❔What is Credit DAO?
Last updated
Last updated
Credit DAO is a relationship network for global Web3 community aggregation and crypto investors. With the on-chain value discovery protocol, it helps global quality Web3.0 innovation projects to precisely match quality communities and users based on on-chain identity profiling to achieve co-creation and win-win.
While traditional financial society is generated by human beings and their relationships, in web3, the necessary condition for establishing a financial system with unprecedented flexibility and creativity in parallel lies in establishing web3 social identity, which means rich social calming. Social calming comes from the personal credit system, which is formed by the traditional credit system based on personal word of mouth, supplemented by multiple factors such as past experience, personal reputation, proof of income, and acquaintances' relationships.
Credit DAO hopes to establish a value discovery protocol, through the open source and clear rules of the E2E system, to achieve the portrayal of user identity and portrait on the chain, using time proof mechanism and user self-reporting to achieve value credit rating.
Credit DAO will use CDP (Credit DAO Proof), a soul pass-through certificate, to provide each user with the basis for establishing an on-chain identity, and users can subsequently improve their identity by uploading their own information (e.g., biography, social accounts, etc.), and at the same time, realize on-chain value through proof of time (PoT). PoT) to achieve on-chain value discovery, and eventually gain revenue and value display to achieve common wealth and the third distribution of wealth.
CDP is Credit DAO's decentralized identity credentials, or DID (Decentralized Identity), also known as self-sovereign identity, is an identity framework based on open standards that uses digital identifiers and verifiable credentials that are owned, independent, and can be exchanged for trusted data. The user's actions on the chain will be recorded on the CDP and used as a vehicle for PoT (Proof of Time), which enables self-value aggregation and revenue.
● In Credit DAO, users can acquire various soul-bound NFTs by establishing relationships and interactions with other users, and the system will rate users' credit through artificial intelligence algorithms based on the soul-bound NFTs acquired by each user.
● When users perform any actions on the chain, whether it is transferring money, trading, auctioning NFTs, participating in DeFi or other types of interactions with other users, these interactions represent a certain social significance, and at the same time will have a certain degree of correlation with the user's personal credit.
● Also in Credit DAO, users are encouraged to build relationships with each other, and when a user introduces a new user to join, he or she will receive the corresponding soul-bound NFT. All your positive behaviors and the credit of the users you have built relationships with will receive a positive boost in the chain and raise your credit rating score.
Credit DAO will use a value credit score as the credit standard, and the evaluation algorithm will use a classification model based on machine learning and a personal behavior model with social data. On top of these two foundations, the user's on-chain behavior, especially in Credit DAO, is collected to give the user a credit rating.
In Credit DAO, users will interact with the core contract to obtain their soul identity bound NFT, while Credit DAO will retrieve the user's on-chain behavior and rate them accordingly.
People with high demand for privacy, decentralization and security can choose to pay high maintenance fees. Those who are less interested in privacy and decentralization will opt for a more brutal solution. By grading the rights and charging a fee, the revenue generated from this can be used to reward the maintenance staff, thus ensuring the corresponding motivation of the commercial entities.
Even with privacy, a single pursuit does not satisfy an increasingly sophisticated user population. In the future, customization will become the most common feature. With the process of globalization, community hugging, the popularity of personalization will greatly affect our behavior patterns. Privacy will be the next era. Editable privacy will be another convergence of rights and technology. Credot DAO uses Ethernet EIP-5114 protocol to store user on-chain behavioral data in SBT - CDP in a hierarchical and graded manner, thus making the on-chain address thousands of people with numerous labels, laying the cornerstone for future business applications and others in the Web3 society.
Since Credit DAO is jointly built by users through an on-chain value discovery protocol, holders of $CD will have different rights and benefits in the future:
Revenue sharing: All revenue earned from the services provided by Credit DAO will be proportionally distributed to the soul bound NFT holders;
Credit credentials: soul-bound NFT is the user's credit credentials, through which the user can make credit loans on other decentralized lending platforms, and can also be used to provide credit guarantees for other friends;
Credit pass: when the credit score reaches a certain level users will automatically get whitelisted for various star Web3 projects, and some applications with credit thresholds can also be accessed unconditionally by holding Credit DAO's NFT;
Airdrop/WL Spots: all projects with Credit DAO will have various forms of airdrop for NFT holders.
Token earnings: Holders of NFT-CDP can participate in the proof of time mechanism (POT) credential upgrade to obtain $CD tokens.
