Civic is a blockchain startup venture initiated with the dual purpose of creating a secure identity that will enable the investors to visit the websites using the civic app. The authentication is done through the user’s mobile phone. The purpose is to create a secure environment for the consumers. CVC will implement a KVC (Know your customer) service for the clients using the BitGo wallets to save their Royal Mint Gold (RMG), a gold-backed cryptocurrency that is likely to come up. Civic will scan and verify the documents like utility bills, passports, licenses etc submitted by the users and create an ID that can be used in the future for other firms that partner with CVC.
CVC identity verification saves the information provided by the investors and shares only details that are required without disclosing all. The CVC user will scan the document they wish to provide as ID and it is verified by CVC or any of its associate agency. It is a one-time process and minimizes fraud while meeting the laws laid down by the anti-fraud governing bodies. This will create one identity for the consumers to be used as more organizations join and accept the Civic ID system.
The system will secure the consumer in several ways. Whenever the ID is used, CVC will immediately alert and notify the consumer. The company has a 24-hour customer support team working where the users can contact in case they receive an alert for transactions they are not doing. The consumers can purchase the Identity theft insurance which will help them recover the funds lost. The startup is also working on making the process more secure like replacement of stolen funds, notifications on data breach, monitoring of illegal activities like hoarding, black marketing etc.
That Civic could raise $33 million on Civic tokens about 8 days prior to the official offering date speaks of its acceptance by the public and its popularity. Seeing the demand, the organization’s decision-makers decided that each of the investors would return about 1/3rd of their tokens to enable the other people who could not attend the initial offerings get another opportunity to buy at the official ICO. CVC retails at $0.10 each. They asked the buyers to come with identity cards to control fraud or people from buying the tokens again. The company had already raised around $2.75 million in venture funding.
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