cheqd is looking to accelerate the adoption of self-sovereign identity technology in Web3 with the launch of its Creds Creator Studio platform at the 2023 Web Summit in Lisbon today. The company, which is aiming to build a trusted data economy to encourage the use of verifiable credentials in blockchain communities, is making it simple for Web3 companies to create and issue “Creds”, which are tokens that can be used by community members to prove their identities and reputations in a private way.
Creds Creator Studio was announced with a host of launch partners, including one of the top venture capital firms in the Web3 industry and a leading DeFi-focused Layer-1 blockchain network. It’s a low-code platform that any company can use to quickly create Creds and issue them to their community members.
cheqd’s Creds give individuals a way to verify their identities and reputations within Web3 communities without revealing any information about themselves. With Creds, users can prove that they’re the owner of digital wallets, NFTs and handles, and verify their skills, experience and even their roles within the community. What’s more, these decentralized credentials are portable, meaning users can move between various communities and aggregate their reputations across them.
For Web3 companies, Creds provide an innovative way for them to keep track of their users as they enhance their reputation within the community. They will enable the creation of gamified loyalty programs to reward users, while increasing trust between different users.
A good example of this comes from Injective, the DeFi blockchain, which said it’s using Creds Creator Studio to issue Creds to users so they can aggregate their reputations across the multiple quest platforms it uses to promote itself. Fans of the Injective platform can now use Creds to highlight their status and achievements and grow their reputations within its community. Secret Network is using Creds too. It said its users now have a way to verify their progress within its ambassador program as they embark on a learning journey that involves completing various activities and assignments, earning rewards as they strive to become a “Secret Agent”.
Kleomedes DAO, the decentralized community-governed validators in the Cosmos ecosystem, will also use cheqd’s verifiable credentials to facilitate rewards, incentivising members to act as validators and take part in governance and development. Another interesting use case is highlighted by Outlier Ventures, which is planning to issue Creds to the founders and alumni of its portfolio companies, so they can prove they are a part of its community.
Meanwhile, the NFT game RescuePals, which is focused on incentivizing animal welfare, will use Creds to verify that each NFT-based game character has made an appreciable donation to its cause. Finally, the carbon credit marketplace Regen Network is utilizing Creds to validate the high-integrity carbon and biodiversity credits offered on its platform.
cheqd said Creds Creator Studio is available to any company that’s interested in building greater trust and security within their ecosystems. The platform makes it simple to customize the information verified by each Cred, enabling them to be issued to users within less than two minutes.
Each Cred is automatically integrated with cheqd’s payments infrastructure, meaning companies and users can easily exchange and transact with their Creds. cheqd says this will provide the incentives necessary to facilitate the adoption of Creds, allowing users to be paid for sharing their information, while simultaneously motivating organizations to issue them.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.