The unveiling of a decentralized verification system by blockchain identity startup Civic is expected to have a significant impact. The social media platform for the crypto community is considering adopting the decentralized verification system soon.
The verification process
The mechanism, dubbed “ID Codes,” is being integrated with the website of Hilo which is set to be unveiled in a short while. Hilo is a social network platform for both “newbies” and the experienced cryptocurrency traders and reports indicate that it will offer information regarding crypto prices and tokens upon the much anticipated launch.
Civic, through its spokesperson, has made it known that a large number of users and institutions will be in a position to undertake identity authentication for company profiles, social media profiles and more.
As part of the verification process, the users will be required to make submissions of the scans of their driving licenses, passports and selfies. It will be upon the company to serve them with a unique verified profile and link which will then be encoded on Civic’s network.
Lingham perspective regarding the future
Vinny Lingham, who is the current CEO while moving out of a business conference that was held recently, addressed several journalists telling them that they were focusing on a number of things.
The point that anonymity is a good thing is to him a rather problematic notion. He reveled that Civic was working towards resolving that. He talked about how from time to time people kept losing money through the giveaway scams. Lingham asserted that it was dangerous for a lot people.
The system was conceptualized a year ago. The verification technology has been under development for over quite some time and sources indicate it that it was prompted by the proliferation of scams and fraud in the diverse cryptocurrency industry.
Civic has outlined that it will stage a fight against the listing of top officials in the industry on the various scam ICO websites. Lingham has been one of the affected officials.
