How to build a Web3 credit ecosystem with off-chain data validity?

The monotonic weakening of user behavior profiling due to the dimension of on-chain data, is there a way to introduce new data to improve the credibility of the Web3 credit system? BlockingDO Lab’s core technology – zkData, can solve this problem. Its official article introduces the principle of this technology and looks forward to the development of the Web3 credit ecosystem.

The working principle of zkData: using advanced encryption technologies, including MPC and ZKP technologies. When users access their personal data on the internet using traditional TLS protocols, the user’s device and zkData verifier will perform secure two-party computation (2PC) protocols to execute various TLS operations. These TLS operations will interact with the data source through network requests. From the perspective of the data source server, it still interacts with a single user and is unaware of the presence of the zkData attester. Under the secure two-party computation protocol, the zkData attester can guarantee the authenticity and integrity of the requested data based on the TLS protocol and generate a signature to prove the validity of the data. In addition, for sensitive data accessed by users, interactive zero-knowledge proof (IZK) can be performed between the user’s device and the zkData verifier to minimize privacy leaks.

zkData provides cryptographically supported off-chain data value for the Web3 reputation ecosystem through credit credentials. To achieve data flow and authorization, credit credentials must undergo community consensus and standardization. Possible syntax includes data descriptions encapsulated in a generic data exchange format (such as JSON), including data source addresses, data types, user identity addresses, and public data content (optional); private data credentials encapsulated in a generic data exchange format (optional), describing privacy conditions and verification results. The current credit system faces the problem that users need to accumulate credit for a long time to gain a good reputation. This limitation can be overcome by the credit credentials of zkData, which are based on different data dimensions and interoperability.

In terms of interoperability, credit credential verification and integration are independent of the blockchain itself and only require public key encryption algorithms used in these packages. These cryptographic algorithms have been widely used in different public chains. Enabling zkData’s credit credentials is naturally compatible with different applications in different blockchain ecosystems.

Drawing inspiration from the construction of the Web2 credit system, we expect that the development of the Web3 credit ecosystem will cover the following dimensions: 1) interoperability of credit data, connecting credit systems across different chains requires cross-chain interoperability at the data level; 2) expansion and diversity of credit applications, credit systems will no longer be limited to airdrop scenarios, Defi and financial services. Instead, it should support other types of applications; 3) respect for user privacy, some users may not want to reveal their behavior and credit status. In the future, specific conditions may allow unlocking and viewing user reputation.

Reference: https://medium.com/@Blockingdolabs/how-to-build-a-web3-credit-ecosystem-with-off-chain-data-validity-cf8c67e5aa05

Like what you're reading? Subscribe to our top stories.

We will continue to update Gambling Chain; if you have any questions or suggestions, please contact us!

Follow us on Twitter, Facebook, YouTube, and TikTok.

Share:

Was this article helpful?

93 out of 132 found this helpful

Gambling Chain Logo
Industry
Digital Asset Investment
Location
Real world, Metaverse and Network.
Goals
Build Daos that bring Decentralized finance to more and more persons Who love Web3.
Type
Website and other Media Daos

Products used

GC Wallet

Send targeted currencies to the right people at the right time.