A new entrant into the non-fungible token (NFT) marketplace sector has seen its price and market cap explode this week. The OpenSea rival LooksRare launched on January 10th, and the project’s native asset LOOKS has already surged in price by nearly 55%. The token, which was listed by the exchange OKEx on Wednesday, is currently […]

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Solana could take away some of Ethereum's market share and become "the Visa" of the crypto world, Shah said.

Opensea now boasts over 1 million active user wallets on the platform as we can see further in our latest cryptocurrency news. The non-fungible token marketplace platform OpenSea now boasts over 1 million active user wallets and continues to grow and impress during the new year with the adoption and trading metrics are also increasing […]

Dubai, UAE, 14th January, 2022, Nitro League continues to push forward on the quest to make virtual racing enticing to

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Process simplified-Create NFT for your digital assets In early 2018, CryptoKitties, an innovation-driven product, became one of the first NFT projects to grab the attention of the crypto community. This original game was developed using a non-fungible token. Any NFT is a non-interchangeable unit of data. The new game became very popular in a short […]

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New York, NY, Jan 14, 2022 - (ACN Newswire) - CreDA (Credit DeFi Alliance), the leading decentralized credit rating service and FilDA, the largest ever DeFi lending platform on HECO with a peak TVL of over US$2 billion, have partnered to offer exclusive lending rates to CreDA users. Users who mint their Crypto Credit Score as a Credit NFT (cNFT) will have access to leveraged lending and low or no-collateral loans directly within the CreDA platform.

The partnership comes only a few months after CreDA officially launched its platform and demonstrates the value Crypto Credit Scores can have by removing many of the barriers in traditional banking and the DeFi space. According to Bank of America, over 200 million users are now part of the digital asset universe, yet very few financial institutions would provide them with a loan. Even within the DeFi space, lenders operate in an over-collateralized manner with typical loan-to-value (LTV) ratios below 50 per cent.

Modeled after traditional consumer credit agencies, CreDA introduces the concept of personal credit scores into the $250 billion decentralized finance (DeFi) ecosystem.

Leveraging existing blockchain infrastructure, CreDA provides a trust architecture for the relatively young and volatile MetaFi ecosystem that includes emerging areas such as DeFi, GameFi and SocialFi.

"While our core business is focused on supporting the overall ecosystem through trusted and verifiable credit scoring, ours is a new concept for this space. By partnering with FilDA we hope to demonstrate the value and viability of the CreDA Credit Score to reward both users and lending institutions by brokering more transparent and trusted relationships," explains Fakhul Miah, incoming Chief Executive Officer. "We like to say that we're finally giving credit where credit is due."

How to get leveraged, low or no-collateral loans

CreDA allows users to link their wallets, mint a credit NFT (cNFT) and borrow at industry-defying rates, all from within the same platform.

CreDA provides on-chain credit ratings using the CreDA Oracle, which employs artificial intelligence (AI) to examine the user's assets, historical transactions and behavior in the crypto space across multiple blockchains. This data is used to calculate a credit score that is then minted into a secure non-fungible token called a credit NFT (cNFT). The cNFT enables the user to unlock preferential rates and incentives.

The FilDA partnership lets users access leveraged lending and low or even no-collateral loans based on the users Crypto Credit Score. The score represents a user's ability and willingness to pay back loans, de-risking Filda's exposure and rewarding the user for good on-chain behavior.

One major focus for CreDA is ensuring a safe and secure experience for users. To do this, data is fully protected, secured by industry leading, W3C compliant Decentralized Identifications (DIDs), which are linked to a user's cNFT. CreDA recently underwent a strict security audit with leading blockchain security group, CertiK.

About CreDA

Built on the Ethereum Layer 2 network, CreDA operates on Arbitrum with developers aiming to launch across multiple chains including, BSC (Binance Smart Chain), Ethereum mainnet and ESC (Elastos Sidechain) in Q1 of 2022 with more to follow throughout the year.

CreDA's Credit Oracle has already retrieved the data of billions of on-chain activities related to more than 90 million addresses across the largest blockchains. This large initial data pool helps to build a reliable and trusted credit model that will continue improving as more data is collected from additional chains and users who connect and mint their credit scores. The CreDA protocol is designed to compute a user's Crypto Credit Score while protecting their identity through the use of a DID, which does away with KYC (know your customer) checks.

The aim for the CreDA protocol is to eventually combine traditional (off-chain) and blockchain (on-chain) data to compute a holistic user credit score that allows for more flexibility and access between people's virtual and 'real world' lives. This will become even more relevant as technology advances and society continues to embrace virtual spaces, such as the Metaverse.

"As Benjamin Franklin once said, 'If you want to know the value of money, try borrowing some!' said Cassie Zhang, Chief Operating Officer during CreDA's launch in late 2021.

"The DeFi landscape is quickly evolving, but there is still one factor that is missing -- credibility. The CreDA protocol enables DeFi and other Web 3 platforms to model risk profiles across their user base and offer personalized rates and services, making them more competitive versus industry peers."

