This article was first published on OntologyNetwork - Medium
Get your OScore today!
OScore, the first credit score for the decentralized world built with Ontology’s Decentralized Identity has officially launched. For simplicity, consider OScore an on-chain reputational system that supports cross-chain interaction with verifiable credentials on the Ontology blockchain, hence eliminating third-party verification programs from the process. Once a user authorizes their digital financial data, Ontology’s OScore system automatically generates a quantifiable credit score while ensuring a user’s privacy is fully protected and controlled by themselves.
To begin, your OScore will be available once you log in and have connected your digital wallets and exchanges — this will allow the system to give you a real-time assessment of your OScore. Within the minimal and clean dashboard, users can authenticate assets to maintain a consistent OScore in accordance with their historical holdings, transactions, and current collection of assets.
In the world of Decentralized Finance, or DeFi, a credit-based scoring system that is both transparent and accurate has the potential to revolutionize not just individual users’ interactions amongst each other, but also the sector as a whole.
“…These perks may include things like being able to under-collateralize assets…”
A credit-based system in the DeFi space will bridge services with users by authenticating a certain level of trust so everyone can enjoy dApps, and DeFi projects with an ease of mind. Users with a higher OScore will enjoy positive externalities as a result. These perks may include things like being able to under-collateralize assets, therefore allowing for higher levels of liquidity and a more matrix-like decision tree for users who have consistently upheld their credit score.
“…users can earn WING tokens as rewards for punctually returning borrowed assets or loans…”
In addition, users can earn WING tokens as rewards for punctually returning borrowed assets or loans, as extra WING tokens will be distributed to reinforce positive ...
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OntologyNetwork - Medium