CreDA: The momentum

4 min readMar 27, 2022

CreDA

In a world where more than 2 billion people do not have access to modern banking services, CreDA is here in a DeFi movement to bank the unbanked. CreDA (Credit Data Alliance) is the world’s first decentralized credit rating service. The CreDA protocol computes a user credit score, also known as a credit rating, using both real-world (off-chain) and blockchain (on-chain) data.

The CreDA Oracle, built on Ethereum Layer 2, leverages AI to leverage blockchain’s transparency and immutability by assessing activity across multiple chains such as Ethereum, Arbitrum, BSC (Binance Smart Chain), Fantom, Polygon, HECO (Huobi ECO Chain), and OEC.

CreDA offers a low-cost, trustless solution for DeFi platforms and end users via a decentralized credit rating system, as well as personalized lending schemas for individual users based on their individual credit rating.

Partnership

CreDA’s collaboration with Project Galaxy is a step in the right direction, as both projects are working to build the infrastructure that will support an open and collaborative web3.

Project Galaxy

Project Galaxy is the world’s largest Web3 credential data network, and it was created to assist Web3 developers and projects in leveraging credential data to create better products and communities.

CreDA and Project Galaxy

The collaboration allows Galaxy NFT holders to access more DeFi functionalities on CreDA, and it also allows CreDA users to have their credit rating raised if they allow their off-chain data to be collected and stored on the Galaxy platform.

Ambassador Program

CreDA is looking for content creators and crypto socialites to become ambassadors stylishly tagged “ambassabirds” to help spread the news about CreDA by spreading the word and engaging across platforms.

Ambassadors can participate in one of five categories, each with its own discord badge and $CREDA payout.

Word Bird

This is the monthly prize for the best published article. Ambassadors are expected to write articles that relate to the monthly theme. Work is submitted via Discord in the Word Bird channel. The CreDA team will choose the top five articles and post them to the polls channel for community voting. The top three winners are rewarded as follows:

Rewards:

1st place — 150 $CREDA + Badge: Gold Word Bird
2nd place — 90 $CREDA + Badge: Silver Word Bird
3rd place — 60 $CREDA + Badge: Bronze Word Bird

Bird caller

This is the prize for social media engagement that encourages followers and engagement. The CreDA team monitors social media activity associated with a Twitter hashtag, tagging, and the highest number of retweets and replies based on the CreDA monthly theme. The bird-caller channel is used for submission.

Rewards:

1st place — 100 $CREDA + Badge: Gold Bird Caller
2nd place — 60 $CREDA + Badge: Silver Bird Caller
3rd place — 40 $CREDA + Badge: Bronze Bird Caller

Fancy Bird

This is the monthly prize for the most creative visual content. Graphics, videos, photos, art, infographics, memes, NFTs, and other forms of media are all welcome. It is chosen based on factors such as creativity, engagement, and social sharing. The fancy-bird channel is where submissions are made. The CreDA team will choose the top five graphics, which will then be posted to the polls discord channel for community voting.

Rewards:

1st place — 100 $CREDA + Badge: Gold Fancy Bird
2nd place — 60 $CREDA + Badge: Silver Fancy Bird
3rd place — 40 CREDA + Role: Bronze Fancy Bird

Brain Bird

This is the monthly prize for CreDA Quiz winners. There is one quiz per week, Monday through Friday, at 08.00 UTC and 20.00 UTC in the bird-brain channel, where all members of our Discord community can answer quiz questions. QuizBot gives players points for each correct question they answer with the bot. QuizBot uses the following formula to calculate your points for each correct answer:

points_awarded = max_points — ((max_points — min_points) / time_allowed) * time_taken

Rewards

1st place — 100 $CREDA + Badge: Gold Bird Brain
2nd place — 60 $CREDA + Role: Silver Bird Brain
3rd place — 40 $CREDA + Role: Bronze Bird Brain

Golden Goose Egg

This is the monthly grand prize for the winner of our Discord invite contest. A monthly Discord invite competition in which only one winner will be chosen each month, a community member who invited and brought the most new members to our CreDA Discord server.

Reward