Avalanche, Ethereum, Optimism and Base. These are big communities with many users and this is just the beginning.
CIVIC reports that more than 880K CIVIC Passes have been issued serving more than 570 projects. Again you may already be using some of their services through a back end and don't even know it. If you have a wallet in one of the above mentioned blockchains the chances are you are already using CIVIC even if it is the basic offering.
There is a cost for using their services which I don't think are cheap as you have to pay a monthly fee along with every time you are required to verify your identity when signing in.
Security and privacy is always at the top of our thoughts these days especially as our crypto wallets are increasing in value. Your crypto will be safer if you have to use this method because only you can sign in whether it be via a selfie video with facial recognition. Fraudsters and bad actors would be blocked and there is no way they could manipulate around this. The costs may add up over the course of the month, but this does offer peace of mind.
We often hear about some database being hacked leaving all of it's stored personal user information vulnerable to abuse. The COTI technology is going to be used to guarantee this never falls into the wrong hands by using their encryption. This is the security we should come to demand and expect from service providers handling sensitive information. Our personal data is big business in the wrong hands and you wouldn't even know until it was too late.
I was trying to see the angle on how and where CIVIC fit into the bigger picture because I have my own personal identification card issued by the government. That is not foolproof however and for online purposes I would much prefer to have what CIVIC offers as it is an extra layer of security. The Government issued ID cards I have seen first hand being used with stolen information with an ex employee using someone else's name and ID number.
Posted Using InLeo Alpha
It would be interesting to know if these passes are stored as NFTs on the various blockchains, and what would happen in the event that you lost your private key, or is your ID still stored in a centralized database?
I think once they have your personal info your data is safe and getting access to it would be easier even if you lost your keys. I think this is the one benefit because you can verify who you are. I am not 100% sure on all of this but I think this is where hey are heading with all of this new security.
It’s KVC can use for ICO drops for example? Thank you for sharing 🙏🙏