TrueID

Inspiration

Our inspiration for TrueID came from the growing demand for reliable and decentralized identity solutions in the DeFi space. Traditional financial systems rely heavily on centralized credit scoring agencies, which often exclude a large portion of the population due to lack of credit history or collateral. We envisioned a system where users' reputation and creditworthiness could be evaluated based on their blockchain activities, thereby providing more inclusive financial services. The emergence of DID (Decentralized Identifiers) and blockchain technologies like Chainlink inspired us to create a solution that leverages these innovations to offer a transparent, secure, and accessible credit scoring system.

What it does

TrueID is a decentralized identity and reputation system that integrates with various DeFi platforms to evaluate and manage users' credit scores. It allows users to:

Create and manage their digital identity using DID standards. Aggregate data from multiple DeFi platforms to build a comprehensive credit profile. Calculate and update credit scores in real-time based on their blockchain activity. Apply for loans with better terms based on their improved creditworthiness. Provide investors with detailed and accurate reputation scores of borrowers, aiding in better investment decisions.

How we built it

We built TrueID using a combination of decentralized and traditional technologies:

DID Generation: Utilized open-source DID implementations like ION to create and manage decentralized identities. Data Aggregation: Integrated with DeFi platforms through their APIs to collect user data on transactions, repayments, and asset holdings. Smart Contracts: Developed smart contracts to handle data storage, score calculation, and loan management on the blockchain. Chainlink Oracles: Used Chainlink oracles to fetch and verify off-chain data, ensuring its authenticity before it's processed on-chain. User Interface: Designed a user-friendly interface using modern web technologies to ensure ease of use for creating identities, managing scores, and applying for loans.

Challenges we ran into

During the development of TrueID, we encountered several challenges:

Data Privacy: Ensuring that sensitive user data remains private while still being able to calculate accurate credit scores. Interoperability: Integrating with various DeFi platforms that use different protocols and data formats. Real-Time Updates: Maintaining real-time updates for credit scores with the latency and performance constraints of blockchain technology. User Education: Designing a system that is both secure and user-friendly, especially for users unfamiliar with blockchain technology.

Accomplishments that we're proud of

We are particularly proud of the following accomplishments:

Successful Integration: Seamlessly integrating with multiple DeFi platforms to aggregate comprehensive user data. Privacy-Preserving Calculations: Implementing zero-knowledge proofs to ensure that credit score calculations are transparent yet privacy-preserving. User Adoption: Receiving positive feedback and adoption from initial users and investors, validating the need and utility of TrueID. Scalable Architecture: Designing a scalable system architecture that can handle high volumes of transactions and user data.

What we learned

Throughout the development of TrueID, we learned several key lessons:

Importance of User Experience: Simplifying the user experience is crucial for the adoption of complex blockchain technologies. Security: Ensuring data security and user privacy requires rigorous implementation of cryptographic techniques and continuous auditing. Community Feedback: Actively engaging with the community and incorporating their feedback can significantly improve the product. Collaboration: Collaborating with other DeFi projects and platforms can enhance interoperability and create a more cohesive ecosystem.

What's next for TrueID

In the future, we have the following plans for TrueID:

Open Source Universal Components Open Source Platform: Release TrueID as an open-source project, making it a public good for the blockchain world. Universal Components: Develop easy-to-integrate universal components that can be seamlessly incorporated into any blockchain system. Developer Community: Establish and maintain an active developer community to drive the development and improvement of TrueID. Expanded Integration Integrating with More DeFi Platforms: Collaborate with more DeFi platforms (such as Aave, Compound, etc.) and traditional financial systems (like banks and credit agencies) to provide users with a more comprehensive credit profile. Cross-Chain Interoperability: Enhance interoperability with different blockchain platforms (such as Ethereum, Polkadot, Binance Smart Chain), ensuring TrueID can operate smoothly across various blockchain ecosystems. Enhanced Features Refined Credit Scoring Model: Add more parameters affecting credit scores, further refining the scoring model to increase accuracy and fairness. User Data Visualization: Offer richer data visualization features to help users better understand their credit scores and related data. Personalized Recommendations: Provide personalized improvement suggestions based on users’ credit behavior to help them improve their credit scores. Global Expansion Expand User Base: Attract more users globally through market promotion activities and partnerships. Multilingual Support: Extend multilingual support to ensure that users worldwide can easily use the TrueID system.

Built With

• chainlink
• ethereum
• express.js
• javascript:
• node.js
• react
• solidity