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What is Credify?
Credify is a completely new approach to universal counterparty credibility. At its core, Credify seeks to reduce counterparty risk in commerce and finance by enabling entities to stake on the reputation or creditworthiness of ecosystem participants, giving rise to a completely new economy of trust. Credify meaningfully enhances the relationships between these participants, fostering transparency through fair and meritocratic credibility metrics through our blockchain based "Proof-of-Trust" protocol, ultimately realising elevation of overall trust to the benefit of all.
Finally, a commerce reputation system that works!
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 Proof-of-Trust protocol and service provides a real-world solution to these issues with a novel and groundbreaking approach to crowd-sourced reputation. Let us tell you how.
How does it work?
- Without strongly verified identification it would be impossible to determine entity intent or accurately assess relationships among counterparties seeking to participate in trust-dependant economies. In answer to this requirement, Credify implements a fully self-sovereign composite 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 financial services grade KYC, DID & OAuth 2.0 standards-compliant sources of identification such as Bloom, Civic, Gem, LinkedIn, Facebook, and Line to compose a strong indicator of protocol participant identity, all the while completely preserving privacy and self-sovereignty over the data associated with participant accounts.
- 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 the legitimacy of inter-entity relationships and results of their engagements, forming a strong basis for the indication of entity trustworthiness.
- Entities with a proven history of engagement can vouch for the credibility of counterparties by utilising our multi-chain digital asset staking protocol. This activity is incentivised by a system that rewards consumers for participating in the determination of outcome success levels, and in the positive case vouchers for "credifying" entity reputation. Conversely, consumers are disincentivised from innacurately reporting engagement outcomes by losing access to rewards and vouchers from backing bad actors by having their stakes slashed or expunged in the event of undesirable outcomes.
The Credify Protocol
CriD (Composite ID)
Composite identification system that aggregates identity sources like KYC verified government issued IDs, Social account services like Facebook, LinkedIn and Line, and DID compliant ID services like Civic, Sovrin and Gems. 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 (Crypographic Digital Asset Wrapper)
A multi-chain cryptographic asset wrapper that is utilised in Credify's stake-based vouching system. The CreD system additionally allows for minting of non-fungible platform specific cryptographic tokens that can be used to represent loyalty points, vouchers or coupons specific to individual or unified marketplace reward programs. Interfacing to broadly accepted token standards on Ethereum and EOS, as well as well-established UTXO protocol assets like Bitcoin and Litecoin, we provide ultimate flexibility to our clients in determining what's at stake.
CreV (Inter-entity Event Registry)
A permissioned, decentralised event system that records economic activity and outcomes between CriD entities on registered platforms.
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—thusly, CreV acts as the oracle of truth to the CreS decision making process.
Blockchain Inclusivity for All Marketplaces
With real value at stake, actively engaging in our network increases the trust of your online transactions as well as the quality of services your valuable user base receives. Private or public, we offer counterparty trust systems in a flexible way that meets your marketplace's particular set of needs.
Building upon a globally scalable micro-services architecture, cost-effective and openly auditable distributed data storage and set of highly secure smart contracts, Credify is offered to marketplaces with the aim to create a rewarding, experience-optimised and rich ecosystem within your platform.
This experience translates to more time spent on your digital property, resulting in higher potential for sales and growth to your bottom line.
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 Mercari, 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
CFO & Interim COO
Head of Research
Head of Legal & Regulatory Affairs
Business Development Partner, SEA
Senior iOS and EOS Smart Contract Engineer
Senior Software Architect
Quantcast Co-founder; Founder Subscale Labs
Business Planning & Sr. Product Manager at Rakuten
Professor, Researcher & Cryptographer
Ex-SVP, Analytic and Forensic Technology, Deloitte; Independant Security Consultant
Have questions? Write us and we’ll get back to you shortly.