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What are digital credentials :
Credentials live in our day-to-day life. An example of on-chain credentials would be the record that you borrowed money from AAVE and Compound but never got liquidated. Your contribution to a protocol’s liquidity pool when it first launched, or your on-chain voting history are all credentials. All of your behavioral data in Web2 counts towards your credentials and companies like Google and Facebook run algorithms on your credentials so that they can send you targeted advertisements.
Credentials are important due to the high use case they provide. Applications can use your credentials to calculate credit scores, find target audiences, reward community contributors, etc. With the advance of Web3 and DAOs, there will be an explosion of behavioral data generated by waves of new users. This will provide the necessary infrastructure to help these new users build digital credentials that will be of paramount importance.
Galxe ID :
With Galxe Credentials, we will be able to build a Web3 DID system that not only gives you a multi-chain identity but also lets others know more about you through your past achievements/credentials. Projects like Cyberconnect, Unipass, and Salad Venture are already utilizing Galxe Credentials within their products and we look forward to exploring this more in the future.
