cheqd, a startup constructing the trusted knowledge financial system by which individuals and organizations have full possession and portability of their knowledge, launched Creds, a platform to challenge, retailer and trade digital credentials to determine a transportable status.

Creds, a platform for issuing digital credentials, or “credit,” is a transportable, reusable, privacy-focused, and safe approach to affirm identification, construct decentralized status, and construct belief. It was unveiled on the Nebular Summit in Paris in the present day.

Creds tackles a wide range of Web3 points, together with privateness points, neighborhood safety, engagement, and belief. It additionally tackles the dearth of belief brought on by generative AI.

Neighborhood safety, transportable belief and decentralized status

Safety is among the largest points with Web3. In keeping with a research, cryptocurrency frauds brought about widespread mistrust in communities and the lack of round $150 million in a single week. With Creds, initiatives can confirm person identities and possession of handles, wallets, and status. This prevents spoofing, Sybil assaults and fraud whereas establishing admin and moderator standing on all platforms, reminiscent of Telegram and Discord. With the event of generative AI, pretend data, information, and even people are amplified, compounding the issues.

Belief and status are one of the best weapons to make use of in opposition to this drawback. Individuals ought to be capable of set up a verified status and switch it between teams and platforms. When the privateness choice is enabled, Creds permits customers to share one or a set of credentials for third events to verify their authenticity.

Neighborhood engagement and gamification

Gamification will increase person engagement and promotes buyer acquisition and retention. Gamification will increase the profitability of corporations in contrast to people who don’t use it. Creds provides a status layer to neighborhood technique, permitting initiatives and other people to expertise gamification components reminiscent of incentive quests and studying to earn, develop distinctive status and belief methods, and drive real participation.

Preservation of privateness

With various levels of effectiveness, belief and status methods have been examined utilizing Non-Fungible Tokens (NFTs) and SoulBound Tokens (SBTs). Since all private knowledge is off-the-books, the place it’s non-public and secure, Creds differ from NFTs and SBTs in that they’re non-public, revocable, and transportable throughout platforms and ecosystems. The info is trusted as a result of it has been cryptographically signed and validated by on-chain decentralized identifiers (DIDs).

Launch

Nebular Summit attendees 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 that they attended the occasion utilizing their figuring out data. Moreover, their credentials are collectible and might be saved as a memento of the occasion they attended, identical to an NFT.

Avishay Litani might be contacted at avishay@marketacross.com for another questions or interview requests.