Soaring Upward and Onward: CreDA Monthly Report
This month we were building some exciting new applications powered by CreDA, building some new partnerships and further developing our Credit4Good Programme.
Here’s a short and snappy update to wrap up August.
Let’s get into it!
- We’ve been busy building a new Web3 solution within the Elastos ecosystem that uses CreDA’s Credit Oracle to mint soulbound credit scores that immediately can be used to access preferential benefits and borrowing rates through Elastos dApps. It’s still under wraps but it’s coming and it should really demonstrate the power of CreDA in Web3.
- We’ve also been working hard refining and optimizing our Credit Oracle to apply more robust risk modelling and powerful machine learning algorithms. We should have more to share in the coming weeks.
- CreDA was officially welcomed into the Arbitrum ecosystem (though we launched on Arbitrum back in October 2021). Still, it’s nice to be noticed!
- CreDA has had a flurry of academic adventures this month: We signed an MOU with Indian EduTech company, TimesPro to develop learning modules on DeFi as part of their Web3 Centre of Excellence.
- CEO Fakhul Miah will become an honorary Chancellor at a Chinese business school (to be shared in more detail on a later update)
- We’ve engaged numerous research centres in Abu Dhabi, London, Shanghai and Singapore and continue to look for academic partners.
- We’ve had to temporarily pause our Ambassabirds programme. Don’t worry, it will be back.
- We recently launched a subpage on LinkedIn for our Credit4Good updates and thought leadership. Be sure to follow!
- Here’s a recent article we’ve published on food sustainability and the need to break the Credit Paradox.
- Our CEO Fakhul is speaking at the upcoming Cryptopia2022 event on Tuesday, September 13th.
- We’ll also be releasing progress updates on our Credit4Good programme in Brazil.
- We will release short walkthrough videos for getting your Crypto Credit Score and minting it as a cNFT.
- We’ll be waiting like everyone else to see what is going to happen with the Ethereum merge…
- In case you were living under a rock, CreDA has fully deployed on the Elastos Smart Chain (ESC) meaning the $CREDA token, staking, cNFT minting and synchronized Crypto Credit Scores are all now live. Read more about it here and be sure to follow our updated guide for how to mint your Crypto Credit Score on Elastos!
- CreDA completed its full audit by leading security firm, CertiK. See the audit report here.
- Extensive updates have been made to CreDA’s Credit Oracle, particularly the robustness of the risk modeling algorithms that train the AI and produce users’ scores. CreDA’s Head of Credit Risk Modeling, Fred Diniz whose experience includes traditional banks and credit rating bureaus, has balanced the parameters that contribute to a user’s overall score. Want to know the main factors that go into how your score is calculated? Check out this Medium post.
- Along with CreDA’s launch on ESC, from day one other ecosystem players have joined in on the trust train! For example, there are five mining pools, including for ELK, GLIDE and FILDA as well as for ELA and USDC. Mined CREDA tokens will be locked and released through Glide Finance LP, staked on CreDA.app.
- We’re amazed at the support we’re receiving from the Elastos community who have minted over 7000 cNFTs in only a few weeks of deploying on ESC! Let’s keep it going!
- In the news! CreDA was mentioned recently in a Cointelegraph article announcing recent updates to another (less sophisticated and less developed 😜) credit rating protocol.
- We can’t say much just yet but CreDA has just brought onboard our new Chief Technology Officer! We’ll be sharing more in the coming weeks.
- Please say hello (and pass your contacts) to Daryl, our new head of BD. You can reach him on Twitter @Daryln007 and LinkedIn
- Don’t look DAOn just yet, but CreDAble sources tell us there’s some soul-searching going on over on Elastos. Could this be the ‘key’ to more accessible credit?
- Ménage a Web3! CreDA was just added to the docket for the upcoming Cryptopia 2022 in September. There are three content streams: NFTs, DeFi and the Metaverse. It sounds kinda dirty but we’re spoiled for choice, as CreDA’s in bed with all three!
Jan — June, 2022
- CoinGecko and CoinMarketCap listed $CREDA
- CreDA officially added to Sushi
- We changed our name from Credit DeFi Alliance to Credit Data Alliance to align with our broader goals of building the trust architecture for Web3
- Released non-collateralized loan functionality MVP on Arbitrum
- Launched leverage lending MVP on Arbitrum
- Deployed the Credit Oracle on BSC and ETH
- Analyzed over one hundred million wallet addresses and four billion data points across major blockchains including ETH, ARB, BSC, ESC, HECO, OEC, Fantom and Polygon to model Soulbound credit scores
- Launched CreDA’s Credit Network (cNetwork) the industry’s first social graph providing guarantor functionality for DeFi loans
- Updated the CreDA website to include a team page and a news section
- In January, we announced our partnership with FilDA
- Announced a partnership with CyberConnect to allow their 400,000+ users to earn improved credit scores based on their social connections
- Announced a data partnership with Project Galaxy allowing PG users’ social graph data to be included in calculating their Crypto Credit Score
- Announced a partnership with Elacity to launch our exclusive Tiger NFT series
- Launched our Ambassabirds program (Check out the winners and join in on the fun on our Discord server!)
- Launch of our new Discord channel that has already grown to over one thousand users
- Minted limited edition tiger NFTs for the Lunar New Year on ElaCity to reward lucky members of CreDA’s community
- Hosted our first AMA on the CreDA Discord Server
- At the Web 3.0 Conference, CreDA CEO, Fakhul Miah hosted a fireside chat on the 2 billion unbanked with Dr. William Zhang from the World Bank
- Auctioned a limited edition tiger NFT with the proceeds going to support the underbanked
- Officially termed the Credit Paradox in a Medium article to put a name to the challenge Credit4Good is addressing
- Hosted a panel on at the Global DeFi Conference in April with the World Bank and Credit4Good partners working with farmers in India and Brazil
- Announced Fakhul Miah as CreDA’s CEO
- Introduced Fred Dinez to the CreDA team as our new Head of Credit Risk Modelling to lead the development of CreDA’s new and improved Credit Oracle
- Onboarded Jon Hargreaves as Environmental, Social & Governance Officer to lead our #Credit4Good program
We’ll do a better job of keeping our community informed about our progress moving forward. Here are some things you can look forward to in the near future:
- Full deployment of CreDA on Elastos Side Chain (ESC) at the end of June 2022
- Major upgrade to the CreDA Credit Model
- A more robust and customizable Credit Oracle leveraging Geo3.0 data
- Improved portability and utility for CreDA’s cNFT leveraging our new blockchain routing contracts
- More refined Credit Network leveraging third party social data
- Announcement of a new CTO
- New partnerships with Traditional (Credit, Financing & Education), DeFi, GameFi and SocialFi platforms
- #Credit4Good program updates and partnerships in India and Brazil
- Ongoing community updates through #Ambassabirds
- Launch the Credit DAO and SBTFace project