Identity Transactions in the Modern Landscape: The Shift of CVC Tokens for Identity Transactions and the Emerging Identity Commerce
In the past few weeks, our organization has transitioned into an independent 501(c)(4) nonprofit entity. During this period, I've served as the executive director and have had the privilege to engage with various industry events, such as Silicon Valley TV and Blockchain Week LA, along with conferences focusing on the gaming industry, tech in Arkansas, and more. This transition has marked an exciting time for our community.
Multiplying digital interactions calls for a robust identification ecosystem. The arrival of digital identification offers the opportunity to verify identities on both digital and physical platforms, enhancing security and fostering trust in online engagements. Identity verification solutions act as a defense for democracy and our livelihoods by securing digital transactions.
In this transitioning landscape, terminology and definitions are being redefined. We define digital identification as a collection of verified credentials stored on a digital medium (e-passports, phones, etc.). While some governments still rely on outdated technology, notable advancements can be witnessed in systems like e-gates in the UK and US passports working with these automatic entry gates.
The regulatory environment remains unclear for businesses, creating uncertainty. While regulations like GDPR, California Data Protection act, and CAN-SPAM aim to protect data, no comprehensive regulation exists to safeguard the public.
As we move further into the digital realm, anonymity concerns arise. The internet was built for open access, but ongoing issues with anonymous commenting and questionable social media advertising require identity verification to ensure that users are real individuals and not automated robots.
Previously announced, our organization is now in possession of CVC tokens issued during the 2017 Civic token sale. Out of the total issued one billion CVCs, 33% or 330 million, were allocated for ecosystem incentives. These tokens were distributed as follows:
- 92.5 million CVCs for the Civic Wallet adoption incentive pool
- Nearly 71 million CVCs for partners
- Over 166.5 million CVCs for various initiatives in the future
(note that these numbers might vary depending on individual partner agreements)
Our organization has no intentions of selling its tokens beyond minimal amounts required for ecosystem growth. Moreover, we will never sell more than 25% of the daily CVC volume. Civic will continue to contribute to the ecosystem's open-source codebase and collaborate with our organization for verification processes. We are also making progress in attracting new, large-scale validators, with partnership announcements expected soon.
The opportunity for a new digital identification economy has never been clearer. Our vision remains to create a world where everyone possesses a digital identity under their control. Achieving this goal involves rethinking identity and engaging our community, whose shared values we embrace. Together, we've built an open platform where organizations can develop on top of our identity verification infrastructure or connect their own solutions.
Enrichment Data:- Key Technologies and Innovations: Artificial Intelligence and Machine Learning, Hybrid Verification, leading providers like Ondato, Jumio, Sumsub, Onfido, Trulioo, IDnow, and Fenergo.- Impact on Democracy: Enhanced Security, Increased Participation, Privacy Concerns, Exclusion Risks.- Impact on Privacy Regulations: Data Protection, Privacy Enhancements, Regulatory Challenges.- Future Directions: Advancements in biometric technologies, increased use of decentralized identities, and privacy enhancements.
- The new digital identification economy, pioneered by our organization, aims to combine advanced technology like Artificial Intelligence and Machine Learning with innovative identity verification solutions, such as those provided by leading providers like Ondato, Jumio, Sumsub, Onfido, Trulioo, IDnow, and Fenergo, to foster trust and security in financial transactions.
- In this rapidly evolving landscape, as we strive towards our vision of a world where everyone can manage their own digital identity, we recognize the complexities and challenges posed by privacy regulations, including Data Protection laws, and the need for enhanced privacy protections and regulatory solutions to mitigate risks associated with exclusion and privacy concerns.
