First CreDA AMA (review)

8 min readMar 13, 2022

You asked questions, we answered them. Here we present more thorough responses to your questions (including some we didn’t get to in time). If you have any more questions, be sure to post them in the comments or join us over in Discord.


We had a great first AMA with CreDA’s leaders, including CEO, Fakhul Miah; CMO, Jamie Read; and Community Admin Lead, Nenchy. We had over 30 questions posed by the community and have done our best to collect and answer them all here. Let’s get into it!

Q: What makes CREDA unique in the web 3.0 space?

A: A great question. What makes CreDA unique is the approach we are taking to introduce a trust layer across Web 3.0 so participants can be rewarded for demonstrating good behavior. We are also firm believers in the original use case for DeFi, to help the unbanked access the financial system. In terms of how CreDA is positioned now, our Oracle is already up-and-running, and training based on our proprietary credit scoring model. It is designed so that our data can be segmented and customized to support any number of applications which opens up many partnership possibilities.

Q: What is your short — mid term plan to attract users on day one?

A: Our first priority is to continue expanding our community. To help this along, we have announced a new community incentive program called AmbassaBirds. Be sure to check it out and participate to win monthly drops of $CREDA.

Q: Will there be some cross chain lending / borrowing? (Lend on Arbitrum and borrow on ESC for example.)

A: CreDA will not directly offer cross-chain lending but we do expect our partners to offer it. This is achievable because CreDA’s Crypto Credit Scores are interoperable across chains.

Q: What do you see as being the biggest challenges or hurdles in getting CreDA adoption and buy-in on a mass (platform/organizational) level?

A: There is a lot of mistrust in the DeFi and Web3 space in general. While we are trying to solve this, we are also challenged by people trusting us to be honorable in our mission. We realize that by collecting people’s data and affixing a score, many people who value their anonymity are skeptical. But through our DID technology, we can provide Crypto Credit Scores while allowing people to remain anonymous. However, it is a big challenge to explain the technology given the crypto space is already difficult to understand for many. We have a Medium post coming up that will help explain how we use DID and cNFT technology to provide security and anonymity while ensuring trust.

Q: What is the next “man that’s awesome” thing we can hope to hear about CreDA?

A: We are in the preliminary stages of building out a really ambitious purpose program for CreDA to bring to life our vision of giving credit where it’s due to the nearly 2 billion unbanked. We’re calling it Credit4Good and we’re already in discussion with an interesting microlending platform based in India that serves rural farmers. We’re also connected to the World Bank through our advisor William Zhang and so we hope to eventually provide a truly groundbreaking solution for helping people everywhere access capital and build a credit profile.

Q: Will I be able to use my fully passport KYC’d Elastos DID on CreDA this year? I have the temporary, CreDA-assigned one now and would love to start unifying my data.

A: Great question and this is certainly something that we planned to support from day one, which is why the local CreDA assigned DID uses the same EID code. Without overpromising and underdelivering, we expect to support the binding of multiple DIDs for users later this year.

Q: When will CreDA be coming to Elastos (ESC)?🤷‍♂️🤣

A: 🙂 the most frequent question we receive!

We are pleased to say that CreDA is coming home to ESC!

We have already deployed the Credit Oracle on ESC. The cNFT, mining and farming contracts are being deployed in the coming week. The dev team needs to perform extensive testing as you can imagine but we hope to be live in March! THANK YOU everyone for your patience and support.

Q: How is the compute for generating a score built, could it be manipulated?

A: Great question. We have another Medium article that helps provide details on this, but generally, we break the score into quantifiable parts that relate to

  1. Asset Score: on-chain assets, their volatility, and their diversity.
  2. Activity Score: User’s activity on the chain transactions corresponding to the user’s behavioral preference.
  3. Risk Score: how likely are you to pay back loans, mining preferences, liquidated history, etc. and
  4. Credit History: have you defaulted before? Are you a lender, etc.

Each of these in isolation aren’t valuable enough to impact a score. So you can’t create new wallets and try to erase one aspect without negatively impacting the other aspects.

Q: Why are CreDA team members anonymous? How can we ensure that this project isn’t a scam?

A: The CreDA team is not anonymous. You can check the About Us section on our website.

Q: Is it possible for you to share your tokenomics with us? What is the total supply of your tokens and how many are in circulation? Is there going to be a token burn or a buyback scheme in the future?

A: You can find specifics about CreDA tokenomics in CreDA’s whitepaper. The current circulating supply of CREDA token is 766,128 CREDA out of a total supply of 100,000,000.

Q: Can you share some of your key partners and potential future partnerships?

