Identity Altcoin "Civic" Added To Binance ExchangeMay 29, 2018, 1:39PM
Civic is part of a new trend of identity verification altcoins. Will Binance's addition of the coin to its exchange boost the coin's adoption?
Binance has added the altcoin Civic (CVC) to its exchange. Short-term interest was generated amongst investors -- at the time that Binance made the announcement, the price of Civic rose from $0.32 USD to $0.47 USD before falling to previous levels.
Civic is as an identity platform and uses ID codes to perform verification, prevent impersonation, and hinder the creation of fake accounts. The coin's main targets are the business and retail spheres. Civic would, for example, allow retailers to identify customers simply and quickly with their CivicKey app. It would also allow individuals in business to create an online identity and would notify them when they are listed on a website without their approval.
The Civic team also has more audacious projects in the works. Civic recently demonstrated a beer vending machine that it hopes will prove to the world that the Civic blockchain is reliable enough to verify a person's age. The creators also have tweeted that they want the Civic system to be secure enough for voting, something that has been done by other initiatives in places like Sierra Leone and West Virginia.
Unlike the countless cryptocurrencies that strive for privacy and anonymity, Civic is part of a new trend of blockchain applications that value reliable identification, holding people accountable, and building trust between users. Mastercard has shown a similar interest in using blockchain to identify users, and there are nearly 30 other identity coins from other projects. Whether Binance's endorsement of Civic encourages lasting adoption by businesses and investors remains to be seen.
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