Social Network Adopts Civic's Blockchain ID System
Blockchain identity startup Civic has launched a decentralized verification system - and a social media platform for the crypto community is already moving to adopt it.
Dubbed "ID Codes," the mechanism has been integrated with the website of Hilo, a social network platform for both experienced cryptocurrency traders and "newbies" that, when launched, will provide information on crypto tokens and prices.
According to Civic, ID Codes provide users and institutions with an independent way to authenticate their identity for social media profiles, company profiles and more. After users undergo verification by submitting a selfie and scans of their driver's license and passport, the company provides them with a unique link and verified profile that is then encoded on Civic's network.
CEO Vinny Lingham told CoinDesk in an interview that Civic is attempting to resolve what he considers to be the problematic notion that anonymity is a good thing.
"It's not always needed and not always necessary. And in fact, it's actually dangerous for people because they lose money," he said - through giveaway scams, for example.
First conceptualized over a year ago, the development of the verification technology was prompted by the proliferation of fraud and scams in the cryptocurrency industry, particularly with initial coin offerings (ICOs) or
One common scheme Civic hopes to prevent, in particular, is the false listing of top industry executives as advisors on scam
ICO websites - something of which Lingham himself has been a victim.