cheqd, a startup constructing a trusted knowledge financial system the place folks and organizations have full possession and portability of their knowledge, has launched Creds, a platform for issuing, storing and exchanging digital credentials to create moveable repute.
Creds, a digital credentialing platform, is a transportable, reusable, privacy-focused, and safe technique of identification verification, decentralized repute constructing, and belief constructing. It was unveiled immediately on the Nebula Summit in Paris.
Creds deal with a wide range of Web3 points, together with privateness, neighborhood safety, engagement, and belief. It additionally addresses the dearth of belief brought on by generative AI.
Neighborhood security, moveable belief and decentralized repute
Safety is one in all Web3’s largest considerations. Based on one examine, cryptocurrency scams have created widespread mistrust in communities and misplaced round $150 million in a single week. With Creds, tasks can confirm the identification of customers and the possession of handles, wallets, and repute. It prevents impersonation, Sybil assaults, and fraud by setting admin and moderator standing on platforms like Telegram and Discord. With the event of generative synthetic intelligence, pretend info, information and even people are proliferating, compounding the issues.
Belief and repute are the most effective weapons towards this drawback. Individuals ought to have the ability to construct a verified repute and switch it between teams and platforms. When the privateness choice is enabled, Creds permits customers to share a number of credentials for third events to confirm that they’re genuine.
Neighborhood engagement and video games
Gamification will increase consumer engagement and drives buyer acquisition and retention. Gamification will increase the profitability of firms in contrast to people who don’t use it. Creds provides a repute layer to the neighborhood technique, permitting tasks and other people to experiment with sport parts resembling incentive quests and studying to earn, create distinctive repute and belief techniques, and encourage real participation.
Preservation of privateness
Belief and repute techniques of various effectiveness have been examined utilizing non-fungible tokens (NFTs) and SoulBound tokens (SBTs). Since all private knowledge is off-the-record whereas being personal and safe, credit differ from NFTs and SBTs in that they’re personal, revocable and transferable between platforms and ecosystems. The info is trusted as a result of it has been cryptographically signed and verified by Decentralized Identifiers (DIDs) on the chain.
Run
Nebular Summit attendees obtained credentials as a part of the launch of Creds and its verifiable credentials. With out disclosing any personally identifiable details about themselves, individuals can present that they attended the occasion utilizing their credentials. Additionally, their credentials are collectible and could be saved as a memento of the occasion they participated in, identical to NFTs.
Avishay Litani could be reached at avishay@marketacross.com for any additional inquiries or interview requests.
