What is the use of civic token?

The Civic token, also known as CVC, serves as a pivotal medium of exchange within the Civic ecosystem. Its primary function lies in facilitating settlements between parties engaged in identity-centric transactions.

These transactions encompass a wide range of activities that require the verification and authentication of individuals' identities. By leveraging CVC, Civic fosters a secure and efficient environment for such interactions.

Upon completion of an identity-related transaction, the CVC paid as part of the settlement process is distributed among two key stakeholders: the validator and the user. This distribution mechanism serves as an incentive for both parties to participate in and contribute to the Civic ecosystem.

The validator, who plays a crucial role in verifying the authenticity of the user's identity, receives a portion of the CVC as a reward for their efforts. This reward system encourages validators to maintain high standards of accuracy and efficiency in their verification processes.

Similarly, the user who shares their personal information for the purpose of identity verification also receives a share of the CVC. This serves as a token of appreciation for their trust and cooperation in the transaction.