Cheqd, a startup constructing a trusted knowledge economic system the place people and organizations have full possession and portability of their knowledge, has launched Creds, a platform for issuing, holding and exchanging digital credentials to determine a conveyable fame.

Creds, a platform that points digital credentials (“credit score”), is a conveyable, reusable, privacy-focused and safe technique of verifying id, establishing decentralized fame, and creating belief. The announcement was made at the moment on the Nebula Summit in Paris.

Creds addresses varied Web3 points together with privateness points, group safety, engagement and belief. It additionally addresses the dearth of belief launched by generative AI.

Group security, moveable belief, decentralized fame

Safety is one in every of Web3’s largest issues. Based on one examine, cryptocurrency scams brought about mistrust in the neighborhood, leading to losses of round $150 million in per week. Cred permits initiatives to confirm possession of a person’s id, deal with, pockets, and fame. This helps stop impersonation, Sybil assaults and fraud whereas establishing admin and moderator standing throughout platforms like Telegram and Discord. The issue is exacerbated by the event of generative AI, which amplifies false data, information, and even people.

Confidence and fame are the most effective weapons towards this downside. Individuals ought to be capable of set up a verified fame and switch it throughout teams and platforms. Enabling the privateness possibility permits Creds to permit a person to share one or a set of her credentials to confirm authenticity to a 3rd get together.

Group participation and gamification

Gamification will increase person engagement and drives buyer acquisition and retention. Gamification makes an organization extra worthwhile than a non-gamified firm. Creds provides a fame layer to its group technique, permitting initiatives and folks to experiment with gamification parts resembling incentive quests and studying how you can earn, develop a singular fame and belief system, and encourage real participation.

Shield your privateness

Methods of belief and fame with various levels of effectiveness have been examined utilizing non-fungible tokens (NFTs) and soulbound tokens (SBTs). Since all private knowledge is off-ledger, personal and safe, Cred differs from NFTs and SBTs in that it’s personal, revocable, and moveable throughout platforms and ecosystems. Your knowledge is cryptographically signed and verified by an on-chain decentralized identifier (DID), so you possibly can belief it.

launch

Nebular Summit attendees acquired credentials as a part of the introduction of Cred and its verifiable credentials. Attendees could point out that they’ve entered an Occasion utilizing their credentials with out disclosing any personally-identifying details about themselves. Moreover, their credentials are collectible and could also be saved as mementos of the occasions they attend, identical to NFTs.

For another inquiries or interview requests, please contact Avishay Litani at [email protected].