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DeCredit: Building the World’s Leading Credit Oracle to Empower Web3

Place/Date: - February 24th, 2022 at 8:01 pm UTC · 5 min read
Source: DeCredit

DeCredit: Building the World’s Leading Credit Oracle to Empower Web3

Introduction

DeCredit is committed to leading the Web3 ecosystem by introducing off-chain credit data. Credit Oracle of DeCredit is devoted to raising hybrid credit ratings through using credit authentication nodes. By deploying it on the DeFi protocol, those projects can provide differentiated lending limits and interest rates based on on-chain and off-chain credit assessments. DeCredit is actively exploring more application scenarios including Metaverse, Gamefi, and Socialfi and helping them grow. In DeCredit, Web users could benefit from Web2 credit history.

  • The Credit Oracle is the Gateway to Web3

Oracles have emerged as an expansive layer of the Web3 stack, providing off-chain data and services to facilitate smart contract innovation and cross-chain interoperability to help ensure seamless connectivity between different on-chain environments. DeCredit’s Oracle infrastructure is also the gateway to Web3, serving as an abstraction layer for traditional systems to interact with any blockchain. Ultimately, Oracles are the infrastructure that extends the power of decentralized computation and cryptographic guarantees to existing systems, bridging the Web3 and the DeFI ecosystems.

Simply said, Web3 is a decentralized Internet concept that wants to develop an altogether new contracting system and revolutionize the way individuals and institutions reach agreements. Web 3.0 combines the rich, interactive experience of Web 2.0 web applications like social media platforms with the decentralized architecture of Web 1.0, the first version of the Internet, which was replete with user-hosted blogs and RSS feeds, to provide a digital ecosystem where data is user-owned and transactions are backed by cryptographic guarantees. Users may rely on deterministic software logic to implement agreements exactly as planned, rather than needing to trust brand-based paper commitments.

To realize the full potential of Web3 and DeFi ecosystems, smart contracts need to access and interact with data and systems outside of blockchain networks. Oracles are the entities that connect blockchains to real-world data and existing systems, and provide critical infrastructure for establishing a unified, interoperable Web3 ecosystem.

With the development of Cross-Chain Interoperability, DeCredit’s data oracles not only feed financial markets’ data on-chain to power DeFi applications, but they also provide a wide range of secure off-chain computations such as verifiable randomness and decentralized execution to enable dynamic NFTs and Web3 applications. DeCredit will help enable the fast-growing ecosystem of different blockchains and Web3 scaling solutions to securely communicate with one another. Web3 has recently burst into the mainstream consciousness, with industry leaders across the traditional tech sector and blockchain ecosystem weighing in with a wide range of perspectives on the past and future of the Internet cross-chain oracle aggregator that provides smart contracts with access to economically secure data feeds on anything. With this new structure, the proponents of Web3 hope to create a fairer, more open version of the Internet where parties can interact and transact directly. Currently, Web3 applications that leverage the three foundational technologies — blockchains, smart contracts, and decentralized oracle networks—are already unlocking use cases that are redefining sectors as diverse as real estate, social media, finance, and gaming, and are set to have a transformational impact well beyond these domains.

  • DeCredit will Explore More Possibilities on Web3

As well as building Credit Oracle, DeCredit’s team is working on integrating it into more application scenarios. With this in mind, the team has launched OpenDeFi, and GameFi (MetaLine) is in the works.

OpenDeFi was already deployed on BSC a few months ago. Access Credit Oracle allows OpenDeFi to grant users higher credit lines and increase liquidity. The smooth operation of the OpenDeFi is the beginning of the landing of the Credit Oracle in the blockchain ecosystem, laying a solid foundation for future development. Another Dapp, MetaLine, is a GameFi with Credit Oracle to help users participate in games at a very low cost. MetaLine is expected to launch in the second quarter of 2022.

  • Co-governance Blacklist

DeCredit integrates multiple trusted credit investigation data sources to form a blacklist. All on-chain and off-chain trusted partners are available to provide data to DeCredit, which means that DeCredit will continue to integrate the default behavior on-chain and off-chain to enrich the blacklist. Eventually, DeCredit will build the world’s largest co-governance blacklist.

Global Credit Oracle

DeCredit will access globally trusted credit nodes, deploy differentiated credit algorithms, and form a credit oracle network.

To lay out the global market, DeCredit credit investigation Oracles are carried out in a coordinated regional manner, with Oracle services in the US, the EU, China, and Japan, respectively. To promote the development of the Oracle service ecosystem, DeCredit has dedicated 10% of its total tokens to supporting the construction of Oracle services around the world. Along with the maturity of Oracle Credit machines in some regions, DeCredit will explore the construction of a global aggregated Oracle Credit machine and upgrade the credit-scoring algorithm to make it applicable to a globally integrated credit product and the Oracle governance mechanism (read the whitepaper for more details).

Closing Thoughts

DeCredit is committed to provide  world class oracle providers for the both Web3 and DeFi ecosystem. Oracles extend the capabilities of blockchain networks by providing access to all the external resources required to harness useful and advanced hybrid smart contract use cases beyond simple tokenization. DeCredit uses credit authentication nodes and decentralized oracles to provide different lending limits and interest rates to customers, using a combination of on-chain and off-chain credit assessments. For many, this will make securing a loan even more accessible, as you do not have to lose control over your assets to obtain the loan, drastically expanding the potentials of the decentralized lending market. Through the novel use of the DeCredit Scoring System (DSC), a predetermined algorithm will be able to assess the potential credit risk of a user, calculating an accurate credit score that reflects the creditworthiness of any particular user worldwide. In the future, DeCredit team hopes any project in the blockchain ecosystem can use credit oracle to expand its reach.

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