Identity is very important in the new technological age. People are identified using documents such as driver’s licenses or ID cards of a sort. One’s identity comprises their name, gender, nationality, place of residence, family composition, etc. In a centralized system, identity is required for the provision of services for the basic needs of social life, such as household registration, school registration, driver’s license application, visa for going abroad, bank account opening, loan application, Inquiries on credit records, etc.
Services such as Xuexin.com in China and WES in Europe provide detailed records of individuals and are used for authentication; vehicle management offices or DMV records vehicle information records, including driver’s license types, violation information records, etc in Europe and America. The information provided is used to verify if individuals have any criminal records or bad credit which determines decisions on visa applications or bank account opening.
The second form of Identity that is rapidly becoming popular is Credit. It is regarded as important as the individual and is often considered as a second ID. behaviors such as fraud, debt evasion, and manufacturing of fake and shoddy products, these bad records become a permanent part of someone’s identity and make it difficult to thrive in society.
Banks play a critical role in providing credit information to their customers. They don’t just use credit to assess personal credit scores, it is also considered to be the core of banks being managed and rated as a centralized institution. Banks have ripened from being just financial intermediaries, they have evolved into information intermediaries, providing a source of basic identity and credit information for other social needs in the information age.
The internet credit system has also come on board with the emergence of Alibaba Sesame Credit which has also become like an online bank that uses cloud computing and machine learning to provide third-party credit information providers to clients ranging from individuals to merchants. These include consumer finance, financial leasing, hotels, renting, travel, marriage and love, classified information, student services, and public utility services.
Jassem Osseiran, the founder of MetaVisa, also an entrepreneur and advisor in financial services, believes that in Web3.0, Internet users need an Internet identifier. Such information can be linked to any software and practical scenarios and by analyzing a large amount of online transaction and behavior data, we can evaluate users and help companies classify users to provide better services. The electronic identity and credit system will bring more convenience to the users, a feature of the web 2.0 era.
Information can be stored on the blockchain to ensure it is not tampered with. This is unlike in the web 1.0 era when people only needed to ingest information and didn’t need to participate. Web2.0 brought more interactiveness by releasing content through “temporary” personal network files which required greater audience participation.
Web3.0 era people can establish and maintain permanent identities online, which is permanently linked to them, and also requires more audience participation. All users, content, data, and thermal media are stored in applications. Each application is an isolated island of information, which is largely fragmented. This gives more freedom in accessing data with mutual permissions. The use of imagination is also unlimited and people can hold opinions without getting questioned.
Metavisa seeks to accomplish this vision in the future. Web3.0 ensures that everyone has a traceable online identity and history. It is the bridge between the material world and the internet and decentralized identity can be used as the basis for realizing network native credit scoring, and the credit value on the chain will be more cautious and strict because it will affect your future credit mark.
MetaVisa, as the middle layer protocol of Layer-3, founded by Jassem Osseiran and co-founded by Silent Unicorn, helps users establish and display reliable identity and credit records on the chain by analyzing blockchain data. Cloud computing, machine learning technology, and model algorithms such as decision trees and random forests, five latitudes of credit history, asset portfolio, on-chain behavior preferences, wallet address activity level, and address relevance have been used to establish The credit rating system MetaVisa Credit Score (MCS).
Asset holding will be an important factor as the more assets a person holds, the higher his credit rating. The interaction between the account address and different types of applications on the chain can reflect the interests and preferences of the account, and can also be used as the basis for calculating the credit rating of the account address.
For example, the increasingly popular DeFi and NFT ecosystems can be used as a basis for categorizing users’ on-chain interaction behaviors. In addition to collecting, obtaining, and organizing metadata, a complete information system is needed to facilitate the reading and evaluation of data.
Subjective and complex background information behind the identity, objective credit evaluation, information data security protection, access to credit information sources on the chain, and the diversified data requirements of the credit system all promote the realization of Web3.0 and the meta-universe system fundamentally. If applied, web3.0 can significantly improve credit score evaluation and online identity in the future.