Connect with us

Business

What Is Civic? Blockchain for Digital Identities

Published

on

There are now so many alt-coins out there that it’s almost impossible to keep track of which projects are legitimate and which are garbage.

This article is the second entry in a series I will write for Hacked which will give summaries and context around a specific crypto project.

The topic of today’s summary is Civic.

So, what is Civic?

Essentially, Civic is a personal identity verification tool that leverages distributed ledger technology to manage digital identities more effectively.

Civic, in a nutshell, is a platform that envisions a safer, cheaper, and more efficient identity verification method for individuals and industries around the globe.

A perfect use case of Civic’s platform is everyday KYC requirements. In most cases, when someone applies for a new job, opens a bank account, or even participates in an ICO, they have to submit some valid proof of their identity and then wait for it to be verified. Depending on the service utilized, this could take days or even weeks.

Typically, this sluggish pace is due to the fact that organizations have to spend the time and resources authenticating this information with outdated systems.

Civic contends it has a modern solution to this problem, where a single input of your personal identity data allows any organization or service to cross-check it on the blockchain without asking you to provide the same data twice. That is, Civic wants to provide personal identity verification that is easily transferable from one service to another. They do this by leveraging their own token, which is built on the Ethereum blockchain.

Civic Network

Civic’s network accommodates three different but interwoven individuals/entities: users, validators, and service providers.

The users are defined as anyone who wishes to use the protocol to register an identity. Civic provides their own “secure identity” app expressly for this purpose.

Validators meanwhile are responsible for verifying an identity’s authenticity on the blockchain’s distributed ledger. They can then choose to sell this information to service providers who in turn need to verify their customer’s identities, in exchange for CVC token. Civic uses smart contracts to oversee data attestation and payout for this work.
Secure Identity App

As previously mentioned, getting started with civic requires the secure identity app, either in its or mobile or web version.

To set up the application, you need to enter a variety of personal identity information. This includes your name, address, social security or tax identification number, passport number, driver’s license, etc.

Without utilizing usernames and password, multi-factor biometrics, such as fingerprint scan, secures the application to keep it-and your data-fully in your control.

The application also encrypts personal information with a private key issued by a third party wallet; this provides a buffer between Civic and its users, in theory providing peace of mind that Civic won’t access personal identity info without consent.

As a matter of fact, Civic doesn’t store any personal information on the blockchain directly. Instead, it stores attestations of this information for reference. Storing references to the data instead of the data itself ensures that you are always in control of your own sensitive identity information, while also providing proof that the validators have confirmed the authenticity of your data.

The Civic ecosystem, therefore, functions with the app accommodating users on the front-end, and validators and providers supplying the back-end services, including identity attestation and KYC confirmation for users.

Validators are also responsible for verifying identities for the network, both on the blockchain and for service providers. If a user wants to submit personal identifying data to a service provider (e.g., an exchange, a bank, or other service), they could submit the relevant info from their Civic app to a validation contract.

These smart contracts act as escrow services for the transaction and provide validators with the identity data. After attesting that the information is authentic, the validators hash it into the network.

It’s relevant to mention that in theory a validator could be the service provider itself, and for a user identity’s first commit to the network, it likely would be.

Additionally, in order to confirm a user’s identity, validators need to crosscheck their information with some other source (e.g., public records, financial records). A government, for instance, could provide a wealth of information as an identity authenticator.

Once a validator has verified the identity data, other service providers can buy access rights to this information on behalf of a user with CVC, Civic’s utility token.

Validators can also sell rights to the information, (with the user’s consent), on the Civic Marketplace.

When a service provider pays for identity data, the CVC tokens are placed in the validation contract.

Once the validator provides proof of the identity data, both it and the user receive CVC in return. This service is flexible, too, since validators can pick and choose which information to verify per a service provider’s request.

Say a service provider, like a credit score company, needs access to a client’s credit history and bank account information. After communicating with the user, the service provider would submit a data request to a prior validator, maybe a credit card company, bank, or other financial institution. This validator would then be able to retrieve the hash for the requested information from the blockchain to attest it with the information that the client currently provides. If everything checked out, the validator is paid for these services (as is the user) and the service provider approves the client’s identity.

The Civic team is loaded with experienced entrepreneurs.

For instance, Co-founder and CEO Vinny Lingham has over ten years of e-commerce experience and is a member of the Bitcoin Foundation. He’s also one of the “sharks” on Shark Tank South Africa.

In addition, Jonathan Smith, the project’s CTO and co-founder, has more than 15 years of experience with development, technical analytics, and management work for blue-chip entities like Deloitte and RBS.

