Say NO to registration
Internet is meant to give us faster and easier access to information. Sadly, it isn’t always the case. As users, we are required to enter our personal info pretty much everywhere. Some websites require registration just to be able to read an interesting article. It makes no sense to users who know that they will likely never even visit this website again. One-time passwords simply get forgotten.
Now, imagine that you will never have to register anymore. You won’t need to wait for hours, or even days before you can use a new payment system or platform. Imagine, that all information about the 7 bil of people on earth will be accessible in the blink of an eye. All you’re going to need is..a cellphone.
Another successful ICO
Sounds like a dream, doesn’t it? Well, you should know, that the dream might as well become reality very soon. Vinny Lingham, one of the biggest technology entrepreneurs in South Africa, has come up with a solution that may solve the authentication issues. His project Civic.com has raised $33 mil within just a few days.
Civic cryptotoken crowdsale has started on June 21st, and was supposed to end on June 28th, but the company has reached its goal long before the deadline, according to Civic.com. The company has issued 1 bil digital tokens, of which 33% was sold in the crowdsale; 33% was reserved for the Civic ecosystem participants; 33% was kept by Civic and can only be sold in 3 years. 1% was retained to cover the sale costs. Each token costed 10 cents and could only be purchased with Bitcoin and Ethereum.
If you want to learn more about how ICO works, please check out our article. ICO is a very effective way of fundraising that can be explored by anyone who wishes to become an investor.
How does Civic work?
Civic is a decentralized model based on blockchain. The platform’s main purpose is to make identity confirmation easier and accessible anywhere in the world. Any company that wishes to implement Civic can be granted access to the personal information on user’s cellphone screen. You can think of Civic as a digital ID, or a digital passport. The system being decentralized means that a wide range of trusted databases can be used to verify the information. For example, it could be bank records, or the department of transportation. After data verification, the cellphone is being locked with a special cryptographic key and protected with voice/facial recognition or touch ID or whatever method is available for your device.
If you show someone your Civic information, they won’t need to verify it again. Every Civic partner would know that the information is true and secure. Civic guarantees that the data has been verified through government databases or another trusted sources.
Why is Civic good for you?
Not using own servers and databases protects Civic from being hacked and losing the data. The companies can be sure that the information provided by you has already been verified. Using the platform significantly reduces the overall costs of KYC. If you have completed your identity check using Civic, you know that nobody can just walk into a bank with your ID and open an account in your name. The bank worker will always ask for the Civic information on your device screen, making ID card theft pointless for such purposes. Of course, it is possible that someone will just cut off your finger and take your phone, but such scenario is very unlikely to happen.
The app is already available on the App Store and Google Play. The interface looks simple and user-friendly. TokenMarket and BNKtotheFuture are the first partners who decided to give Civic a try. The company’s plans are quite ambitious. According to Vinny Lingham, they’ve had a lot of interest from worldwide and expect to work with hundreds of partners by the end of the year, when the beta phase is over. The developers are hoping that Civic will become the basic identity check tool and a standard way of logging into websites. The app will save users from having to enter login and password every time they wish to access their accounts. Blockchain technologies will be locked up in their smartphones and used for identity verification. The only app requirement is owning a smartphone that supports modern protection options (for example, fingerprint scan).
Civic offers a two tier account system. The basic account can be used to verify your e-mail and phone number, while the verified Civic account will store a whole lot of info, including your social security and ID number and address. If you’re a forum owner who wants to get rid of spammers, you could simply change registration requirements, and only accept users with verified accounts. If a user has been banned once, he won’t ever be able to come back under a different username. Another great use for Civic can be the dating websites. The app will allow you to confirm that you really are the person you say you are, without giving the website any additional private information.
Any company that has to deal with personal data wants to ensure its security, while not making their clients’ life difficult. It is obvious that, with an effective marketing strategy, Civic can have a great future.