Yuanwang Capital Tian Hongfei: Analysis of On-chain Reputation Industry

Author: Tian Hongfei, Yuanwang Capital

The development of the internet has evolved from the anonymous era of the 1990s, where "on the internet, no one knows you're a dog," to the real-name era after the establishment of Facebook in 2004. However, the value internet based on blockchain is still in the anonymous era.

There are ample reasons for anonymity on the internet, but the application of real names will drive the internet deeper into critical areas such as e-commerce, beyond just information sharing tools. Similarly, if the blockchain value internet can transition from anonymity to real names, it could bring the application scenarios of the value internet into deeper contexts.

IDs on the internet are often managed by the issuing websites. For example, a forum can penalize IDs based on user posts and whether they harass others; different internet IDs and associated data are scattered across their respective issuing sites. In contrast, DIDs on the blockchain are often autonomously generated by objects, with data interactions with other IDs being transparent and publicly available on the network.

We need to distinguish that some people believe that individual browsing behavior on websites falls under personal data and does not pertain to interactions between individuals, and should not be part of credit scores. However, if we consider a website as an individual, then the act of visiting a website should be part of the credit score. Therefore, distinguishing between personal behavior data and interpersonal interaction data requires serious consideration in the credit score industry. After all, personal applications for bank loans and personal consumption records, as interactions between individuals and financial institutions, are both counted as credit scores. How can we differentiate personal data from credit calculation data? How can we protect user privacy when calculating credit scores?

Identity (ID) is the infrastructure of society, and individuals are assigned identities by the state from birth. In different social contexts, different institutions assign different identities, including passports, driver's licenses, and work permits. Identity, as a means of external recognition, is the foundation of social interaction. Of course, if a person lives in a primitive forest, they would not need an identity. Thus, social contexts are the demand side for the existence of identity; without social interaction, identity is unnecessary. Property rights, as a crucial part of human rights, can only be possessed when one has an identity.

Reputation, as a third-party evaluation system of identity, serves as a lubricant for social interaction. A newborn's social reputation is zero, but as they interact with society, each interaction leaves a trace. In real life, these behaviors include driving records, criminal records, loan records, and consumption records.

In the metaverse society, since all behaviors are digitized, more data will accumulate. In the real world, the cost of data collection limits reputation mainly to the financial sector, known as personal credit. History has proven that societies without personal credit face significant challenges in development. In the metaverse, the abundance of data and low-cost computing capabilities will expand the application of personal reputation to broader fields, hence termed credit scores.

In the real world, it is impossible to collect data and calculate credit scores for every object. In the online society, since every object can be assigned an identity, as long as that object interacts with a third party and there is a reason for credit score application, it is possible to calculate a credit score for that object. In the real world, generally only real identities have credit scores; whereas in the metaverse, an object can have multiple identities, thus allowing for different credit scores for each identity.

Just as credit scores are linked to ID cards, a closely related concept to credit scores is DID. Unlike ID cards issued by centralized institutions or states, which makes data collection easier, DIDs are generated by the objects themselves. Just as DIDs free individuals from the control of centralized ID management institutions, allowing them to generate IDs for themselves; the on-chain reputation system gives users the opportunity to shape their own identities, freeing them from dependence on centralized credit rating agencies. When users are dissatisfied with their credit score ratings, on-chain reputation users can adjust their behavior or submit more data to improve their scores based on transparent and open-source reputation algorithms, or simply choose more favorable or higher-rated agencies.

Credit scores, like credit scores, require data collection, data models, individual scoring, application scenarios, and feedback into data collection, creating a cycle.

1: What is On-Chain Reputation?

It refers to a numerical value calculated based on the data of interactions between a specific DID and third-party individuals, input into a reputation mathematical model.

Since all objects in the metaverse can have DIDs, interactions between DIDs can fall within the scope of reputation system data collection; for example, a user visiting a website, where the user acts as one DID interacting with the website's DID.

Data can include both on-chain and off-chain data. For off-chain data, privacy-preserving computing and ZK verification are generally used to protect user privacy.

Since an object can have multiple DIDs, it can have multiple reputation scores; however, this differs from web2, where each website has different reputation scores for each ID. In web3, reputation scores are controlled by users who can choose whether to associate multiple DIDs to enhance their scores, whereas the decentralized nature of web2 data inherently prevents such unification.

