Decentralized income tool supported by Kaleo Ventures through partnership with Cr3dentials
Cr3dentials, a decentralized income verification protocol, is revolutionizing the way income data is shared and verified online. The protocol uses zero-knowledge proofs (ZKPs) to enable users to prove their income data without disclosing sensitive personal information [2].
This cryptographic technique, also known as zero-knowledge transport layer security (zkTLS), allows for privacy-preserving verification. By employing ZKPs, Cr3dentials ensures that users can demonstrate the legitimacy of their income credentials without exposing the underlying data itself [2].
Cr3dentials has secured funding to support its development and scaling efforts. Notable investors include Kaleo Ventures, who have injected $25,000 into the company [2]. This funding will facilitate the process of solidifying the pilot programs and generating revenue for Cr3dentials.
The protocol is preparing to launch real-world trials to validate its income verification system's effectiveness and usability. Although specific details on the pilot programs are limited, these initiatives are aimed at demonstrating the protocol's practical applications within decentralized finance (DeFi) and other domains that require verified income proofs while maintaining user privacy [2].
One of the upcoming pilot programs is with Onboard Global, a cryptocurrency exchange [2]. Companies can integrate Cr3dentials' application program interfaces (APIs) to streamline the collection and authentication of information from multiple users. This allows third-party employers and financial institutions to verify applicants' income information without compromising privacy [2].
Cr3dentials' primary function is to maintain user privacy while verifying income information for third parties. Individuals who use Cr3dentials can share verified proof of their revenue on digital platforms without compromising login data [2].
This approach aligns with broader trends in the decentralized identity and finance sectors, where ZKPs are increasingly used to balance verification needs with user privacy and data security [2][4]. Cr3dentials' third capital raise, following receipt of $40,000 from Microtraction in two equal installments, is primarily intended for completing the firm's proof of concept and revenue generation efforts through its upcoming pilot programs [2].
Cr3dentials initially received an investment of $20,000 from Microtraction [2]. Despite securing backing from prominent investors, Cr3dentials has faced a distribution gap, preventing them from securing new funding [2]. However, with the recent funding and upcoming pilot programs, Cr3dentials is poised to overcome these challenges and establish itself as a leading player in the decentralized income verification space.
- Cr3dentials' latest round of investment, amounting to $40,000 from Microtraction, will be primarily utilized to complete their proof of concept and revenue generation efforts.
- The crypto exchange, Onboard Global, is set to partner with Cr3dentials for one of their upcoming pilot programs, aiming to streamline the collection and authentication of income information.
- The technology behind Cr3dentials, blockchain and zero-knowledge proofs (ZKPs), is expected to influence the decentralized finance (DeFi) business sector, particularly in Africa, by offering privacy-preserving income verification solutions.
- Investors such as Kaleo Ventures, who have invested $25,000 into Cr3dentials, believe that the protocol's potential to revolutionize finance and commerce, leveraging technology, justifies their investment in the promising startup.
