The blockchain technology is believed to have untapped and unlimited potential. The scope of the technology is wide and it is being explored in a variety of industries and niches. All in all, it is believed to one day transform the face of industries as we know it. However, with decentralization as its unique selling point, blockchains also come under fire a lot for their lack of regulatory framework. It has been a challenge for regulators to regulate with still no clear framework. The lack of rules and regulations leaves a bad taste in the mouth and also poses as a hurdle in the mass acceptance of the technology.
Civic is a project not well known in the market but it has been designed to tackle the exact problem that we are talking about. The performance of the cryptocurrency is the current year was phenomenal which brought it under a lot of investors’ attention. Let’s delve more into what the project is all about!
What is Civic?
Civic is an identity verification technology based on the blockchain. It is essentially a network of decentralized applications on Ethereum’s blockchain which act in tandem to authenticate identities of users. It is considered to be a one-stop-shop for all “Know Your Customer” requirements and other blockchain regulation and authentication needs. The platform allows users to authorize their identities and make processes simpler for businesses and institutions by cutting the costs of extensive background verifications.
Users have to download a wallet application and follow a set of steps to authenticate their profiles. Afterwards, the Civic Wallet can be used to authenticate in Civic’s partner apps. Although the project is relatively new as of yet; hence, the partner applications are limited. However, that should not deter anyone from investing in the cryptocurrency because it has the potential to expand its scope.
Future outlook
Although Civic could not break its all-time high established in 2018, the performance was still commendable. The cryptocurrency recorded a new 52-week high in the past month as it rode the bullish wave in the market. Currently, the cryptocurrency stands at a price level of $0.46. The price has increased by nearly 10% in the past twenty-four hours.
According to the estimates of Wallet Investor, Civic coin is expected to reach a price level of $0.75 in one year’s time. The upward trend is expected to continue and the ATH is to broken as the cryptocurrency reached $2.02 in five years’ time. Digital Coin Price projects a price of $0.71 by the end of 2021 and a price of $1.51 by 2026.
