cheqd Launches Creds Creator Studio: Create Verifiable Credentials to Increase Community Trust and Engagement
cheqd Launches Creds Creator Studio: Create Verifiable Credentials to Increase Community Trust and Engagement
CHEQD cheqd Launches Creds Creator Studio: Create Verifiable Credentials to Increase Community Trust and Engagement The issuer is solely responsible for the content of this announcement.
NEWS RELEASE BY CHEQD Lisbon, Portugal | November 14, 2023 12:00 PM Eastern Standard Time
cheqd, the startup that enables users and organizations to gain control and portability of their data, has announced the availability of its Creds Creator Studio at the 2023 Web Summit in Lisbon. Kicking off with an initial six launch partners, Creds Creator Studio enables companies to create Verifiable Credentials that build community trust and security, and supercharge their marketing activities. They can do so in an easy and affordable way using Creds’ no-code platform before monetizing those Credentials via cheqd’s payments infrastructure. In the digital age, impersonation and fraud have reached unprecedented levels of harm. Worse still, the proliferation of generative AI technology has given bad actors powerful tools to deceive and manipulate on a mass scale, further eroding trust in digital interactions. Compounding this is a lack of financial incentive to issue Trusted Data or Credentials, leaving a critical gap in the ecosystem. Creds emerges as a solution — it offers a comprehensive vertical suite that not only facilitates the creation of trust but also provides opportunities to monetize it. Building and issuing Credentials through Creds’ user-friendly interface is incredibly straightforward and easy. Organizations simply need to tailor the credential's information and it will be available almost instantly. From logging in to completion typically takes less than two minutes. Creds is integrated with cheqd’s Credential Payments feature, which enables organizations and users to exchange and transact creds. It paves the way for organizations to create new business models within their communities and give users a way to monetize their reputation. Verifiable Credentials: Building Communities, Reputations & Trust Reputation in Web3 platforms is often confined and cannot be transferred to nor recognized by other platforms. Creds, however, breaks this siloed approach, offering the first opportunity for reputation data to be seamlessly ported, combined and shared across various communities and platforms, fostering more interconnected, versatile and trusted ecosystems. Organizations can issue Verifiable Credentials with Creds to create a unique reputation and trust system as well as loyalty programs for their communities that’s completely secure, portable and private. For individuals, Creds can act as verifiers of status or serve as their public profile, providing a way for users (individuals and organizations) to verify they are who they say they are and prove ownership of handles, wallets, roles, skills, and reputations within and beyond their communities. Creds Creator Studio launches with an initial six partners in order to showcase the multitude of Web3 use cases that are uniquely enabled by Creds:
By providing organizations with a simple way to quickly create Credentials, cheqd is fostering the creation of the Trusted Data Markets needed to facilitate widespread adoption of SSI. With Trusted Data Markets, cheqd provides a strong incentive for users to issue verifiable Credentials while motivating organizations to return the control of data to individuals. Research by cheqd shows that the global value of the SSI market may reach as much as $0.55 trillion by 2026. By offering its industry-first Credential Payments that allow owners of verifiable data to retain full privacy, cheqd sets itself apart from other identity networks. The next step for Creds is to enter more traditional markets such as gaming, loyalty, and entertainment, where the demand for Verifiable Credentials already exists. Creds emphasizes the importance of trust as a key asset for organizations, advocating for its development and sustainability. The focus of Creds is on enhancing community relations and promoting a culture of trust and integrity.
About cheqd cheqd (cheqd.io) is a privacy-preserving payment and credential network that allows users and organisations to gain control and portability of their data. cheqd builds upon Decentralised Identity (DID), Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) with payment infrastructure to create Trusted Data markets as an entirely new industry category. With its technology, cheqd is creating a new paradigm around Trusted Data economies such as re-usable KYC in Web3, preference data markets, and others where the user is at the centre. It empowers consumers and businesses with full ownership, portability, and control over their data and identities. In addition, this data can be transacted within a payment network that prioritises individual privacy and market-first principles. The scale of distribution is unmatched as cheqd engages with organisations across Lending, Supply Chain, eCommerce, Education, Manufacturing, Gaming, and other sectors. cheqd also features a decentralised reputation platform (creds.xyz) to incentivise and engage Web3 communities through quest or learning credentials, as well as protect users from fraud and scamming across Discord, Telegram and beyond.
Contact Details
Avishay Litani
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