Among the considerably large number of coins that are currently available for trading (approximately 1,800), various Altcoins are now getting considerable attention. One of the main reasons behind this dramatic turnaround is obviously the continuous downward trend in Bitcoin’s price and the overall volatility of the market. Among those ostensibly unpopular coins that are suddenly grabbing the traders’ attention, Civic coin (CVC) can certainly be considered one of the most promising cryptocurrency options.
With the downfall of Bitcoin and other cryptocurrency big guns dependent on BTC, competition among the slightly unfamiliar Altcoins has become fierce nowadays. For the coins that hold the position between 50 and 200 on Coinmarketcap, market capitalizations could change in a matter of hours along with their individual ranks. As a result, every coin has to offer some unique set of features to the traders for their attention. Civic coin comes with a vast range of such features and is making constant improvements since its inception in July 2017.
Here, a few aspects of this digital currency would be discussed to accentuate its beneficial traits along with its potential to become the most promising cryptocurrency of this year.
The Purpose of Civic Coin:
Nowadays, online identity verification has become an inextricable part of our life which is majorly dependent on various digital platforms. Every person has to go through various tediously long identity verification procedures like KYC (Know Your Customer) whenever s/he wants to open a bank account, or apply for a job, or even participate in an ICO start-up. Civic coin was developed to revolutionize this procedure by providing a personal identity verification protocol to their users that can leverage distributed ledger technology for better management of digital identities.
Unlike other such verification methods, this coin offers a more secure, inexpensive, and efficient process based on its own blockchain technology. In CVC’s system, a single input of an individual’s personal identification data would allow any organization to cross-check the information on the blockchain platform without asking that individual to provide the same data twice.
CVC Working Procedure at a Glance:
Civic’s blockchain platform consists of three separate but interdependent entities namely the users, the validators, and the service providers. With the help of CVC’s Secure Identity app, any person can register in this platform and become a legitimate user. The validator’s job mainly concerns the corroboration of certain identity’s authenticity on the distributed ledger and the service providers exchange the authenticated data for CVC coins. CVC’s blockchain platform is designed following Ethereum’s blockchain paradigm and smart contracts technology. As a result, the identification data are constantly attested and thoroughly monitored to provide an impregnable system to CVC holders.
Key Features of CVC Blockchain:
CVC blockchain platform comes with several advantages for their holders. Some of these beneficial features include:
- Immutability: CVC’s distributed ledger platform is absolutely immutable and structurally unique. As a result, no other scamming start-ups or fraudulent groups cannot match its architecture and serve their purpose by deceiving CVC holders. Also, it is impossible for any third party organization to make changes on CVC’s blockchain platform without proper authorization.
- Transparency: Every blockchain incident taking place on CVC’s platform is visible to all CVC users. As a result, there is absolutely no chance of any surreptitious activity to take place without anyone noticing. Transparency is a feature that many digital currencies lack nowadays. CVC is a rare exception among them.
- Irreversible Transaction System: Because of the immutable nature of this blockchain platform, the transactions made using CVC coins are irreversible in nature. This accounts for a much faster transaction system to the traders without any unnecessary delay.
- Privacy: Despite the fact that all users have to provide their personal identification information in order to register in this platform, every CVC holder gets their own pseudonym which hides their true identity from other traders and secures their privacy. CVC offers one of the most secure privacy system protocols to the investors trading with digital currencies.
- Security: CVC’s platform is monitored and maintained by a vast network of different participants spread all around the world. Ergo, it is impossible for any individual to acquire the necessary amount of influence to override the existing system. Because of this constant monitoring and equal distribution, there is no doubt about this coin’s security system.
- Low Cost: CVC eliminates the influence of middlemen in identification verification process and consequently offers a method that is not only quicker but also more inexpensive for the users.
Current State of Civic Coin:
Despite the unpredictable nature of the cryptocurrency market, this digital coin has been able to maintain a steady price along with market capitalization. As of this moment, 1 CVC is equivalent to approximately $0.43 and its market cap is now nearly 147 million USD. Civic’s price chart is following a steady upward trend and its current position on Coinmarketcap is 121 (Data as of 2nd May 2018).
In a time where authentic verification of a person’s identity is a major issue, Civic coin offers the most propitious solution to its traders. With constant developmental updates and existing features, it has already made a significant impact on the market. With more traders opting for this coin, it can certainly be inferred that Civic can belong to the group of most promising cryptocurrencies by the end of this year.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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