cheqd, the startup that enables users and organizations to gain control and portability of their data, has announced the availability of its Creds Creator Studio at the 2023 Web Summit in Lisbon. Kicking off with an initial six launch partners, Creds Creator Studio enables companies to create Verifiable Credentials that build community trust and security, and supercharge their marketing activities. They can do so in an easy and affordable way using Creds’ no-code platform before monetizing those Credentials via cheqd’s payments infrastructure.
In the digital age, impersonation and fraud have reached unprecedented levels of harm. Worse still, the proliferation of generative AI technology has given bad actors powerful tools to deceive and manipulate on a mass scale, further eroding trust in digital interactions. Compounding this is a lack of financial incentive to issue Trusted Data or Credentials, leaving a critical gap in the ecosystem. Creds emerges as a solution — it offers a comprehensive vertical suite that not only facilitates the creation of trust but also provides opportunities to monetize it.
Building and issuing Credentials through Creds’ user-friendly interface is incredibly straightforward and easy. Organizations simply need to tailor the credential's information and it will be available almost instantly. From logging in to completion typically takes less than two minutes.
Creds is integrated with cheqd’s Credential Payments feature, which enables organizations and users to exchange and transact creds. It paves the way for organizations to create new business models within their communities and give users a way to monetize their reputation.
Verifiable Credentials: Building Communities, Reputations & Trust
Reputation in Web3 platforms is often confined and cannot be transferred to nor recognized by other platforms. Creds, however, breaks this siloed approach, offering the first opportunity for reputation data to be seamlessly ported, combined and shared across various communities and platforms, fostering more interconnected, versatile and trusted ecosystems.
Organizations can issue Verifiable Credentials with Creds to create a unique reputation and trust system as well as loyalty programs for their communities that’s completely secure, portable and private. For individuals, Creds can act as verifiers of status or serve as their public profile, providing a way for users (individuals and organizations) to verify they are who they say they are and prove ownership of handles, wallets, roles, skills, and reputations within and beyond their communities.
Creds Creator Studio launches with an initial six partners in order to showcase the multitude of Web3 use cases that are uniquely enabled by Creds:
Outlier Ventures, the leading Web3 accelerator with a portfolio of Web3 companies from across the globe including cheqd, will make Creds available to its alumni and founders, enabling them and their projects to be quickly verified as part of its ecosystem. In this way, Creds will help Outlier Ventures to create more trust in its portfolio companies and enable them to build stronger relationships with their partners and suppliers.
Injective, the Layer-1 blockchain shaping the future of decentralized finance, plans to utilize Creds to enable its community to aggregate their reputations across the numerous quest platforms it’s actively engaged with. Creds will help Injective identify its most active ambassadors and superfans by providing them with greater incentives and rewards, growing its community more rapidly and strengthening the reputation of its biggest fans.
Secret Network is integrating Creds into its ambassador program, allowing for the monitoring and rewarding of community members as they progress through their learning journeys. To become a "Secret Agent" or ambassador for Secret Network, users are incentivised to complete a series of activities and assignments to familiarize themselves with the platform's products and services. The introduction of Creds is intended to expedite this program by providing Secret Agents with a “gamified” tool to monitor their progress, grow reputation, and unlock even greater rewards.
Regen Network is building a platform to originate and invest in high-integrity carbon and biodiversity credits from ecological regeneration projects. It’s planning to leverage Creds so developers can certify that the ecological credits they offer are verifiably nature-positive and sequester carbon. Creds will help to ensure greater trust in Regen Network’s marketplace, reassuring organizations that they’re able to meet their climate commitments by acquiring carbon credits which are guaranteed to restore biodiversity and reverse the effects of climate change.
RescuePals, the NFT-based 2D RPG game that aims to incentivize and tokenize animal welfare, will start issuing Creds to players to certify their gaming achievements and verify their participation in community events. With RescuePals, in-game characters and items are digital twin copies of real-world animal rescues, represented by unique NFTs. Each NFT will be verified by Creds in order to certify they represent a tangible donation towards animal welfare. Furthermore, RescuePals plans on using certain Creds to create governance permissions where users can shape future real-world impact campaigns and game expansions.
Kleomedes DAO is looking at ways to facilitate gamification within its community and gate governance using Creds. As the first decentralized, proof-of-stake and community-governed validator in the Cosmos ecosystem, it aims to support multiple blockchains that create value and build innovative products for the community. Creds will provide the backbone of an innovative reward system funded by validator profits that seeks to incentivize the Cosmos community to act as delegators and participate in its ongoing governance, promotion and development.
By providing organizations with a simple way to quickly create Credentials, cheqd is fostering the creation of the Trusted Data Markets needed to facilitate widespread adoption of SSI. With Trusted Data Markets, cheqd provides a strong incentive for users to issue verifiable Credentials while motivating organizations to return the control of data to individuals.
Research by cheqd shows that the global value of the SSI market may reach as much as $0.55 trillion by 2026. By offering its industry-first Credential Payments that allow owners of verifiable data to retain full privacy, cheqd sets itself apart from other identity networks. The next step for Creds is to enter more traditional markets such as gaming, loyalty, and entertainment, where the demand for Verifiable Credentials already exists.
Creds emphasizes the importance of trust as a key asset for organizations, advocating for its development and sustainability. The focus of Creds is on enhancing community relations and promoting a culture of trust and integrity.
cheqd (cheqd.io) is a privacy-preserving payment and credential network that allows users and organisations to gain control and portability of their data. cheqd builds upon Decentralised Identity (DID), Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) with payment infrastructure to create Trusted Data markets as an entirely new industry category.
With its technology, cheqd is creating a new paradigm around Trusted Data economies such as re-usable KYC in Web3, preference data markets, and others where the user is at the centre. It empowers consumers and businesses with full ownership, portability, and control over their data and identities. In addition, this data can be transacted within a payment network that prioritises individual privacy and market-first principles. The scale of distribution is unmatched as cheqd engages with organisations across Lending, Supply Chain, eCommerce, Education, Manufacturing, Gaming, and other sectors.
cheqd also features a decentralised reputation platform (creds.xyz) to incentivise and engage Web3 communities through quest or learning credentials, as well as protect users from fraud and scamming across Discord, Telegram and beyond.