This post is one of a series of posts I am writing where I try to apply the Feynman Technique to a number of different crypto token projects. You can find the rest here. None of this should be taken as investment advice. They are just meant to be simple introductions to the projects.
Civic is a platform for handling identity verification that doesn’t rely on entities to store and secure information but instead each individual does.
Each individual stores their personal information on their personal device. This information can then be requested by service providers whenever an individual wants to use that service providers service.
In order to ensure an individual’s information is correct, the Civic platform allows other parties to verify their information. This could be a business, government organization, or some other entity. To compensate the verifiers for providing this service, they are paid in Civic’s token.
The key difference between how traditional identity verification works today and what the Civic platform does is that Civic removes the need to store sensitive personal information anywhere else besides the person’s own device. This increases security and makes it easier for services to attain verified personal information without having to go through a single trusted entity.