Reputation scores, as a numerical value, are merely for convenience in application and communication. In the digital world, reputation scores can be packaged into more complex data structures as NFTs based on application scenarios.

The number of followers on Twitter is a basic representation of the reputation system, reflecting an individual's online influence. However, the manipulation of this number through buying followers poses a challenge for anti-manipulation mechanisms in reputation score design. Reputation scores can include both subjective and objective evaluation systems.

2: Traditional Credit Score Industry

In 2015, the U.S. Congress recognized that FICO monopolized the U.S. credit scoring market. FICO serves 90% of borrowers but cannot assess credit for 45 million Americans. The existing credit rating industry has the following flaws:

• Current rating agencies and systems rely on offline and traditional data collection, limiting their business scope to national borders, which contradicts the demand for extensive cross-border trade, e-commerce, and a large number of immigrants.
• The existing rating system relies entirely on historical data, making it unfriendly to new entities.
• Since lenders cannot assess the credit of cross-border applicants, this limits lending from developed countries to developing countries.
• When applying for loans, applicants must provide a large amount of private information (users who have used LendingClub can attest to this), which is often copied and misused.
• Credit rating agencies are monopolized by a few institutions in many countries, which is unfriendly to both borrowers and lenders.
• Existing credit rating agencies cannot keep up with the development of the digital economy. For instance, a friend once used their digital wallet as proof of funds to gain the right to apply for a mortgage, but credit rating agencies do not consider assets outside traditional assets.

3: Application Scenario Cases

In centralized website scenarios, reputation scores often incentivize user behavior through badges, privileges, or rebates. Google and Facebook monitor and analyze individual behavior data, making it easy to categorize individual users for precise ad targeting by platform companies.

In web3, although all interactions between users and the blockchain are recorded on the blockchain, due to the primitive forms of web3 companies (or their respect for decentralization and user privacy), we actually lack user analysis in web3 society. This has created significant obstacles to the expansion of web3 applications. By establishing a user reputation score system that protects privacy, we can solve or alleviate the following issues:

1. The driving force and core of web3 development are community and consensus. However, due to anonymity, the development of web3 communities is often manipulated by opportunists and whales, making them susceptible to Sybil attacks. Reputation scores based on DID will enhance the effectiveness of DAOs and the impact of airdrops.

Although projects like BrightID and WorldCoin strive to eliminate Sybil attacks through real-person verification, we know that these verifications only increase the difficulty of attacks (after all, many identities can be collected and controlled), and cannot truly eliminate them. However, using reputation scores to eliminate Sybil attacks will be more effective, as establishing reputation is far more challenging than collecting and controlling many IDs.

2. It can improve the capital efficiency of DeFi. While the permissionless nature of DeFi promotes financial democratization, its high collateral rates and lack of KYC limit further development. Some new DeFi protocols now offer low collateral rates and unsecured loans through centralized review lists, such as Maple Finance, but this relies on centralized institutions for review, thus limiting their service scope to a few clients like Jump; additionally, Compound and Aave have created separate funding pools like Compound Treasury or Aave Arc, targeting institutional investors compliant with U.S. regulatory frameworks.

3. It can reduce internet SPAM. Users can choose to only receive messages or emails from DIDs with reputation scores above a certain threshold.

4. TrueFi (unsecured loans with on-chain credit scoring). In the metaverse, although there are no physical legal means targeting individuals, if a user's reputation score decreases due to bad behavior, significantly affecting their activities in the metaverse, then credit loans in the metaverse may become possible.

4: Sources of On-Chain Reputation Data

Based on human behavior, data can be categorized as created, contributed, earned, or owned. Unlike in the physical world and web2, where ID behavior data is usually bound to a specific context and can only be owned and interpreted by the platform owning that context, the open nature of web3 allows everyone to participate in interpreting the relationship between any ID's behavior data and context. From another dimension, data can be classified as actively obtained by users (e.g., poap) or passively obtained (e.g., LinkedIn users' mutual evaluations, where users can send an NFT to prove that another user has a certain achievement).

In summary, the sources of on-chain reputation data can not only introduce traditional credit scores like FICO through the DID's Verifiable Credential mechanism but also integrate users' web2 and web3 behavior data to serve blockchain, metaverse, and cross-border application scenarios.

