CreDA’s unique customizable data can now be implemented by platforms on the popular blockchain network, allowing them to differentiate themselves while mitigating risk.
— Fakhul Miah, CEO of CreDA
GLOBAL, March 21, 2022 /EINPresswire.com/ — CreDA (Credit Data Alliance), the leading decentralized credit rating service, has launched on Binance Smart Chain (BSC), enabling Web 3.0 and decentralized finance projects ( DeFi) on the network to benefit from CreDA’s Crypto credit score. Hundreds of projects on BSC will now have the ability to use CreDA’s unique anonymized data to better target products and services, while DeFi applications on the network can better manage risk and offer loans with rates and requirements lower warranties.
Originally launched on Arbitrum, CreDA’s decision to include BSC is in line with the protocol’s overall goal to expand its data services to all major blockchains by the end of 2022. For CreDA users, BSC’s Proof of Stake consensus mechanism dramatically reduces transaction costs, helping CreDA achieve its mission of lowering the barrier to entry for people new to crypto or the nearly 2 billion people who aren’t. do not have access to traditional banking services.
“With our inclusion of BNB Smart Chain, CreDA continues to meet the milestones of our roadmap, which aims to provide broader access to our unique Crypto Credit Score,” said Fakhul Miah, CEO of CreDA. “With lower gas costs and a popular dApp ecosystem, BSC is a natural extension of our solution to address the challenges facing Web 3.0. We strive to build the trust architecture that enables all the benefits of anonymity and decentralization while mitigating risks for DeFi, GameFi and MetaFi applications.
BNB Smart Chain is a blockchain that runs alongside the popular crypto exchange’s BNB Beacon Chain (formerly Binance Chain) beacon chain. Together they form the new BSC chain. BSC is a programmable smart contract platform on which any decentralized application (dApp) can be hosted. Because it is derived from Ethereum, the BSC ecosystem is an ever-evolving space with new applications and innovations embraced by the Ethereum community.
Binance, one of the leading cryptocurrency exchanges, announced BSC in September 2020 and the BSC chain in February 2022. Although similar to Ethereum, Ethereum uses proof-of-work consensus, while BSC uses proof-of-stake delegated, which allows it to process more transactions per second and at a lower cost. How will this benefit CreDA’s Crypto Credit Score and application of CreDA data for applications on the BSC network?
– Faster transactions – as one of the fastest smart contract platforms, BSC generates blocks every three seconds compared to Ethereum’s 13 seconds, allowing partner protocols to query more quickly real-time data from CreDA’s Crypto Credit Score.
– Reduced Fees – BSC is around 8x cheaper than Ethereum for running dApps due to its proof-of-stake consensus. This means that to generate a crypto credit score, gas fees for users will be significantly reduced.
– Trusted Name – Binance is one of the best-known names in crypto and its credibility is shared across all of its platforms. The exchange also plays an important role in the PoSA consensus by controlling all validators in the network, ensuring that the blockchain is secure and reliable.
– Cross-Chain Compatibility – BSC is compatible with the Ethereum Virtual Machine (EVM) enabling cross-chain compatibility for dApps and coins, increasing token liquidity, utility and value.
CreDA’s growth is accelerating
While CreDA’s technology stack has been in development for years, the protocol only went live on Arbitrum in September 2021. Since then, CreDA Oracle has trained on billions of on-chain activities related to more of 50 million addresses. This large initial data pool helped build a reliable and reliable credit model that continues to improve as more data is collected from users logging in and building their credit scores.
CreDA also recently announced two partnerships with CyberConnect and Project Galaxy that provide their Credit Oracle with social graph data from over 400,000 on-chain users and millions of off-chain users. This data is combined into CreDA’s Crypto Credit Score to build their credit network (cNetwork) and offer innovative financial products, such as loan guarantor capabilities and social loans. When choosing to include their social data, users can get better credit scores based on the scores of their social connections.
Another partnership with FilDA, at one time the largest DeFi lending platform on HECO with a peak TVL of over $2 billion, serves as a proof of concept for DeFi lending platforms to offer rates exclusive loans. Users who mint their crypto credit score as credit NFT (cNFT) have access to leveraged loans and low or unsecured loans directly within the CreDA platform.
“Now that we’re on BSC, we hope to partner with many other Web 3.0 platforms that want to build custom risk models using our data or offer unique products and services,” says Miah. “It’s exciting to see what innovative solutions can be made in this space when you don’t have to worry about bad actors or risky behavior. It’s not unlike the boom that followed the introduction of traditional credit scoring in the 1950s, only with the power and freedom of a decentralized system that does not discriminate and respects people’s anonymity.
Inspired by traditional consumer credit reporting agencies, CreDA introduces the concept of personal credit scores to the $250 billion+ decentralized finance (DeFi) ecosystem.
Along with their Crypto Credit Rating, CreDA is developing a suite of unique and powerful financial tools that are unparalleled in the DeFi ecosystem, such as unsecured and leveraged loans, preferred mining and agricultural returns, loans between peers and the support of guarantors. Additionally, CreDA data can be segmented and modeled for Web 3.0 applications to reduce risk or target products and services.
The CreDA team is made up of Web 3.0 entrepreneurs, senior financial and banking experts as well as advisors from major technology companies and organizations such as the World Bank.
For more information about CreDA, please visit www.creda.app.
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