- Summary:
- cheqd says Creds will help build user-driven credential-sharing economy, which will also enable users to earn passive income.
cheqd, a startup that is developing the trusted data economy, has launched Creds, a platform for issuing, holding, and sharing digital credentials to build a portable reputation. Creds is user-driven to promote trust and reputation, at a time when Web3 faces serious security threats and AI is helping spread fake news. The platform also includes a privacy feature that allows users choose which credentials to make public for others to verify.
Creds were first distributed during the Nebular Summit in Paris, marking the beginning of the launch of Creds and their verified credentials. With their credentials in hand, attendees can safely verify their attendance without disclosing any personal information. Like an NFT, these credentials can be traded with other attendees or saved as a memento of the experience.
How Creds works
cheqd is building Trusted Data Markets by combining existing technologies like Decentralised Identity, Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) with payment processing. It has created a market where users can provide credentials and, in return, earn some income.
Creds, which is short “credentials,” gives digital credentials that can be used to prove one’s identity in a decentralised manner, as well as used repeatedly to establish trust and privacy. Users and businesses alike benefit from the platform because they retain control over their data under their control and can transfer the data easily.
Specifically, Creds tackles issues related to privacy, trust, and involvement in online communities, as well as the wave of mistrust caused by generative AI. Users are able to store, move, share, and verify your credentials. In addition, it provides a privacy-protecting alternative to technologies like SBTs and NFTs, which can enable third-party monitoring.
When compared to NFTs and SBTs, credentials are distinct in that all personal data is stored securely off-ledger, making them private, revocable, and transferable between platforms and ecosystems. Projects can use Creds to verify identities and ownership of online identifiers like usernames, wallets, and reputations; this helps to prevent scams, impersonation, and Sybil attacks across various networks like Discord and Telegram.
Gamified credential sharing
By introducing a reputation layer to community strategy, Creds paves the way for exploration with gamification elements like incentivized quests and learn-to-earn. In addition, it enables users to create their unique reputation and trust structures, and the promote genuine participation. Gamification increases user engagement and promotes consumer acquisition and retention.