So we’re super excited to announce that we are partnering with Project Galaxy. But we know our community may be wondering how exactly the relationship will work.
Here are 5 questions and answers to satiate your curiosity.
What is Project Galaxy?
Project Galaxy is the largest Web3 credential data network in the world and is designed to help Web3 developers and projects to leverage credential data to build better products and communities.
According to Project Galaxy, credentials are essentially a user’s behavioral data linked to their identity, whether in Web2 or Web3. Traditionally, companies like Google and Facebook run algorithms on your credentials so that they can send you targeted ads. In Web3, a user’s behavioral data will be even more quantifiable and so will provide the necessary infrastructure to help new users to build digital credentials that will support more customized products and services.
What is the partnership about?
The partnership is mutually beneficial for Galaxy and CreDA since Galaxy NFT holders will be able to access more DeFi functionalities on CreDA. For CreDA users, their credit rating can be increased if they allow their off-chain data to be collected and stored on the Galaxy platform.
Why are Project Galaxy and CreDA interested in collaborating?
Through collaborating with CreDA, Galaxy NFT holders will be able to join in CreDA’s cNetwork and thus be able to use the credit loan functionality, which brings new investment opportunities for the Project Galaxy community.
It’s also a great use case for Galaxy’s data.
For CreDA, Galaxy’s Web2 Credentials data, also known as off-chain data, is useful for training CreDA’s Credit Oracle, which is designed to eventually take into account off-chain social data when calculating a holistic Crypto Credit Score. This is a great first step in CreDA’s goal of combining the traditional off-chain data sources that are used in standard credit scores with the on-chain data that is currently being used to calculate the CreDA score.
The partnership will also look to integrate the Galaxy NFT in parallel with CreDA’s credit NFT on the CreDA platform, jointly developing and improving CreDA’s native cNFT model.
For more details on our Credit Oracle and plans for incorporating unique datasets into our Crypto Credit Score, check out our whitepaper.
Why should people care?
CreDA aims to launch the CreDA protocol on BSC and Ethereum in the near future. Partnering with popular projects on Ethereum like Galaxy will help to expand the CreDA community and introduce Ethereum users to the CreDA community. This will help ensure more universal access to Crypto Credit Scores across Web3.
For CreDA users, as of now, their off-chain data can’t benefit their credit rating on the CreDA platform. Through the partnership, CreDA’s Credit Oracle will begin incorporating the Galaxy data into the credit scoring calculation model so that personal off-chain social data can positively impact a person’s score.
How is this different from last week’s announced social data partnership with CyberConnect?
As far as we’re concerned, you can never have too many good friends!
When taken into consideration with last-week’s announcement, the partnership with Project Galaxy provides the CreDA Oracle with the off-chain social graph data that, when added to CyberConnect’s 400,000 on-chain users’ data, will provide a holistic understanding of people’s behavior and peer networks.
Through the combined partnerships, users will gain new opportunities to build an instant guarantor network as part of CreDA’s cNetwork, which allows people with strong Crypto Credit Scores to essentially lend their credibility to peers who seek better rates. The partnerships will immediately expand CreDA’s cNetwork and give Galaxy and CyberConnect users access to low or no-collateral loans.
Have more questions? Then join us for our first AMA with our CEO Fakhul Miah on February 24.
With our Crypto Credit Score, we are building out a suite of unique and powerful financial tools that are unparalleled in the DeFi ecosystem, such as non-collateralized and leveraged lending, preferred mining and farming yields and now peer lending and guarantor support.