Decentralized id startup cheqd has introduced the launch of a brand new platform known as Creds for Web3 customers to problem, maintain and share digital credentials and construct transportable reputations.
The brand new device was introduced on the Nebular Summit in Paris, the place attendees on the occasion had been issued with the primary Creds as a part of a expertise showcase. Creds give customers a safe and personal strategy to show their id in Web3 environments. What’s extra, they’re totally transportable and reusable, permitting customers to slowly construct up a robust status with out ever revealing their true id.
Cheqd explains that there are various challenges across the problem of Web3 safety, with crypto scams wiping out tens of millions of {dollars} in person’s funds, creating large mistrust in on-line communities.
Based on cheqd, one of the best ways to fight Web3 scams is to extend the belief and status of customers, which is precisely what it’s aiming to do with Creds. It supplies a approach for people to substantiate their personhood and possession of property comparable to wallets and person handles throughout a number of platforms. So a moderator on a Discord server might show their standing and function, with out revealing their id. A scammer wouldn’t be capable to show this. On this approach, not solely will Creds assist to stop scams, however they’ll additionally stop impersonation-based assaults and the unfold of faux information by malicious people.
Cheqd’s thought with Creds is that customers can construct a verifiable status throughout a number of platforms and communities, with full management over which credentials they resolve to share with which teams.
After all, a decentralized id does greater than merely enhance safety and forestall fraud. One of the vital promising facets of Creds is its capability to allow new sorts of gamified engagement for communities. By making a status layer, tasks can discover new gamification mechanics comparable to incentivized quests or “learn-to-earn” programs, the place customers are rewarded for studying and collaborating in boards and group actions.
Cheqd’s Head of Advertising and marketing & Group Eduardo Hotta mentioned Web3 organizations are very occupied with changing into extra community-focused. “For example, it is preferable to have a smaller variety of actual energetic group members, or superfans, than to have a gaggle with 1000’s of bots,” he mentioned. With Creds, tasks can show they’ve viable, energetic and engaged communities and encourage individuals to construct reputations inside them.
Cheqd notes that related decentralized id tasks previously have made use of NFTs and SoulBound Tokens with various ranges of success. Creds differ from earlier initiatives as a result of these tokens are utterly personal, revocable and transportable, in a position for use with a number of platforms and ecosystems. With Creds, all personally identifiable info is saved off-chain, privately and securely. This information is verified by decentralized identifiers on-chain and cryptographically signed to make sure belief.
Creds are set to grow to be a key side of cheqd’s mission to construct a trusted data economy based mostly on lending markets, choice information markets and others that put customers on the middle. Cheqd helps these markets with a cutting-edge fee community that prioritizes particular person’s privateness.
“Creds presents a privacy-preserving various to the surveillance enabling tech of SBTs and NFTs the place you will have little management over your privateness, as actions and different info are written on the ledger making it public and immutable,” mentioned cheqd co-founder and Chief Govt Fraser Edwards. “Creds are collectable, transportable, safe and verifiable; it has all one of the best issues that the NFT and SBT have with the addition of every thing else they’re lacking.”
At Nebular Summit, all attendees had been issued with Creds, enabling them to verifiably show their attendance on the occasion with out revealing their identities or some other details about themselves.
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