Trust is the cornerstone of human society and the lifeline of the digital economy. In the Web2 era, centralized platforms established a monopolistic user credit system through the accumulation and analysis of massive data, which also brought a series of problems. With the awakening of data sovereignty awareness, there is a need to build a user credit system based on Web3. INTO, as a pioneer in Web3 social networking and identity authentication, is reshaping the Web3 credit infrastructure through deep cooperation with industry partners like OpenCred. This new credit system not only respects users’ data sovereignty but also provides a reliable basis for digital economic activities.
Web3 Credit: Beyond Centralized Identity, Building a Trustworthy Society
In the era of the digital economy, credit serves as a fundamental component that drives development across finance, commerce, and social sectors.For individuals, credit records our economic capacity and social reputation; for enterprises, credit determines market position and development prospects; and for society as a whole, credit serves as the cornerstone of economic activities and the bond of trust. It can be said that whoever controls credit data holds the future of the digital economy.
However, traditional credit systems often rely on centralized identity verification and complex guarantee relationships, which are susceptible to challenges such as forgery and high costs. With the development of blockchain technology, people are beginning to explore how to construct a trustworthy Web3 credit system in a decentralized manner.
In the paper “Decentralized Society: Seeking the Soul of Web3”, Vitalik and others proposed the use of “soulbound” tokens (SBT) to realize the on-chain trust network of the real economy. However, this approach still relies on complex authentication systems, lacks unified Web3 standards to measure the value of credit endorsements, and faces challenges such as identity fraud and high verification costs.
In the Web2 era, user credit data was predominantly controlled by a limited number of centralized platforms. Through the collection and analysis of massive user behavioral data, these platforms established a comprehensive, self-contained credit evaluation model. This model once became the infrastructure of the digital economy, providing important bases for various financial businesses and commercial decisions. This centralized credit data governance model has exposed many problems. Firstly, there is the issue of privacy security, where users are at risk of digital vulnerability while using credit services. Secondly, there is the issue of data monopolization, where platforms utilize their information asymmetry advantage to implement “algorithmic discrimination”, differential pricing, and marketing, harming consumer interests. Thirdly, there is the issue of value distribution, where platforms use free services to extract users’ attention and behavioral data, converting them into monopoly profits and capital premiums.
Clearly, this “platform-centric, user-peripheral” credit governance model deviates from the values of decentralization and democratization championed by Web3. It not only infringes on user data sovereignty and obstructs the rational distribution of data value, but also restricts the vitality of industrial innovation. The Web3 era calls for a new credit infrastructure, one that truly protects privacy, empowers individuals, and incentivizes innovation.
This is where INTO’s initiative to build a Web3 credit system originates. INTO understands that to truly achieve this vision, it must rely on advanced technical protocols and multi-party cooperation. The emergence of the OpenCred protocol provides crucial support for INTO. OpenCred is an open protocol for decentralized identity and credit, aiming to map real-world trust networks onto the blockchain, convert on-chain behaviors into credit value, and provide underlying technology and economic models for Web3-native credit systems.
The deep integration of INTO and OpenCred is reshaping credit infrastructure in multiple dimensions such as user-centricity, privacy protection, and value feedback. In this new credit system, users can obtain trusted credit endorsements and value returns through on-chain behaviors while protecting their privacy. This not only makes everyone the master of their own credit, but also provides strong incentives for honest behavior, ushering in a new era of marketized allocation of data elements.
Open, evolving credit data value network
INTO, together with OpenCred, is building a brand-new Web3 native credit system. This system, distinct from traditional centralized credit management models, is an open, evolving, and multi-party participation credit data value network. Its core essence lies in achieving universal circulation and maximization of credit data value through protecting privacy, encouraging multi-party participation, breaking down data silos, and incentivizing value creation.
Specifically, the credit system innovation by INTO and OpenCred is manifested in several aspects. Firstly, OpenCred employs cryptographic techniques such as zero-knowledge proofs to achieve on-chain privacy protection of credit data. In the OpenCred system, users’ original credit data is not directly uploaded to the chain but is encrypted to generate an “identity proof” for identity verification without exposing privacy, providing a solid foundation for privacy protection in the INTO credit system.
