The exciting new project Civic’s CEO, Vinny Lingham has been talking up most news networks about his money transfer platform that doesn’t hold any funds at the moment, however it intends to connect multiple money services businesses (MSBs) in a global network.
Civic’s wallets hold multiple cryptocurrencies and all the top fiat currencies. Users will carry all their assets in their own device through the wallet and this is meant to secure the system. Civic uses a facial recognition system as a layer of its security infrastructure. Traditionally, cryptocurrency exchanges or wallets hold the keys for cryptocurrencies stored in wallets on their platform, however, the clients and MSB endpoints use the wallet as a piping. Civic is known for its secure Identity Ecosystem to reduce dependence on complex keys. This may be what distinguishes it from others in the industry.
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The facial recognition in Civic ensures that it does away with the seed phrases and restoring a wallet that is as simple as using any other mobile application. Users lose access to their wallet if they lose their password or passphrase and not having to remember a password may be the best way to ensure that users don’t lose access, ever.
Vinny introduced the project in a classic way, by demonstrating the app during CES 2020 and the launch is scheduled for the next quarter.
“The app is launching to our private list with over 100,000 people on it worldwide at the end of February. We’ll start sending on invites aggressively, and then the public launch is gonna be in March.”
Vinny has shared this on several stages and occasions as the project is unique. Civic is working on a global system connecting platforms that convert/swap currencies, without needing passwords or additional layers of authentication and simplifying the process with simple facial recognition.
This product is Civic Pockets and the system of holding money in a simple gadget, is keeping the system safe. Restoring the password is simpler than it is when the system uses facial recognition. The process doesn’t require seed phrases and users can reset passwords using their handy gadgets. This is more useful than other wallets available in the market, compared to hardware wallets like Ledger Nano S and Trezor.
We expect that Civic will change the way users hold their cryptocurrencies and it may take the technical complications out of the process of storing and transferring cryptocurrencies. This may drive up the adoption of Bitcoin and altcoins as well.
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