new tool for nebula pinnacle In Paris, event attendees received the first Creds as part of a technology showcase. Credits provide a secure and private way for users to prove their identity in a Web3 environment. What’s more, they are completely portable and reusable, allowing users to slowly build a good reputation without revealing their real identity.
Cheqd explained that there are many challenges with Web3 security issues, crypto scams have lost millions of dollars in user funds, and created a huge mistrust in the online community.
According to cheqd, the best way to combat Web3 scams is to improve users’ trust and reputation, which is exactly what Creds aims to do. It provides a way for individuals to confirm ownership of their identity and assets, such as wallets and user handles, across multiple platforms. Thus, moderators on a Discord server can prove their status and role without revealing their identity. Liars can’t prove it. In this way, Creds can help prevent not only scams, but also impersonation attacks by malicious individuals and the spread of fake news.
Cheqd’s idea of Creds is that users can build a verifiable reputation across multiple platforms and communities, and have full control over which credentials they decide to share with which groups.
Of course, decentralized identity does more than improve security and prevent fraud. One of the most promising aspects of Creds is its ability to enable new types of gamified engagement for the community. By creating a reputation layer, projects can explore new gamification mechanisms, such as incentivized tasks or “learn to earn” courses, where users are rewarded for learning and participating in forums and communities.
Eduardo Hotta, marketing and community director at Cheqd, said the Web3 organization is very interested in becoming more community-focused. “For example, it’s better to have a smaller number of really active community members or superfans than to have a group of thousands of bots,” he said. Through Creds, projects can demonstrate that they have viable, active and engaged communities and encourage people to build reputations within them.
Cheqd noted that similar decentralized identity projects in the past have utilized NFTs and SoulBound tokens with varying degrees of success. Credits differ from previous initiatives in that the tokens are fully private, revocable and portable, able to be used across multiple platforms and ecosystems. With Creds, all personally identifiable information is stored privately and securely off-chain. This data is verified by an on-chain decentralized identifier and cryptographically signed to ensure trust.
Credibility will be a key aspect of CHEQD’s mission to build a Trusted Data Economy Based on the lending market, preference data market and other user-centric markets. Cheqd supports these marketplaces with a cutting-edge payment network that prioritizes personal privacy.
Fraser Edwards, co-founder and CEO of cheqd, said: “Creds provide a privacy-preserving alternative to the surveillance-enabled technologies of SBTs and NFTs, where you have little control over your privacy as activity and other information is written on the ledger, making it public and immutable. Creds are collectible, portable, secure and verifiable; it has all the best things that NFTs and SBTs have, plus their All that is missing.”
At the Nebula Summit, all attendees were issued a letter of credit, allowing them to prove their attendance at the event without revealing their identity or any other information.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.