The Creds Creator Studio will be available at the 2023 Web Summit in Lisbon, according to cheqd, an enterprise that gives people and organizations ownership and mobility over their data. Creds Creator Studio, which will debut with six launch partners, helps businesses to produce Verifiable Credentials that boost marketing efforts and foster community trust and security. Using Creds’ no-code platform, they can do so quickly and affordably before monetizing their Credentials using Cheqd’s payment infrastructure.
Fraud and impersonation have become more harmful than ever in the digital era. Even worse, the widespread use of generative AI technology has provided malicious actors with strong means of mass manipulation and deception, severely undermining public confidence in digital interactions. This is made worse by the absence of financial motivation to provide Credentials or Trusted Data, which creates a crucial hole in the ecosystem. Creds appears as a remedy; it gives a whole vertical suite that not only makes building trust easier but also offers ways to make money off of it.
Creds is an extremely simple and easy-to-use interface for building and issuing Credentials. Organizations just need to customize the credentials’ content, and it will be accessible almost immediately. Normally, it takes less than two minutes from the time of login to completion.
Creds may be exchanged and transacted by organizations and users thanks to its integration with Cheqd’s Credential Payments function. It gives consumers a means to monetize their reputation and opens doors for organizations to develop new business models inside their communities.
Verifiable Credentials: Establishing Trust, Reputations, and Communities
On Web3 platforms, reputation is often restricted and neither transferable nor recognized by other platforms. Creds, on the other hand, disrupts this siloed model by providing the first chance for reputation data to be easily transferred, merged, and shared across diverse communities and platforms, promoting more flexible, interconnected, and reliable ecosystems.
Verifiable Credentials with Creds allow companies to provide their communities loyalty programs that are private, portable, and totally secure. They may also help communities build a distinctive reputation and trust system. Creds are a means for users (individuals and organizations) to confirm their identity and demonstrate ownership of handles, wallets, roles, abilities, and reputations both within and outside of their communities. Creds may also function as a person’s public profile or status verifier.
Launching with six partners at first, Creds Creator Studio aims to demonstrate the wide range of Web3 use cases that Creds uniquely enables:
Outlier Ventures: Creds will be made accessible to alumni and founders of Outlier Ventures, the top Web3 accelerator with a portfolio of Web3 companies worldwide, including Cheqd. This will allow them and their initiatives to be swiftly validated as part of Outlier Ventures’ ecosystem. Creds will assist Outlier Ventures in fostering more confidence in the businesses in its portfolio and empowering them to forge closer bonds with their suppliers and partners.
Injective: The Layer-1 blockchain Injective, which is reshaping the landscape of decentralized finance, intends to use Creds to let its users combine their reputations on all the various platforms it is actively involved in. By offering them additional incentives and prizes, Creds will assist Injective in identifying its most engaged ambassadors and superfans, expand its community more quickly, and enhance the reputation of its most ardent supporters.
Secret Network: Creds will be included by Secret Network into its ambassador program, enabling community members to be tracked and rewarded as they go through their journeys of learning. In order to qualify as a “Secret Agent” or representative for Secret Network, users must complete a set of tasks and assignments aimed at acquainting them with the platform’s offerings. Creds is a “gamified” tool that Secret Agents may use to track their success, build their reputation, and unlock even larger incentives, which is meant to speed up this program.
Regen Network: In order to generate and invest in high-integrity carbon and biodiversity credits from ecological regeneration initiatives, Regen Network is building a platform. It intends to use Creds to enable developers to attest to the fact that the ecological credits they provide are carbon-sequestering and substantially nature-positive. Creds will contribute to increased confidence in Regen Network’s marketplace by guaranteeing businesses that they may fulfil their climate obligations via the purchase of carbon credits, which are certain to counteract the impacts of climate change and restore biodiversity.
RescuePals: The NFT-based 2D role-playing game RescuePals, which seeks to tokenize and encourage animal welfare, will begin awarding Creds to users in order to validate their participation in community events and certify their gaming accomplishments. With RescuePals, in-game entities and artefacts are distinct NFTs that serve as digital twins of actual animal rescues. Creds will validate each NFT to ensure that it really represents a monetary contribution to animal welfare. RescuePals also intends to build governance rights with specific Creds so that players may influence future game expansions and real-world impact initiatives.
Kleomedes DAO: Kleomedes DAO is exploring methods to use Creds to gate governance and enable gamification within its community. In the Cosmos ecosystem, it is the first decentralized, proof-of-stake, community-governed validator with the goal of supporting several blockchains that provide value and develop cutting-edge products for the community. Creds will serve as the foundation for a novel incentive system financed by validator earnings that aims to encourage members of the Cosmos community to take up delegator roles and take part in the continuous promotion, growth, and governance of the platform.
Cheqd’s facilitation of the formation of Trusted Data Markets is a result of its ability to provide organizations a rapid and easy means to produce Credentials, hence facilitating the general adoption of SSI. Through the use of Trusted Data Markets, Cheqd encourages users to issue authentic Credentials and pushes businesses to give people back ownership over their data.
According to Cheqd research, the SSI industry might be worth up to $0.55 trillion globally by 2026. Cheqd distinguishes itself from other identity networks with its industry-first Credential Payments, which enable owners of verified data to maintain complete anonymity. The next move for Creds is to go after more established areas where there is already a need for Verifiable Credentials, such gaming, loyalty, and entertainment.
Creds promotes the growth and maintenance of trust, highlighting its significance as a vital resource for organizations. Creds is focused on building a culture of trust and integrity and improving community connections.