A: Some recent partners we’ve just announced are Project Galaxy and CyberConnect, which are helping us train our model to include social graph data. We also partnered with Elacity and FilDA, which preludes some other great partnerships that are being finalized with metaverse company DigiNation and Indian micro-lending organization, Agrevolution.

Q: I learnt that Fakhul Miah is the founders of CreDA. How was the idea for the project conceived and can you explain the recently launched NFT minting system work and benefits for users?

A: The concept of CreDA was conceived back in 2018 but the development of the protocol did not begin until the end of 2020. The cNFT minting system allows a user to mint their Credit Score onto an NFT, which can we used across CreDA and partner platforms to access a range of benefits. You can find more information on Medium or a deeper dive in our whitepaper or on GitBook.

Q: Can we have more detailed information on the CreDA token?

A. The best place to get detailed information on $CREDA and our tokenomics is in our whitepaper.

Q: I know much is planned, but what three things excite you the most about CreDA?

A: Great question. Here are three things but depending on who you ask, there are limitless opportunities for CreDA and they are all exciting :)

  1. Expanding interoperability of CreDA’s Crypto Credit Score across major blockchains, including Binance Smart Chain, Elastos Side Chain and Ethereum Mainnet.
  2. Building out our purpose platform, Credit4Good in alignment with our Vision. We truly want to give credit where credit is due and have brought on technology evangelist, Jon Hargreaves to develop a partnership structure alongside William Zhang from the World Bank and our communications team. We’re just getting started but there is huge potential for CreDA to impact the lives of over 2 billion people who don’t have access to banks or credit.
  3. As our recent name change alludes to (Credit DeFi Alliance → Credit Data Alliance) the Web 3.0 space is evolving fast. CreDA is already building partnerships with metaverse, GameFi and SocialFi platforms who can leverage our Crypto Credit Score and customized data from our Oracle. The opportunity for CreDA is to build the trust architecture that underpins Web 3.0 and ensures all transactions, be it no-collateral loans or trading magic swords, can happen between parties that are trusted and rewarded for good behavior.

Q: What is your vision of the DeFi industry as a whole in the next 5 years; What aspects of DeFi will get disrupted and which aspects will not? How essential would CreDA be in this disruption?

A: That’s a heavy question. So here’s a heavy answer… As Web 3.0 matures, DeFi will become adopted by more people and will be integrated more seamlessly across other applications. Without the need for traditional middlemen, every project, every pixel, every datapoint will be accounted for and therefore will become part of a marketplace ecosystem where each user has the ability to monetize every aspect of their digital lives. However, this risks becoming a hotbed for illicit activity, as the anonymous nature of decentralization also means less accountability. Governments and businesses will try to step in and create regulations. But this will undermine the ultimate goals and inherent value of decentralization. With CreDA, however, those with trusted scores can benefit from less friction in the system because people will be more likely to trade, buy, play and engage. Good behavior will be rewarded and those who behave badly will be left out. This positive reinforcement promises to self-regulate a decentralized ecosystem and allow everyone to thrive in a safe, profitable digital future.

Q: Could you explain some more on the recent partnership with Project Galaxy, off chain data is a great direction too, how are you planning on working together?

A: From its inception, CreDA has imagined itself as a holistic credit agency that links on and off-chain data to create a universal score that can benefit users whether they are buying a car or an NFT. Our recent collaboration with Project Galaxy and CyberConnect are examples of how off-chain and on-chain social data can be incorporated into people’s scores so that users can benefit from being connected with trusted individuals. We want to be clear, this is not a social credit system. Users can opt to include this data or any data into their score. However, for those who choose to share their social graph, they can benefit from better rates and guarantors who can share the risk and therefor the rewards of lending to their peers. Members of Project Galaxy and CyberConnect can automatically be included in these innovative products. Read more about it in recent Medium post.

Q: As we know recently OpenSea, the largest NFT platform, has been hacked… So, how secure is CreDA and how do you ensure that investor data is safe from hackers?

A: Firstly, CreDA takes data security and privacy very seriously. Our goal is to ensure our data is personalized but never personal. With CreDA, our data comes from all historical transactions on the blockchain, meaning it is publicly available. Our CreDA Oracle is designed to model the data to calculate a credit score which gives the user instant access to better opportunities for loans, lending and other financial activities. This data is fully protected, secured by industry leading, W3C compliant DIDs. We frequently host bug bounties and out technology is audited regularly, most recently by industry leading security firm, CertiK.

Official Links to CreDA resources:

Website | dApp | Discord | Telegram (EN) | Telegram (CN) | Twitter | Reddit | Medium | Gitbook | LinkedIn | Whitepaper | Coingecko | Coinmarketcap |Ambassabirds | Terms & Conditions |




CreDA is the world’s first decentralized credit rating service based on users’ on-chain data