Secondly, OpenCred utilizes blockchain distributed ledgers and consensus mechanisms to ensure the authenticity and tamper resistance of credit data. By recording verified credit data on the blockchain and encoding data ownership, usage rights, and supervision rights into smart contracts, the OpenCred mechanism ensures the fairness and transparency of credit data governance. This approach lays a solid foundation for INTO’s decentralized credit system.
Furthermore, OpenCred is committed to breaking down data silos and promoting cross-domain circulation of credit data. OpenCred has designed a set of cross-chain data protocols based on privacy protection, allowing credit data dispersed among various parties to be securely shared with user authorization, ultimately converging into multidimensional credit profiles. This will significantly enhance the breadth and accuracy of INTO’s credit assessment. The more comprehensive the attributes, the more complete the identity.
Most importantly, OpenCred has designed sophisticated token incentive mechanisms for the contribution and use of credit data. In the OpenCred system, any behavior contributing to credit data, such as providing data or participating in governance, can receive corresponding token rewards. These tokens such as OPC not only have economic value but also represent recognition of ecological contributions. Through the design of “contribution is mining,” OpenCred effectively mobilizes the enthusiasm of all parties to participate, injecting a continuous stream of endogenous power into the INTO credit system.
In summary, the Web3 credit system jointly created by INTO and OpenCred is a completely new paradigm that overturns traditional credit management logic. Through systematic innovation in privacy protection, value feedback, free circulation, open evolution, and other dimensions, it has built a credit data value network that is clear in rights and responsibilities, shares benefits, and continues to evolve. This network is poised to become a crucial component of the Internet’s trust infrastructure, offering efficient and reliable data services to support the development of a decentralized society. It opens up new possibilities for credit consumption and inclusive finance, broadening access and opportunities across various sectors.
Integrating Technology and Values: INTO and OpenCred Embark on the Future Journey of Web3 Credit System
The deep integration of INTO and OpenCred has provided valuable practices for the construction of Web3 credit infrastructure. INTO adopts the OpenCred protocol as the underlying technological support and accelerates the implementation of the Web3 trusted credit system through an integrated innovation path of “technology + mechanism + ecosystem”.
In terms of technology, INTO fully leverages OpenCred’s advanced algorithms in privacy protection, including zero-knowledge proofs and homomorphic encryption, to maximize the protection of user privacy. Meanwhile, INTO has undertaken extensive explorations in the fields of identity and credit, including distributed identity, reputation systems, and cross-chain protocols. These initiatives further enrich the OpenCred technology protocol stack, enhancing both the performance and functionality of the credit infrastructure.
In terms of mechanism, INTO refers to the excellent design of token incentives in OpenCred and builds a scientific incentive mechanism for the contribution and utilization of credit data. By scoring user on-chain behaviors on the INTO platform, such as socializing, content creation, and transactions, INTO guides and encourages active user participation, creating a virtuous cycle. Furthermore, INTO innovatively introduces the concept of personal credit mining, allowing users’ honest behaviors to continuously generate credit value and economic returns.
In terms of the ecosystem, INTO is building an open and diverse credit service marketplace. By opening up data and API interfaces, INTO will attract more developers and institutions to develop various innovative applications based on the INTO credit system, including but not limited to social, e-commerce, gaming, and other fields. INTO will also actively integrate industry resources and collaborate with financial institutions, merchants and other stakeholders to explore commercialization paths for credit data services and build a sustainable business ecosystem.
The collaborative innovation between INTO and OpenCred has shown us a successful paradigm for building Web3 credit infrastructure. The core of this paradigm lies in putting users at the center and respecting data sovereignty; adhering to systematic innovation, systematically layouting in technology, economy, and society; and adhering to an open ecosystem, leveraging the advantages of all parties and aggregating industry forces. Only by practicing this paradigm can we truly build a credit infrastructure where everyone participates and benefits.
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About INTOverse
INTO is a pioneering Web3 social protocol, leveraging blockchain and AI technology. It offers features such as crypto wallets, SocialFi, the SoulBound Token (SBT), AI tools, and more. INTO’s mission is to create a globalized Web3 social network, fostering an open, free, engaging, compatible, and secure communication environment for users worldwide.
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