With Civic, reusable KYC and personal identity information could streamline identity verification for any relevant service. Service providers no longer would have to expend the effort and money to verify a user’s identity; as long as a validator on the network has done the legwork for them, they need only pay a fee in Civic tokens to have the information processed in real time.

Users would never have to recommit the same information to different organizations in tireless succession–saving time and effort.

At the core of this vision is the promise of greater identity security and integrity. The Civic app’s encryption and biometric locking mechanisms give users complete control over their identities, while the blockchain’s own encryption and distributed nature keep this information free from theft and exposure without user consent.

It’s important to note that Civic is not the only company attempting to provide moderns identity solutions. Some notable competitors include Bloom, SelfKey, Blockpass, and Peer Mountain.

As the competition heats up, it will be interesting to see whether the fragmentation of identity data makes centralization a necessary evil. The premise of services like this is that self-sovereign identity can give users more control of their data AND be more convenient. It’s the second part that remains to be seen.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 17 rated posts




Feedback or Requests?

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Uber: $120 Billion IPO?

Published

on

Uber Technologies Inc., the global ride-hailing giant, is reportedly eyeing an initial public offering (IPO) worth as much as $120 billion. According to The Wall Street Journal, the IPO could take place early next year, giving investors ample time to prepare.

More Valuable than the Auto Giants

The $120 billion value proposal was delivered to Uber last month by Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS), two of Wall Street’s largest banks. The banks were presumably advising Uber on how to position stock offerings to potential investors before underwriting the IPO.

The new valuation far exceeds the one Uber received from Toyota Motors Co (TYO), which priced the ride-sharing service at %72 billion.

At $120 billion, Uber would be worth more than the General Motors Co (GM), Ford Motor Co (F) and Fiat Chrysler Automobiles (FCA) combined. The Detroit auto giants have seen their valuations rise in the wake of the financial crisis, buoyed by a prolonged recovery and increased appetite for automobiles. However, their growth has paled in comparison to Uber’s, which was founded in 2009.

Uber’s expansion hasn’t been without growing pains. The company has been mired by regulatory bottlenecks, workplace scandals and the alleged theft of trade secrets from Alphabet Inc. (GOOGL), Google’s parent company.

It is not entirely clear what metrics the Wall Street banks used to evaluate Uber’s potential value. The company reportedly told Morgan Stanley it won’t be profitable for at least another three years, though annual revenues are expected to reach up to $11 billion this year. That’s a marked rise over the $7.78 billion generated in 2017.

While there’s no guarantee that Uber will go public in the proposed timeframe, it must issue a public offering by the end of 2019, according to WSJ sources. That’s the agreement it has in place with investor SoftBank Group Corp.

Uber by the Numbers

Uber’s startling growth over the past nine years can be represented by a few statistics. As of May 8, 2018, the company had 19,000 employees. This doesn’t include the more than 3 million drivers who are getting paid through the ride-hailing service. Since inception, Uber drivers have completed some 10 billion rides. This averages out to about 15 million rides each day. Gross bookings in 2016 alone amounted to $20 billion.

As of June, 75 million riders were using the Uber app. In the U.S. alone, adult users are projected to reach 48 million by the end of 2018. The Uber app is installed on 21% of U.S. adult Android devices.

Currently, Uber owns up to 87% of the U.S. ride-hailing market. The growth and widespread adoption of the service has opened the door to other competitors, with Lyft being the biggest. Founded in 2012, Lyft is available in about 220 cities across the U.S. as well as in major cities across Asia.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 649 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




Feedback or Requests?

Continue Reading

Business

Argo Mining as a Means of Diversification

Published

on

Buying Bitcoin (or any cryptocurrency) is something we talk about a lot, but earning crypto is just as interesting. There are many ways to earn crypto that allow for arbitrage-like opportunities, but the focus of this piece is on mining companies.

More specifically, Argo Mining, which is the first cryptocurrency mining company to IPO. That might not sound like a big deal, but it gives Argo a critical competitive advantage over other companies.

The Mining Industry

One thing is clear right now, the mining industry is still very opaque. Users are constantly worried about being scammed, which is very similar to how it was when trading exchanges were popping up left and right. There are numerous options out there for companies that will help you mine cryptocurrency, but it isn’t always clear what the best choice is.

You can go one of two routes: have a mining application operate on your computer, or pay for a rented service. Honeyminer is an example of a native application that works well and pays out cryptocurrency, and Argo is an example of a “shared service”. Argo operates much like Amazon Web Services does. You pay to rent computational capabilities, but your goals end up being slightly different. The business models are sound, but very different.

