cheqd, a startup building the trusted data economy in which people and organizations have complete ownership and portability of their data, has launched Creds, a platform for issuing, holding, and exchanging digital credentials to establish a portable reputation.
Creds, a platform to issue digital credentials, or “creds,” is a portable, reusable, privacy-focused, and secure means to confirm identity, develop a decentralized reputation, and create trust. It was unveiled at the Nebular Summit in Paris today.
Creds tackles a variety of Web3 issues, including privacy issues, community security, engagement, and trust. It also tackles the lack of trust brought on by generative AI.
Community Safety, Portable Trust, and Decentralized Reputation
Security is one of the greatest problems with Web3. According to one research, cryptocurrency frauds caused widespread mistrust in communities and the loss of about $150 million in a single week. With Creds, projects may verify the identity of users and the ownership of handles, wallets, and reputation. This prevents impersonation, Sybil attacks, and frauds while establishing admin and moderator status across platforms, such as Telegram and Discord. With the development of generative AI, fake information, news, and even individuals are being amplified, which is aggravating the problems.
Trust and reputation are the best weapons to use against this problem. People should be able to establish a verified reputation and transfer it across groups and platforms. With the privacy option enabled, Creds enables users to share one or a set of credentials for third parties to confirm as genuine.
Community Engagement and Gamification
Gamification raises user engagement and promotes the acquisition and retention of customers. Gamification increases the profitability of businesses compared to those that don’t employ it. Creds adds a reputation layer to community strategy, allowing projects and people to experiment with gamification elements like incentive quests and learn-to-earn, develop distinctive reputation and trust systems, and boost genuine participation.
“More and more organizations are looking to become community-focused to take advantage of the rising community economy. As an example, it’s preferable to have a smaller number of real active community members, or superfans, than to have a group with thousands of bots.”, expands Eduardo Hotta, Head of Marketing & Community at cheqd.
Privacy-preserving
With varied degrees of effectiveness, trust and reputation systems have been tested using Non-Fungible Tokens (NFTs) and SoulBound Tokens (SBTs). Since all personal data is off-ledger, where it is private and safe, Creds vary from NFTs and SBTs in that they are private, revocable, and portable between platforms and ecosystems. Data is trustworthy because it has been cryptographically signed and validated by decentralized identifiers (DIDs) on-chain.
Fraser Edwards, CEO and Co-founder of cheqd explains: “Creds offers a privacy-preserving alternative to the surveillance enabling tech of SBTs and NFTs where you have little control over your privacy, as activities and other information are written on the ledger making it public and immutable. Creds are collectable, portable, secure and verifiable; it has all the best things that the NFT and SBT have with the addition of everything else they are missing.”
Launch
Attendees at the Nebular Summit received credentials as part of the introduction of Creds and its verifiable credentials. Without disclosing any personally identifying information about themselves, attendees may show they attended the event using their credentials. Additionally, their credentials are collectible and may be saved as a memento of the event they attended, exactly like an NFT.
Sebastien Couture, Founder of Nebular Summit and Interop Ventures says: “Our goal for Nebular Summit is to showcase the innovative technology emerging from the interchain ecosystem, and offering credentials to all attendees is a really unique and personalized experience to showcase these innovations. We’re excited to build from this first edition and use them to offer future benefits, like early registration to our events throughout the year.”
Avishay Litani may be reached at avishay@marketacross.com for any more inquiries or interview requests.
