Creds by cheqd: Web3 Reputation Made Private & Secure

Decentralized identity startup cheqd has announced the launch of a new platform called Creds for Web3 users to issue, hold and share digital credentials and build portable reputations.

The new tool was announced at the Nebular Summit in Paris, where attendees at the event were issued with the first Creds as part of a technology showcase. Creds give users a secure and private way to prove their identity in Web3 environments. What’s more, they’re fully portable and reusable, allowing users to slowly build up a strong reputation without ever revealing their true identity.

Cheqd explains that there are many challenges around the issue of Web3 security, with crypto scams wiping out millions of dollars in user’s funds, creating massive distrust in online communities.

According to cheqd, the best way to combat Web3 scams is to increase the trust and reputation of users, which is exactly what it’s aiming to do with Creds. It provides a way for individuals to confirm their personhood and ownership of assets such as wallets and user handles across multiple platforms. So a moderator on a Discord server could prove their status and role, without revealing their identity. A scammer would not be able to prove this. In this way, not only will Creds help to prevent scams, but they can also prevent impersonation-based attacks and the spread of fake news by malicious individuals.

Cheqd’s idea with Creds is that users can build a verifiable reputation across multiple platforms and communities, with full control over which credentials they decide to share with which groups.

Of course, a decentralized identity does more than simply improve security and prevent fraud. One of the most promising aspects of Creds is its ability to enable new kinds of gamified engagement for communities. By creating a reputation layer, projects can explore new gamification mechanics such as incentivized quests or “learn-to-earn” courses, where users are rewarded for learning and participating in forums and community activities.

Cheqd’s Head of Marketing & Community Eduardo Hotta said Web3 organizations are very interested in becoming more community-focused. “As an

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Author: CryptoDaily

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