1. Web2 application data
   Social reputation scores, including Facebook identities and social networks, Twitter accounts and social networks, LinkedIn accounts and social networks, GitHub accounts and participated projects, Discord accounts and user levels, Gitcoin participation.

2. Protocol loyalty metrics
   This metric is calculated based on the extent of user engagement with the protocol, participation in governance voting, and the historical duration of holding protocol tokens, granting users corresponding benefits, voting weights, and collateral rates.

3. Public chain loyalty metrics
   This metric assesses user participation in public chains based on the history and frequency of their public chain accounts, as well as cross-chain frequency.

4. NFT loyalty metrics
   This metric evaluates user loyalty to NFT projects based on the time of participation in purchases, duration of holding, and transaction frequency.

5. Industry resumes
   Just as GitHub can assess a programmer's level of participation in open-source software, we can use users' blockchain behavior data as their industry resumes.

6. Airdrop scores
   By tracking user participation in airdrops and whether they quickly sell the airdropped tokens, we can determine whether users are speculators or loyal users, and whether they deserve to receive airdrops.

7. Badges earned by completing certain tasks or participating in activities.

5: Comparison of Various Players

1. Violet
Used to authenticate off-chain IDs.

2. Koodos
Describes users through content collected by them.

3. Spectral
Web3 credit risk assessment infrastructure Spectral completed $23 million in financing, led by General Catalyst and Social Capital, with participation from Samsung, Gradient Ventures, Section 32, Franklin Templeton, Circle Ventures, Jump Capital, and others. To date, the company has raised approximately $30 million.

Spectral has established an on-chain score equivalent to the traditional FICO score, called the Multi-Asset Credit Risk Oracle (MACRO) score, allowing users to check their on-chain scores through its platform. The funding will be used to build its credit scoring network and gradually scale.

Spectral is a programmable reputation protocol that promotes on-chain capital efficiency through credit risk analysis. As a fully programmable and composable financial infrastructure, Spectral's credit scoring allows permissionless execution of existing financial applications, such as credit delegation and securitization of debt, and lays the groundwork for innovative implementations that establish user credit based on on-chain transaction history.

Spectrum's first product represents on-chain credit with the MACRO (Multi-Asset Credit Risk Oracle) score, based on on-chain lending history, liquidation history, amounts owed and repaid, credit composition, and length of credit history, providing lenders with an improved mechanism to assess borrower risk.

At the same time, Spectrum introduces the concept of Non-Fungible Credit (NFC), representing users' on-chain transaction history. NFC allows users to bundle wallets and synchronize their on-chain transaction history to a single composable asset (erc-721). Pairing MACRO scores with NFC creates a new programmable credit asset class framework, introducing a new primitive that transcends financial applications across the web3 ecosystem.

Funding history: In November 2021, it announced the completion of $6.75 million in financing, led by Polychain Capital, with participation from Galaxy Digital, ParaFi Capital, and others.

4. Noox Noox
Is a platform for Web3 users to mint badges based on on-chain operations, allowing anyone to program any rules into badge standards (e.g., interaction quantity, interaction amount, interaction type) and allowing others to claim them if they meet the criteria. These badges will be non-transferable SoulBound NFTs, enabling anyone to mark on-chain interactions as attributes or achievements. Through a simple badge format, users will be able to easily prove their interactions, participation, and contributions on-chain.

Noox believes that the data in wallet addresses is key to creating a true digital identity for users in Web3. The NFTs owned by users serve as unique identifiers indicating their attributes, interests, and achievements in crypto and Web3, unlocking new opportunities as their on-chain identity. Other applications and protocols can natively integrate badges and drive open innovation.

Funding news: In April 2022, it announced the completion of $2 million in seed funding, led by Collab+Currency, with participation from Electric Capital, Sfermion, SamsungNext, POAP, and Alphanonce.

5. NFT3
NFT3 is a decentralized identity and credit network for Web3 and the metaverse, designed with a staking incentive model to address identity issues. It creates a direct monetization path for individuals in Web 3.0 and provides infrastructure components for composite-level creation and innovation in Web 3.0 applications, linking the value of user terms with their data across different projects, social networks, companies, and institutions.

NFT3 utilizes DID to create a Web3 passport platform and establish a personal credit scoring system for users. NFT3 will allow users to create a unified identity, which they can associate with any Web 3.0 application, thus addressing the fundamental issues of virtual identity. This is achieved by creating NFTs owned by users and wrapping them in DIDs or decentralized identifiers that can propagate across the network but always return to the owner's NFT3.

In addition to NFT-based DID identities, NFT3 will also build a sophisticated credit scoring system based on user-bound social account information and multi-chain address information, called NCredit. A user's NCredit score reflects their personal credibility—higher scores indicate more reliability. At the same time, NFT3 users will enjoy the benefits of higher credit scores in many areas, such as higher voting weights in on-chain governance; lower interest rates when borrowing; higher mortgage rates when taking out loans; priority and more quotas when participating in IDOs, etc.

6. Union Finance
Is a credit protocol deployed on Ethereum and Arbitrum, enabling any address to accumulate credit on-chain in a permissionless, crypto-native manner, thus coordinating credit into usable credit costs, providing lending exposure for reputable DAOs or individuals without substantial assets for collateral, enhancing liquidity of funds. Its token, UNION, is a non-transferable SBT obtained through the Union protocol, which cannot be bought or sold and only has governance rights.

7. Sismo
Establishes its Ethereum profile by issuing badges (NFTs) to users' other accounts (such as ENS and Twitter or GitHub) using zero-knowledge proofs, allowing users to aggregate their reputations into public profiles while maintaining confidentiality. This approach is novel as it demonstrates how zero-knowledge proofs can play a role in the next realm of crypto.

Use case 1: Anonymous proof of NFT ownership to access the holder's community
Using Sismo, users can create a ZK badge on their .eth ENS name shared on Twitter, such as "Owner of Cryptopunk," without revealing which Cryptopunk and which Ethereum account (and its complete history) is used to prove ownership.

Then, users can use this standardized (ERC1155) ZK badge to access token-gated communities (e.g., private Discord channels, using our friends' services built on guild.xyz or collab.land).

Use case 2: DeFi
Sismo will also provide customized, more complex badges. DEX traders can mint "DeFi Score" ZK badges from multiple private trading accounts to their main on-chain trading account.

This DeFi score will be the result of aggregating and calculating all their trading data, such as "total value of outstanding loans."

Users can later use this proof to obtain under-collateralized loans at better borrowing rates, as they have proven their credibility—nothing more.

Use case 3: Better governance
For DAOs, it is also a great tool. Taking the Aave community as an example, users can mint a ZK badge through Sismo: Aave community member corresponding to "holding > 100 AAVE," "voting on more than 10 proposals," or "creating proposals" >.

Users can display their .eth name on Twitter, use it when proposing on the Aave governance forum, or in custom snapshot voting strategies.

8. Coordinape
Is a decentralized salary management system launched by Yearn for DAOs, allowing decentralized teams and DAOs to automatically reward or grant contributions without top-down management or hiring HR. Coordinape is a powerful tool for tracking contribution reputation in a DAO's native environment. Many contributors in a DAO can evaluate each other's work to determine who contributed the most and created the most value, often assessing the quality and quantity of work rather than social influence.

9. Karma
Is a reputation system built for DAO contributors, simply combining community members' performance in participating in DAOs to assign each member a Karma score, with higher scores indicating active contributors. Through Karma, DAOs can conveniently filter out active members to some extent, while active contributors will receive corresponding rewards and be better discovered by other DAOs. As of June 7, 25 DAOs, including ENS, Gitcoin, Aave, Compound, Balancer, Lido, and Uniswap, have partnered with Karma.

10. Atlendis
Protocol is an unsecured lending protocol developed by Atlendis Labs to address the current inefficiency of over-collateralized funds. For borrowers (such as Dapps, DAOs, etc.), the Atlendis Protocol first conducts a review, and only those on the whitelist are eligible to borrow. Secondly, lenders can customize lending rates and borrowers, potentially achieving higher APRs than traditional over-collateralized lending protocols.

The Atlendis Protocol was inspired by the Ethereum Global MarketMake Hackathon in 2021, founded in April 2021 by four colleagues from ConsenSys.

11. ARCx
Is a decentralized reputation protocol that allows users to unlock benefits in the decentralized finance world through their on-chain behavior. ARCx achieves this by processing and scoring large amounts of data, then uploading it to the user's Passport (a non-transferable NFT).