Where Argo’s Advantage Comes From

Argo is the first mining company to IPO, which adds a level of trust that no other company can currently command. There are so many potential risks for users that they tend to shy away from these companies. They are worried about their payment information being ripped off, withdrawal of the coins, and the costs being greater than the revenues.

By raising $32 million in their June 11th IPO, Argo has alleviated many of these worries, and added a degree of trust to their brand. They started off mostly mining altcoins such as Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash, but have recently announced Bitcoin mining packages as well.

The overall goal of Argo, as stated by their CEO, Jonathan Bixbay, is to democratize mining so everyone can participate. Right now, most of the mining is done by a select few of the elites, and Argo is enabling the wealth to be spread here.

Can Argo Actually Make You Money?

The big question to answer about Argo is whether you can actually make money doing this. The costs per month could potentially be higher than the value of the crypto you mine. Sure, you don’t have to pay trading fees on them, but it is important to calculate exactly how much you are coming out ahead.

It depends on the package, but you could potentially end up paying more for the fees than you earn. The trick is to remember that the crypto market isn’t like other markets – it isn’t perfectly efficient – and there are always arbitrage opportunities if you look hard enough.

An Alternate Route to Being Long Crypto

With much of crypto mining currently being done by elites because of the massive investment involved, it is clear that Argo has tapped a massive market. The company had a waitlist of 50,000 in September, and with the funds from the IPO, they can finally finance the expansion of their operations in a way that will speed up the number of people they can bring online.

If you believe Bitcoin (or cryptocurrencies in general) is coming out of a rut soon, then this is a good way to diversify into the market. Do your own tests and make sure that you are coming out ahead after the fees, but it should be a simple way to make some extra money in what is currently an inefficient market.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.1 stars on average, based on 41 rated posts




Feedback or Requests?

Continue Reading

Altcoins

Ripple Price Analysis: XRP/USD at Risk of September Bull Run Being Completely Deflated

Published

on

  • Ripple’s native token XRP is at large danger of totally giving back the big September bull run gains. 
  • XRP/USD is capped to the upside at $0.6000. Vital near-term support seen tracking from $0.4550-0.4350.

Ripple’s native token XRP price has further been sent down to the burning south. This comes after the chunky and excessive bull run observed at the back end of September. XRP/USD had run higher by some 190%, from lows of around $0.27. Bulls managed to see a spike up, just short of $0.8000, within the early $0.7900 territory. Since this initial big trek to the north, up to mentioned highs, the price has dropped around 40%.

September Recap

There was not one catalyst behind the rocket move of around 195% in September for Ripple’s XRP. A few developments are worth recapping. Fintech heavyweight in Japan, SBI Holdings, announced their plans to launch a Ripple-powered mobile payment application known as MoneyTap. Elsewhere, London-based firm TransferGo announced they are using Ripple’s blockchain. This will be to facilitate digital currency transfer from Europe to India.

Furthermore, the litigation between R3 and Ripple Lab announced that they have reached a settlement of all outstanding litigation between the parties.  To top all the above, there was huge anticipation ahead of the xRapid product launch. This is now live, available for commercial use, allowing both individuals and businesses to access instant liquidity and low fees, using Ripple’s XRP. This trumps the traditional process of a 2-3 day wait. A sense of buy on the rumor sell on the fact was definitely observed here.

Technical Review

XRP/USD is on its journey south, looking to completely give back September’s run higher. Starting off with resistance, as can be seen the price upside has been capped at $0.6000. There hasn’t been enough momentum since the exhausted rally, to clear this chunky supply cap. Firm rejections have been observed at the mentioned resistance block since the bull run. If life kicks back into the bulls, they will need to comfortably settle around $0.7500, before then conquering $0.8000. Ripple’ XRP is still a long way away from of reclaiming the big psychological $1.00, with much supply even seen within the early to mid $0.9000 region.

XRP/USD 4-hour chart

Given current downside momentum, near-term support is now eyed from a range of $0.4550-0.4350. This is a demand zone, having proven to be the case during the fall on 25th September. The price managed to receive a bid within this area, moving back towards the $0.6000 resistance, before again faltering. Should the demand zone fail to hold, there will likely be a very fast move, back down to 0.2700-0.2500 area. XRP/USD had been within consolidation mode, for much of September, it was floating around this territory.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
3 votes, average: 2.33 out of 53 votes, average: 2.33 out of 53 votes, average: 2.33 out of 53 votes, average: 2.33 out of 53 votes, average: 2.33 out of 5 (3 votes, average: 2.33 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending