By
Svetlana Soroka
April 30th, 2024
By safeguarding against AI risks and protecting from potential threats, Creds enable users to harness the full potential of AI while ensuring responsible and ethical practices.
cheqd, a pioneering start-up dedicated to fostering a trusted data economy and the Web 3.0 world, has recently unveiled its latest innovation dubbed Creds. Per a press release shared with Coinspeaker, this groundbreaking solution aims to revolutionize the way digital credentials are issued, stored, and shared, ultimately providing users with a portable reputation.
It also aims to address the critical need for privacy and security in the face of Artificial Intelligence (AI) emergence.
In today’s digital age, the utilization of AI has become increasingly prevalent across various industries. While AI offers immense opportunities and benefits, it also poses several risks, especially in terms of data privacy and security. Recognizing this pressing concern, cheqd has developed Creds as a cutting-edge answer to foster trust and safeguard against potential AI-related threats.
Creds to Protect against Generative AI in Web 3.0
Creds serves as a private and secure platform that fundamentally transforms how trust is built and maintained in the realm of AI. By leveraging advanced cryptographic techniques and decentralized technologies, Creds provides individuals and organizations with a robust and reliable solution to protect their sensitive data from unauthorized access and exploitation.
With Creds, users can regain control over their personal information, ensuring their privacy is upheld, thereby reducing the risk of identity fraud and enhancing overall security.
Additionally, Creds provides an extra reputation layer for companies that utilize gamification mechanics to enhance community engagement. According to cheqd’s head of Marketing & Community Eduardo Hotta, its solution will drive real engagement and create unique trust systems as “it’s preferable to have a smaller number of real active community members, or superfans, than to have a group with thousands of bots”.
By safeguarding against AI risks and protecting from potential threats, Creds enable users to harness the full potential of AI while ensuring responsible and ethical practices. Through initiatives like Creds, cheqd continues to pave the way for a transformative global financial system. Notably, cheqd kicked off the launch of Creds and its verifiable credentials by giving out creds to attendees at the Nebular Submit where it announced the launch.
Startups Secure Funding to Provide Security Solutions for Web 3.0
Undoubtedly security is one of the major challenges being faced in the digital ecosystem. To solve this menace, venture capitalists are getting increasingly supportive of artificial intelligence-backed crypto startups that provide security solutions.
Recently, Olympic, a Web 3.0 security provider, raised $4.3 million in seed funds. The firm is now in a private alpha testing phase for its static analyzer that helps developers identify vulnerabilities and potential loopholes in their code.
Similarly, Mind Network, a startup dedicated to advancing data security and privacy within the Web 3.0 ecosystem secured $2.5 million in funding from heavyweights including Binance Labs amongst other notable investors. Using principles like Zero Trust Security, the platform provides cutting-edge encryption technology that grants users total control over their personal data, financial transactions, and user interactions.