ARCx quantifies the reputation of each DeFi Passport holder based on their credit score. The credit score is determined by analyzing the historical activity of the holder's Ethereum address, with a range set from 0 to 999, and this credit score determines the collateral rates offered to users by the protocol. After claiming a Passport, users are incentivized to improve their on-chain reputation by maximizing their scores across multiple "games," allowing them to enjoy various benefits, such as borrowing at lower collateral rates.

ARCx establishes a reputation system by providing participants with a trustless way to build reputation and offering a mechanism for other protocols and platforms to identify, reward, and further incentivize good reputation, thus serving web3.

12. Reputation DAO
Is a verifiable, decentralized, and programmable DeFi credit scoring system that can map off-chain data, such as AML/KYC, traditional credit scores, and social media data, providing trusted neutral credit services for Chainlink oracles, DAOs, smart contract protocols, and their users, enabling individuals to leverage their real-world financial data and identity when interacting with smart contracts to enhance the assessment of specific account risk indicators and reduce the mortgage process.

Reputation DAO collects and analyzes credit data in the following ways:

First, scanning and connecting. Reputation DAO focuses on scanning data from individual DeFi accounts, oracles, and DAOs. Then, it uses a decentralized oracle network powered by Chainlink to connect the necessary relevant off-chain credit services, such as identity services, related AML/KYC checks, FICO/Vantage scores, and relevant social media data.

Second, analyzing and calculating. After obtaining the data, Reputation DAO analyzes and ranks the scanned data related to individual accounts, oracles, and DAOs.

Third, visualization. The analyzed data is visualized so that users can use and understand their or others' on-chain interaction information. Accounts, oracles, and DAOs will be able to view and inspect their transaction history on-chain while assessing relevant credit indicators.

13. Atem
Is an NFT-based group social platform designed to connect users through NFTs, exploring NFT-based social networks, and enriching the relationships expressed between NFT assets and holders, as well as between holders themselves. Groups on the Atem platform are formed based on tokens or NFTs owned by individuals and seamlessly integrated with transactions. Users can easily enter various communities based on the NFTs they hold and conveniently discuss or conduct peer-to-peer transactions with others in the group.

All groups and channels adopt DAO governance, allowing users to collectively decide community rules, such as naming groups, logos, user mute settings, and creating decentralized community NFTs that can be used across dApps. Additionally, the data on the Atem platform is stored in a decentralized manner, ensuring complete anonymity and peer-to-peer encryption.

On May 23, 2022, the multi-chain Web3 social protocol Atem Network officially launched the public beta of AtemChat.

14. Sublime
Unlike typical credit checks, Sublime will allow users to leverage their digital identities to obtain under-collateralized loans. In addition to social media profiles, Sublime will also support crypto and NFTs as collateral.

15. Ontology's Oscore
Has begun building an on-chain reputation system. Oscore calculates your on-chain credit score based on your on-chain behavior and asset statistics. This score will also affect your interest rates when participating in DeFi projects and the collateral rates when borrowing.

16. Teller Finance
Uses Mina's zero-knowledge proof technology to verify whether a user's credit score exceeds a certain threshold to decide whether to lend to that user. Users log in to a website that provides credit score queries, generate a zero-knowledge proof locally to prove their credit score exceeds a certain threshold, and then put this proof on-chain. In this process, users do not expose their credit scores, social security numbers, or any other private information.

17. MetaFinance
Is also laying out the ecology of identity systems. MetaFinance will use native on-chain data records to define identity profiles, opening up more segmented application scenarios based on users' on-chain profiles (borrowing and repayment records, transfer records, etc.).

18. Galaxy
Galaxy is a proof of achievement that includes both online and offline data, with online credentials being automatically generated, such as Uniswap and OpenSea traders, becoming the on-chain LinkedIn.

Galaxy provides a development kit, allowing project parties to build and distribute NFT badges to manage community members through Project Galaxy's NFT infrastructure and on-chain credential data network. Officially referred to as Galaxy OAT (On-Chain Achievement Token), this records all user achievements. The credential data formed by these user behaviors is very useful, serving as a personal resume marking the achievements users have obtained. For ordinary users, it allows others to better understand them through their past achievements.

