Kriptoks

CreDA (Credit DeFi Alliance) is a groundbreaking decentralized credit rating service that aims to connect the traditional financial system with the on-chain to establish a universal credit score for the emerging Web3.0 ecosystem. It intends to provide a trustworthy and secure Crypto Credit Score by utilizing blockchain's traceability and immutability capabilities to establish a reliable credit scoring system that has existed in the traditional finance industry for centuries.

CreDA takes DeFi to the next level by minimizing exposure to risks for financial institutions and platforms, both on-chain and off-chain. This unique approach allows for non-collateralized loans, which provides lenders with a low-risk opportunity to transact. This revolutionary platform expands and differentiates services, making them available to a broader audience.

CreDA provides DeFi platforms that use its protocol with numerous benefits such as modeling counterparty risks, effective risk management, offering bespoke rates based on user credit scores, increasing asset utilization resulting in additional income, and user credit profiling that enables targeted marketing and incentive programs.

The CreDA protocol utilizes all the historical crypto transactions across multiple blockchains to calculate a credit score, which grants users access to better rates for loans, lending, and other financial activities. This data is highly protected, secured by the industry-leading, W3C compliant Decentralized Identifier protocol (DID), and regularly audited to ensure maximum security.

Built on Ethereum Layer 2, the CreDA Oracle uses artificial intelligence (AI) to leverage blockchain's transparency and immutability to assess activities across various chains, including Arbitrum, Binance Smart Chain (BSC), Polkadot, Polygon, Huobi ECO Chain (HECO), and Elastos Sidechain (ESC). A user's unique credit score is then minted as a credit NFT that serves as their passport across Web 3.0. The CREDA token powers the CreDA ecosystem by allowing users to upgrade their cNFT and acts as the fee currency for third parties to access CreDA's Credit Oracle Service.

The CreDA protocol intends to minimize risk for existing and emerging platforms, enabling access to capital by reducing the need for significant amounts of collateral while opening up DeFi to billions of people worldwide without access to traditional banking.