American startup Civic has acquired the domain name identity.com. According to Vinny Lingham, CEO of the company, the domain will become a blockchain platform for the exchange of user data. This is reported by CoinDesk.
The identity.com platform will be a decentralized ecosystem. Thus, companies that own data will request the user's consent to the issuance of information. Blockchain will allow verifying the authenticity of the user's permission. After that, the company will be able to provide information to the data buyer.
Calculation on the platform will be performed in Civic (CVC) tokens. And thanks to smart contracts, payment will occur after the requesting company receives relevant information.
Previously, the domain was a portal for Internet real estate and belonged to the Inflection. Civic bought the domain name after Inflection stopped operating in this area of business.
Vinny Lingham does not disclose the details of the negotiations and the amount of the deal. Nevertheless, he stated that he always considered the identity.com domain an ideal address for the promotion of his blocking project.
According to CEO Civic, this purchase is an important step not only for the company, but also for the development of the Web 3.0 concept.