Social Links
Twitter: https://twitter.com/credafinance
LinkedIn: https://www.linkedin.com/company/creda-finance
Discord: https://discord.com/invite/eSvTm6a6kb

Media Contact
CreDA (Credit DeFi Alliance)
E-mail: [email protected]
Website: www.creda.app

SOURCE: CreDA

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com

Phanta Bears is an algorithmically-generated collection of 10,000 colorful bears on the Ethereum blockchain.  Nowadays, non-fungible token (NFT) collections can rarely compete with aesthetics alone as collectors’ tastes for virtual assets continue to evolve. Exclusive perks, benefits, and a dose of a celebrity’s star power are now the main elements that usually push collections to impressive […]

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NFT stands for Non-Fungible Token – Non-Fungible meaning unique, and token meaning record of ownership stored on a blockchain. Put together, an NFT is a record of ownership of a unique item that’s stored on a blockchain. While NFTs had their start in generative art, their use cases have expanded to include other digital items like metaverse land, blockchain game characters, and music. Further, a process called tokenization allows the ownership of physical items to be encoded into blockchains, expanding NFT use cases even further to include things like merchandise, real estate, and physical art. Data stored on blockchains is immutable and transparent – immutable meaning tamper-resistant, and transparent meaning visible and verifiable by all. Because NFTs exist on the blockchain, they cannot be deleted, and their existence is publicly verifiable. This makes NFTs ideal for ownership rights management and securely storing important records. Their applications are limited only by the human imagination. The logic behind NFTs – their creation, how they are transferred between people, and their utility – is managed by smart contracts, bits of software that enforce digital agreements and run on decentralized networks like Ethereum. Combined with immutability and transparency, smart contracts make NFTs trustless, making it possible for people to transact directly without risk of fraud. Thanks to trustlessness, networks of anonymous individuals can use and transfer NFTs without centralized authorities or middlemen. This makes NFTs fair for all people, and makes self-management of ownership possible, bolstering the freedoms of those without equal access to opportunities and resources. For example, women in certain regions of the Middle East and Africa are not allowed to hold their own birth certificates and passports, making citizenship verification and travel difficult. NFTs stored on a secure and decentralized blockchain could be used as digital passports, empowering these women to control their own citizenship and travel rights. NFTs can be used for other important documents as well, such as IDs and proof of residency. Without documentation, individuals do not have access to financial services. NFTs fill this need by giving people control over their own documentation. Combined with DeFi platforms, networks through which individuals provide financial services to each other, NFTs could allow anyone with a smart device and internet to control their own finances. One DeFi platform that’s trying to make financial services more accessible is Konstellation Network, an ecosystem of several products that aim to offer all the benefits of traditional fintech and more. Konstellation Network is a blockchain protocol that’s creating a global infrastructure for the future of decentralized capital markets. Here’s a look at their products: DarcMatter is an investment platform that gives investors access to tokenized (NFT) versions of alternative investments, which can include items like art, antiques, commodities, and derivatives. VegaX is a digital asset management firm that gives investors access to crypto index strategies, allowing them to diversify by investing in groups of several cryptocurrencies at once. Taebit is a DeFi platform focused on bringing cryptocurrencies to the Korean market through ease of access and usability, including a DEX for liquidity within the Korean market as well Photon Gateways are cross-chain bridges created to make the transfer of assets between several blockchains seamless to open more investment opportunities. A recent NFT-based addition to the Konstellation ecosystem is Squid Squad OG, a game in which NFT holders compete in high-risk, high-reward Rock Paper Scissors. To be eligible to play, players must purchase lottery tickets — the proceeds of which go to a communal prize pool. Squid Squad OGs then face off, the losers being eliminated. Every time 32 players are eliminated, the games will be put to a vote on whether to continue the games or to discontinue. The form to join the Squid Squad OG whitelist is here. Conclusion Since beginning with generative art, NFT technology has come a long way. Today, NFTs have the potential to bolster freedoms worldwide and make financial services accessible to all. Through NFTs and DeFi protocols, the Konstellation Network enables users to create and stake stablecoins for easy payments and passive income; invest in both traditional and alternative markets, and transfer assets between blockchains.

INTERNET CITY, DUBAI, Jan. 12, 2022 – LBank Exchange, a global digital asset trading platform, will list Woonkly Power (WOOP) on January 17, 2022. For all users of LBank Exchange, the WOOP/USDT trading pair will be officially available for trading at 16:00 (UTC+8) on January 17, 2022. NFT (Non-Fungible Token) market has become one of...

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LBank Exchange, a global digital asset trading platform, will list Woonkly Power (WOOP) on January 17, 2022. For all users of LBank Exchange, the WOOP/USDT trading pair will be officially available for trading at 16:00 (UTC+8) on January 17, 2022. NFT (Non-Fungible Token) market has become one of the most successful markets in the crypto […]