cheqd, a startup constructing the trusted knowledge economic system during which folks and organizations have full possession and portability of their knowledge, has launched Creds, a platform for issuing, holding, and exchanging digital credentials to ascertain a transportable repute.
Creds, a platform to concern digital credentials, or “creds,” is a transportable, reusable, privacy-focused, and safe means to substantiate identification, develop a decentralized repute, and create belief. It was unveiled on the Nebular Summit in Paris right this moment.
Creds tackles a wide range of Web3 points, together with privateness points, group safety, engagement, and belief. It additionally tackles the shortage of belief introduced on by generative AI.
Community Safety, Portable Trust, and Decentralized Reputation
Security is among the biggest issues with Web3. According to 1 analysis, cryptocurrency frauds induced widespread distrust in communities and the lack of about $150 million in a single week. With Creds, initiatives might confirm the identification of customers and the possession of handles, wallets, and repute. This prevents impersonation, Sybil assaults, and frauds whereas establishing admin and moderator standing throughout platforms, resembling Telegram and Discord. With the event of generative AI, pretend data, information, and even people are being amplified, which is aggravating the issues.
Trust and repute are the most effective weapons to make use of in opposition to this drawback. People ought to be capable of set up a verified repute and switch it throughout teams and platforms. With the privateness choice enabled, Creds permits customers to share one or a set of credentials for third events to substantiate as real.
Community Engagement and Gamification
Gamification raises consumer engagement and promotes the acquisition and retention of consumers. Gamification will increase the profitability of companies in contrast to people who don’t make use of it. Creds provides a repute layer to group technique, permitting initiatives and folks to experiment with gamification parts like incentive quests and learn-to-earn, develop distinctive repute and belief techniques, and enhance real participation.
“More and extra organizations wish to turn into community-focused to benefit from the rising group economic system. As an instance, it’s preferable to have a smaller variety of actual energetic group members, or superfans, than to have a gaggle with hundreds of bots.”, expands Eduardo Hotta, Head of Marketing & Community at cheqd.
With various levels of effectiveness, belief and repute techniques have been examined utilizing Non-Fungible Tokens (NFTs) and SoulBound Tokens (SBTs). Since all private knowledge is off-ledger, the place it’s non-public and protected, Creds fluctuate from NFTs and SBTs in that they’re non-public, revocable, and transportable between platforms and ecosystems. Data is reliable as a result of it has been cryptographically signed and validated by decentralized identifiers (DIDs) on-chain.
Fraser Edwards, CEO and Co-founder of cheqd explains: “Creds presents a privacy-preserving various to the surveillance enabling tech of SBTs and NFTs the place you will have little management over your privateness, as actions and different data are written on the ledger making it public and immutable. Creds are collectable, transportable, safe and verifiable; it has all the most effective issues that the NFT and SBT have with the addition of all the things else they’re lacking.”
Attendees on the Nebular Summit obtained credentials as a part of the introduction of Creds and its verifiable credentials. Without disclosing any personally figuring out details about themselves, attendees might present they attended the occasion utilizing their credentials. Additionally, their credentials are collectible and could also be saved as a memento of the occasion they attended, precisely like an NFT.
Sebastien Couture, Founder of Nebular Summit and Interop Ventures says: “Our aim for Nebular Summit is to showcase the revolutionary expertise rising from the interchain ecosystem, and providing credentials to all attendees is a very distinctive and customized expertise to showcase these improvements. We’re excited to construct from this primary version and use them to supply future advantages, like early registration to our occasions all year long.”
Avishay Litani could also be reached at firstname.lastname@example.org for any extra inquiries or interview requests.