Credify is a completely new approach to universal counterparty credibility. Credify meaningfully enhances the relationships between consumers, producers and the ecosystems in which they connect, fosters transparency through fair and meritocratic credibility metrics, ultimately realising elevation of overall reputation and service quality to the benefit of all.
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. Credify’s counterparty reputation protocol and service provides a real-world solution to these issues with a novel and groundbreaking approach.
Without strongly verified identification it would be impossible to determine entity intent or connect them with counterparties they seek to lend credibility to. To achieve this, Credify implements an 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 DID & OAuth 2.0 standards-compliant services such as Bloom, Civic, Gem, LinkedIn, Facebook, and Line to compose a strong indicator of protocol participant identity.
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 these connections.
Entities with a proven history of engagement can vouch for the credibility of their previous counterparties by utilising our staking token. This activity is incentivised by a system that rewards vouchers for staking on positive outcomes. Conversely, vouchers are disincentivised from backing bad actors by having their stakes slashed or expunged in the event of undesirable outcomes.
If you would like to try out Credify, you need an access code, please feel free to use the link below:
CEO Dallas Johnston, a passionate technologist and seasoned entrepreneur, will articulate Credify’s vision to implement the future of crowd-sourced reputation in a broad spectrum of applications, including the $2.3T e-commerce and $102B microfinance industries. The topic of the presentation will be “Identity and Trust in a Decentralized Age”, and will cover the core concepts relevant to online identity, trust, and how these systems will be fundamentally transformed with blockchain.
Impact HUB Tokyo is proud to be the official venue for the Tokyo FinTech Meetup (TFM). Impact HUB Tokyo is part innovation lab, business incubator and coworking space where a community of (social) entrepreneurs gathers, connects and exchanges knowledge and ideas. As Impact HUB Tokyo, we share the vision and passion with TFM to create a community and movements around FinTech in Tokyo.
Want to know more about us? Check out our website: http://en.hubtokyo.com/