In the world of cryptocurrencies, there are many interesting choices besides Bitcoin. Collectively referred to as “alt coins”, they can be created by anyone, but it’s the underlying technology and market recognition that gives them their final value (or a lack thereof).
Today, we will be looking at Civic coin, one of the underground sleepers that are gaining some traction among traders and crypto investors. Is it worth the effort or is it better to pass up on it? Let’s find out!
The essentials
Civic coin (or CVC for short) is a cryptocurrency created by Vinny Lingham, but it’s much more than just another alt coin. The idea of it is to have it act as your wallet and ID at the same time. You can use it to create your own personal database that is both secure and convenient.
Those who use Civic unlock the freedom of traveling the world without dragging a pile of paper documents with them. The reason is that it can store anything you want it to, ranging from your passport information and all the way to your medical history.
Remember that privacy is at the forefront of its design; for instance, you could use it as proof of having been vaccinated without revealing your name and address.
Its creators refer to this concept as “selective sharing”. The reason for making it so is that its users could offer a glimpse into one part of their medical history as opposed to revealing it all. In a nutshell, this ensures regulatory compliance while keeping your personal matters private.
With Civic, proving your vaccination history could be as simple as a bar code scan.
The cyber security department
So how does Civic fare in the cyber security department?
For starters, much like you’ve come to expect from the capacities of blockchain technology, any information you store in it is placed in a decentralized ledger. While it is theoretically possible for someone to tamper with it, this is astronomically unlikely due to built-in safeguards.
Be advised that Civic runs on the same platform as Ethereum, so there is some overlap in terms of its architecture. But don’t think of it as just another copycat! To distinguish itself from its competitors and to make things simpler without sacrificing security, there are no seed phrases that you’d normally enter to recover access to your wallet. Instead, the multisignature mechanism is used instead, thus making things easier on your memory while retaining its robustness and security.
Among the rest of its features, Civic was designed to streamline the transfer of digital assets. With big-name cryptocurrencies such as Bitcoin, the problem is that once you send the funds to someone else’s wallet, there is no way to get them back in the event of fraud. But with Civic, funds can be recovered using the user’s identification details, meaning you stand a good chance of getting your money back if someone tries to scam you.
Civic as an investment
Everything considered, is civic coin a good investment or not? Ultimately, you’ll have to be the judge yourself, using the information you’ve gathered today and as part of your overall research. After all, market trends shift all the time, and what is true today may no longer bear any resemblance tomorrow.
One thing to bear in mind is that CVC has a total supply cap of 1 billion. Once people get their hands on every Civic coin in existence, that’s the end of it! While you’ll still be able to trade the coin, do keep in mind it will always be in limited supply, which could end up increasing the price.
Conclusion
In the grand scheme things, Civic coin offers many features and benefits its competitors seem to be lacking. But one thing is for sure: if it ever reaches the point of global adoption, the way we go about authenticating ourselves in a streamlined, privacy-oriented manner, will be quite unlike anything the global society has ever seen before.