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What is Credify?
Credify is a completely new approach to universal counterparty credibility. Credify meaningfully enhances the relationships between consumers, producers and the ecosystems in which they connect, fosters transparency through fair and meritocratic credibility metrics, ultimately realising elevation of overall reputation and service quality to the benefit of all.
According to research, anywhere from 20% to 45% of all crowd-sourced opinion, or rate and review data, is fraudulent. There are serious issues with current crowd-sourced reputation systems that undermine the goal of establishing a body of unbiased social signals for entity reputation.
Anonymity of participants in many platforms results in unconfirmable relationships between reviewers and the reviewed, as well as masked intentions, which leads to other issues...
Let's face it, when we have bad experiences we go out of our way to make sure everyone knows about it. And incentives do not exist for us to praise those that simply do what we expected of them. This results in negative skew in rate & review data.
Ad Platform Bullying
Many crowdsourced rate & review platforms sell advertising as a business model. In times past, these platforms have been known to leverage the negative skew issue to pressure businesses into purchasing promoted listings with them.
It is a well known fact that many organisations, especially in the restaurant industry, engage in competitor sabotage by hiring people to negatively rate other establishments in their vicinity.
Silos of Reputation
Without a standard system for reputation that is free from control of a single central entity, it is impossible to establish credibility that is universal and open in availability, resulting in fragmented silos of reputation.
Credify's counterparty reputation protocol and service provides a real-world solution to these issues with a novel and groundbreaking approach. Let us tell you how.
How does it work?
- Without strongly verified identification it would be impossible to determine entity intent or connect them with counterparties they seek to lend credibility to. To achieve this, Credify implements an identification system that federates IDs from trusted third-party services and limits activity within the protocol by the level of information the participant is willing to disclose about themselves. We use DID & OAuth 2.0 standards-compliant services such as Bloom, Civic, Gem, LinkedIn, Facebook, and Line to compose a strong indicator of protocol participant identity.
- Credify connects these entities through an immutable ledger of economic activity and their respective outcomes. These histories are cryptographically secured and stored on blockchain in a transparent manner so that anyone may confirm these connections.
- Entities with a proven history of engagement can vouch for the credibility of their previous counterparties by utilising our staking token. This activity is incentivised by a system that rewards vouchers for staking on positive outcomes. Conversely, vouchers are disincentivised from backing bad actors by having their stakes slashed or expunged in the event of undesirable outcomes.
The Credify Protocol
CriD (Federated ID)
Federated identification system that aggregates IDs from sources like Facebook, LinkedIn, Line, Civic, Gems, etc. A reward "limiter" is imposed on accounts and is reduced as users attach external sources of identification to their CriD. The CriD also serves as a hashed index of the entity engagement history that are registered with CreV.
CreD (Credify Utility Token)
The utility token that is required to participate in the protocol. Can be "colored" or extended with reward programs specific to marketplaces, like loyalty points or coupons. As a standard Token, CreD are fungible and can be transferred from CriD to CriD.
CreV (Event System)
A permissioned, decentralised event system that records economic activity and outcomes between CriD entities on registered marketplaces.
CreS (Staking and Reward System)
The vouching system that manages the reward/penalty logic based on event results (positive/negative). CreS receives notifications when CreV records events—this CreV acts as the oracle of truth to the CreS decision making process.
A Token for All Marketplaces
Credify's utility token is required to participate in our network. Actively engaging in our network increases the trust of your online transactions as well as the quality of services everyone receives. The token is implemented as a smart contract on the EOS blockchain due to Credify's high transaction throughput requirements and storage needs.
Building upon standard smart contract interfaces, CreD is extensible by marketplaces with the aim to create the world's first exchangeable and universally transferable loyalty point system. Credify adoption will mean that marketplace point collectors will finally have the ability to trade or sell their points in a standard and practical way.
Credify for All Occasions
The Credify protocol has been defined to support the needs of all people and organisations seeking credibility through a special witness and dispute resolution extension. This enables credification on platforms like Craigslist or Avito, where traditionally it has been hard to verify counterparty reputation.
Our team consists of a core group of business and technical professionals with solid track records and proven ability to execute.
Co-founder & CEO
Co-founder & COO
Head of Research
Quantcast Co-founder; Founder Subscale Labs
Business Planning & Sr. Product Manager at Rakuten
Have questions? Write us and we’ll get back to you shortly.