Blockchain startup Civic purchased a domain name “Identity.com” to embed peer-to-peer decentralized market data. The site was previously owned by the research company Infection, also working with personal information.
Vinny Lingham (Vinny Lingham), co-founder and CEO of Civic, refused to disclose the details of the transaction and to give an exact amount. However, he said that it was “not a pocket money.” Last year the Civic was able to collect on the creation and development of the platform is a set maximum amount of $33 million. The market capitalization of the token CVC is $73.3 million.
A key feature of the Civic is a high degree of user control over personal and business data. As explained by the Lingam, they will not be stored on external servers, Civic, and locally on the devices owners. Instead of the standard process by which analytical company directly transfers the collected data to another company, the Civic Protocol gives the “data source” authority auditor and validator: after the first confirm the authenticity of the data and will give “extract” them to the owner, the latter, whether an individual or organization decides to sell them to the interested company or not. The blockchain, in turn, should guarantee the authenticity of the data receiving side.
Identity.com will act as the Central “informational” sites for companies and individuals who have information of interest, and its potential buyers. Both sides will be able to build their “network of trust”, and the data owners will be able to see which companies are interested in them and who of data suppliers they trust.
Native token CVC will be used for payment services providers. As soon as the movement of data approved by the owner, and the buyer confirmed that it is satisfied with the information received in terms of smart Civic contract payment goes to the purse of the witnesses.
Market Identity.com will open in the 4th quarter of 2018. By the end of year Civic is planning to do a root platform code is open, so as not to violate industry standards of decentralization.
Vinny Lingham said that the acquisition of the domain name is not only an important step for his company but for the Web 3.0 in General:
“It was a huge step for the industry to take this domain and make it a rallying point”.
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