This article was first published on OntologyNetwork - Medium
OScore is a self-sovereign credit evaluation system based on user data stored on the Ontology blockchain. With full integration of ONT ID, Ontology’s decentralized identity framework, OScore supports cross-chain interaction and verifiable credentials, connecting user identities with personal accounts on the Ontology blockchain, eliminating third parties from the process. Once a user authorizes their financial data, Ontology’s OScore system generates a quantifiable credit score, while ensuring the user’s privacy is fully protected.
OScore gives users full control over their digital assets and contracts addresses through a mechanism that gives them full autonomy regarding who has access to their data. Users are permitted to bind their digital assets or contract addresses to their ONT ID, and subsequently unbind them whenever they wish to do so. It is entirely up to the user to authorize third-party access to their data. Data used in OScore calculations includes the user’s digital asset balance, historical holding records, transaction records, records dApp usage.
OScore is an independent on-chain reputation system, generated by specific onchain user data that is not associated with their off-chain identities. In this way, OScore protects the user’s privacy and supports full anonymity.
In the financial sector, a huge chasm remains in the data collaboration between both the off-chain and on-chain worlds. For most blockchain users, on-chain assets and actions constitute a significant aspect of their financial profile. However, most credit-related scenarios in the world today still require the user’s off-chain information to be reliable, without taking into account that their onchain data could also give insight into their credit history.
OScore seeks to bridge the gap between users and DeFi services, allowing users to enjoy the DeFi projects, dApps and blockchain platforms suited to their needs. Users can manage their on-chain credit data at their will, and if they have a positive credit history, ...
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OntologyNetwork - Medium