CIVIC PLATFORM ICO: Analysis

Here is the Civic platform’s key innovation according to the White Paper: “the efficient and secure verification of previously-audited PII by third parties without the need to share the underlying PII between those parties, retaining control over the data.” The Civic Secure Identity Platform is a fantastic concept, considering governments around the world are experimenting with similar comprehensive digital identities for their constituents. The country of Estonia has created an e-Residency program which encompasses the concept of a secured PII verification system to receive a government-issued digital identity that can be used for secure access to e-services. This identity card is secured by 2048-bit public key encryption and contains a microchip with two security certificates, one for authentication and one for signing documents. With this e-Residency ID card, anyone can establish a run their business online with access to banking and online payment providers. Did I mention that anyone in the world can become an e-Resident of Estonia and take advantage of these benefits? The MTÜ is one of 200 EU businesses established through the e-Residency program conducting business globally. This is the power of government mandated PII services.  

Estonia is a trailblazer in this field, implementing this technology quickly and efficiently over the last 17 years. Another example of a state mandated PII system would be CitizenSafe, a private company based in the United Kingdom which provides verification services for state services such as taxes, licenses, benefits and allowances. Though the United Kingdom does not allow for foreigners to take part in state services, both CitizenSafe and the e-Residency programs are examples of how many industries may be covered by a state sponsored PII system. On the other end of the spectrum, the United States still relies on social security numbers as the unique identifier for its citizens. We would be naïve to think this system will remain in its current state in an increasingly digital world. When nations start to advocate for their own PII verification systems, companies like Trulioo, the current industry leader, will be marginalized until they are no longer required for most functions on the world wide web. Civic won’t stand a chance though the timeline for this to occur may be far off into the future.  

Civics’ Secure Identity Platform is accessed via the Civic App, which sets up the digital identity of the user on his or her device. Identity partners of Civic requests PII from the user in the form of a QR code, which the user scans from their device, giving permission to fill the required data from the stored information on the application. This would be convenient only when the application has scaled to commonly used merchants. As of June 21, 2017, the Civic website lists seven partners. The utility of this application is limited to the number of merchants collaborating with Civic, and though seven niche partners in cryptocurrency is a solid step, it is still far from appealing to the mass market.  

The second selling point of Civic is their ecosystem token, Civic Token or CVC. These CVC assist in facilitating transactions and services on the Civic network. Civic users who own CVC may purchase services such as personal background checks, blockchain notary services, dark web monitoring, individual credit reports, and peer-to-peer identity services. Using CVC allows for a uniform transfer of value over different jurisdictions, allows for automatic settlements of smart contracts, and provides monetary incentives for validators and users. The CVC is also being used as a crowdfunding source to raise capital for the Civic Platform.  

The third selling point of Civic is their identity theft protection. Civic uses TransUnion's credit alerts to monitor and notify any instances of:

• New Inquiries
• Improved Accounts
• New Addresses
• New Accounts
• Bankruptcy
• New Employment
• Delinquent Accounts
• New Public Records
• Fraud Alerts

Also included is 24/7 fraud support, stolen funds replacement, black market identity monitoring and $1 million theft insurance. However Civic only provides the app, $1 million theft insurance, and black market identity monitoring for free, in itself is quite impressive. Everything else listed is offered at the Standard rate of $2.95/month. Civic also offers a premium protection plan, and as of today June 21, 2017, it's services have yet to be revealed. 

Fraud protection is an already robust industry with many options for PII protection. One such option, Identity Guard, offers a three tiered plans as Civic though with a more comprehensive package. Included in their "Essentials" plan:

• SSN monitoring
• Dark Web monitoring
• ID verification alerts
• Account takeover alerts
• $1 million I.D. theft insurance
• Lost Wallet protection
• Identity theft victim assistance
• ID Vault password protection
• Mobile app
• Case Manager
• Anti-phishing app
• Up to $1 million stolen funds reimbursement

This plan costs $8.99/month and covers all the basic aspects of PII. The next upgrade to $20/month includes 3-Bureau Credit monitoring/scores/credit analyzer, PC antivirus software, child identity monitoring and other financial tools. This is an example of a comprehensive protection plan that covers all aspects of your digital identity and financial footprint. Though Civic maintains a "free" service with a hefty $1 million insurance package, the likelihood of needing that insurance rises without sufficient fraud protection. 

Civic markets itself as a PII verification service, identity fraud protection service and a cryptotoken ecosystem which lubricates and fuels the network. Though there are many aspects of Civic I admire, it will take a long time for it's vision to come to fruition. In attempting to marry these three distinct services together, Civic is unable to match the comprehensive coverage and mass appeal that the individual industry leaders provide. The good thing is, it will receive the funding it requires to maintain the course needed to reach their goals due to mass market mania over ICOs. 

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