Incentivizes only trustworthy Identity Verification (IDV) providers, for example, banks, utility companies, amongst many others These entities will be able to verify the attributes of the identity of an individual or business and attest to those attributes on a blockchain Through the use of smart contracts, Validators will be able to price their identity verifications and offer them to other participants, resulting in a robust and decentralized identity verification ecosystem. Validators receive CVCs when other participants utilize their attestations to prove identities Users receive CVCs for providing their data more securely and privately through the ecosystem All categories of participants can utilize CVCs for identity-related products and services provided by Civic and third parties through the ecosystem.
Civic’s model allows for on-demand, secure and lower cost access to identity verification via the blockchain. Background and personal information verification checks may no longer need to be undertaken from the ground up every time a new institution or application requires one. Civic already has a working identity verification product that is available worldwide. Civic has won Best New Startup award at the K(NO)W Identity Conference 2017. In order to embrace our vision of creating a truly decentralized identity ecosystem we now intend to launch a utility token known as the Civic Token.