Proof of Reputation: The Future Of DeFi
Decentralized Finance (DeFi) has become one of the most popular concepts of the crypto world recently, and with good reasons. Its applications not only opens unprecedented opportunities to users of any background, but it does so in user-friendly, and fully transparent ways. Today, the focus will be on Proof of Reputation (PoR), titled the future of DeFi by many—read on to find out why, and how you can take advantage of it. Decentralized Finance (DeFi) in a nutshell Before jumping into details about Proof of Reputation, a brief introduction to Decentralized Finance (DeFi) is needed.....
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The World Table, a startup company in Orem, Utah, is building a quantified reputation system to aggregate reputation data and report trust scores for individuals and organizations. The system is built upon Open Reputation, an open source decentralized reputation platform under development, sponsored by The World Table, which maps identity and reputation onto the Internet-of-things (IoT). The Open Reputation concept is open and flexible, able to accommodate diverse applications and usage patterns, from user reputation and "karma" in online discussion spaces to automatic reputation-based....
While we all live in societies where money is mostly considered as a mean to bring wealth and prosperity, there are other factors and aspects in life that all people appreciate. One of these elements is reputation. Reputation is defined as an overall quality or character, as seen or judged, by people in general. It is totally relative among people in a society and has properties of decentralization. Unfortunately, reputation has never been considered in any monetary system and its value has never been appreciated as it should be. “This algorithm gives a pretty good approximation for the....
One and a half months after launch, NEM (New Economy Movement), has open-sourced their project and released their technical reference. The 54-page paper outlines the technical aspects of the cryptocurrency and theoretically explains the core concept of the technology known as proof of importance, a reputation-based enhancement to proof of stake. NEM, like most of other cryptocurrency networks, is a peer-to-peer (p2p) network. P2P networks have the great advantage over centralized networks in that they are robust against failures of some nodes since eliminating some parts of the network....
The platform intends on leveraging users’ personal financial information such as credit score and AML/KYC to help reduce the collateral needed to take out a DeFi loan. An ambitious new decentralized autonomous organization (DAO) has built a data service for lending platforms that records a user’s financial reputation to reduce the amount of collateral needed for a loan.It has partnered with Chainlink and that protocol’s founder Sergey Nazarov is an early backer.Users of Reputation DAO will have traditional financial data such as anti-money laundering and know-your-customer (AML/KYC),....
Proof of Individuality protocol is designed to prevent Sybil attacks on peer-to-peer network based computer reputation systems. The virtual world is full of threats; Sybil attacks make a sizeable chunk of it. Especially with the increasing implementation and usage of peer-to-peer networks, the network infrastructure lies more exposed to such attacks than ever. Cryptocurrencies also use a form of peer-to-peer network, which naturally puts them on the list as well. The magnitude of threat is now being countered by the development and implementation of anti-Sybil protocols. Proof of....