For developers, in addition to the aforementioned examples of assessing credit for issuing loans and guilds recruiting talent based on credentials, they can also reward community contributors. Moreover, based on users' specific behaviors, they can make a basic judgment about users, accurately targeting potential customers. All OAT NFT metadata will be stored on NFT.Storage, supported by IPFS and Filecoin. The official statement indicates that to date, over 100 partners have initiated more than 500 activities on Project Galaxy. Currently, Project Galaxy has over 3,000 credential tags and has completed over 3,000 credit-based activities.

Recently, Project Galaxy announced the completion of $10 million in financing, with many well-known investors, led by Multicoin Capital and Dragonfly Capital. Currently, the project supports seven public chains: Ethereum, Polygon, Fantom, Solana, BNB Chain, Arbitrum, and Avalanche.

19. poap, layer3.xyz, rabbithole
These projects share the common feature of using tokens to incentivize users to participate in certain protocols, largely resembling token-based affiliate marketing.

20. Bloom
Founded in 2018, Bloom is a decentralized credit scoring project based on Ethereum and IPFS (its credit score is called BloomScore), which verifies users' identities through a coalition network and establishes a trust network through credit staking mechanisms. Bloom not only serves the crypto industry but also competes with traditional credit industries, addressing existing issues in the traditional credit industry, including the inability for credit scores to cross borders, reliance on historical data for credit assessment, lenders' inability to assess cross-border applicants, lack of privacy protection for loan applicants' information, and monopoly of credit data.

The Bloom protocol includes BloomID, BloomIQ (the borrowing record of BloomID), and BloomScore (credit score).

It has issued ERC20 tokens, with BLT providing consumer, enterprise, and developer versions. For consumers, it offers free credit score monitoring services in collaboration with TransUnion; free identity protection and alert services.

21. TrueFi
Founded in 2018, TrueFi is one of the most influential blockchain credit loan protocols, currently focusing on providing unsecured lending services in stablecoins to trading institutions, with plans to extend unsecured loans to companies and individuals in the future. It has issued the TRU token and established a SAFU fund to protect user funds, supporting protocol-to-protocol loans. TrueFi has established a Creditworthiness Score to assess borrowers' credit limits and interest rates. The dimensions of this credit score assessment include:

• Company background: including compliance, legal, and financial aspects;
• Repayment history: currently only includes repayment history within TrueFi, with plans to expand to more data sources in the future;
• Operational and trading history: including trading data from both crypto and traditional finance;
• AUM: assets under management, asset types, and custodial companies;
• Credit indicators: including leverage, liquidity, and risk exposure;
• Loan approval is divided into two stages: TRU token staker voting and scoring committee voting;
• All loans are fixed-rate and fixed-term.

To date, a total of $1.68 billion in loans has been issued, with the top 5 borrowers borrowing $1 billion, indicating a high concentration. To date, there have been zero bad debts. The team consists of 78 members. Other competitors in this industry include Maple Finance, GoldFinch, Clearpool, and Atlantis Loans.

22. Goldfinch
Is a decentralized lending protocol that allows lenders to provide loans to offline users in India, Mexico, Nigeria, and other Southeast Asian countries, where these users can pay interest rates exceeding 10% and are not correlated with cryptocurrency market conditions. Lenders are divided into senior and junior tiers, with junior lenders assessing loan applicants. Investors in this project include a16z, Coinbase, and some influential individuals.

23. Velocity Network
Is planning to establish a career record repository, allowing users to store their skills and experiences on-chain. From the documents, it appears that Velocity Network is planning to build its own blockchain, so much preparation work is still needed before building actual applications. Career records will be issued by institutions. However, the white paper mentions integrating freelancer platforms to retrieve past data. The target customers/users of Velocity Network are institutions, as they will primarily benefit from checking the verification details of applicants' wallets.

24. Credly
Provides digital badges that can verify skills on its platform. This is a great idea and a step in the right direction, but it is not a decentralized solution and only covers certificates from specific institutions. The benefits of the open ecosystem described in this document lie in its openness to innovators and potential new verification solutions, allowing all experiences and skills to be included in resumes.

25. hive.one
Is an algorithmic platform developed by a group of crypto-aware researchers, engineers, and designers, providing relevance scores for users' social channels; starting with Twitter to establish a baseline scoring mechanism called peoplerank, which works similarly to Google's pagerank, but the algorithm applies relevance scores to conversations or messages sent through social channels rather than to web pages.

26. MetaVisa
Is a web3 credit score protocol MCS, providing users with privileges, low loan rates, and badges.