cheqd, a startup constructing the trusted information economic system by which individuals and organizations have full possession and portability of their information, has launched Creds, a platform for issuing, holding, and exchanging digital credentials to ascertain a transportable repute.
Creds, a platform to problem 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 now.
Creds tackles a wide range of Web3 points, together with privateness points, neighborhood safety, engagement, and belief. It additionally tackles the dearth of belief introduced on by generative AI.
Group Security, Moveable Belief, and Decentralized Status
Safety is among the biggest issues with Web3. In line with one analysis, cryptocurrency frauds precipitated 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, similar to Telegram and Discord. With the event of generative AI, faux data, information, and even people are being amplified, which is aggravating the issues.
Belief and repute are the perfect weapons to make use of in opposition to this drawback. Folks 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.
Group Engagement and Gamification
Gamification raises consumer engagement and promotes the acquisition and retention of shoppers. Gamification will increase the profitability of companies in contrast to those who don’t make use of it. Creds provides a repute layer to neighborhood technique, permitting initiatives and other people to experiment with gamification parts like incentive quests and learn-to-earn, develop distinctive repute and belief methods, and enhance real participation.
Privateness-preserving
With diversified levels of effectiveness, belief and repute methods have been examined utilizing Non-Fungible Tokens (NFTs) and SoulBound Tokens (SBTs). Since all private information is off-ledger, the place it’s non-public and secure, Creds differ from NFTs and SBTs in that they’re non-public, revocable, and moveable between platforms and ecosystems. Information is reliable as a result of it has been cryptographically signed and validated by decentralized identifiers (DIDs) on-chain.
Launch
Attendees on the Nebular Summit obtained credentials as a part of the introduction of Creds and its verifiable credentials. With out disclosing any personally figuring out details about themselves, attendees might present they attended the occasion utilizing their credentials. Moreover, their credentials are collectible and could also be saved as a memento of the occasion they attended, precisely like an NFT.
Avishay Litani could also be reached at avishay@marketacross.com for any extra inquiries or interview requests.
