March 01, 2022 - 3 min read
SupraOracles is pleased to announce a partnership with DeCredit, a credit oracle bridging credit to the blockchain world. The objective of DeCredit is to create the world’s first credit oracle that combines on-chain and off-chain credit. Users can manage their own credit data and use it in accordance with DeCredit’s score system.
Credit Oracles deliver the individual credit investigation profile to a smart contract that operates on blockchain technology. In basic terms, Credit Oracle serves as a link between the blockchain and the real world, supplementing on-chain credit data with off-chain credit data.
Credit is a form of economic power that allows people to obtain additional cash flow in the short term. Through its Credit Oracle methodology, DeCredit improves liquidity and security for on-chain DeFi projects. Credit Oracle can help DeFi gain traction by introducing off-chain credit data that covers a wider range of users.
The DeCredit team has extensive experience in the financial sector. Not only have they collaborated with credit investigation businesses, and established a number of credit algorithms in the course of offering services to customers — the credit algorithm’s reliability has also been proven after years of optimization and enhancement.
The credit algorithm of DeCredit scores the data and sends it to the blockchain. Through the use of a credit oracle mechanism, DeCredit has developed a world-class credit strategy model. Credit data nodes are being deployed globally to help with the integration of on-chain and off-chain credit data. A complete on-chain credit system will be built to enable the DeFi market, including encryption techniques and credit prediction systems.
SupraOracles will help DeCredit by sending real-time data from APIs and databases. SupraOracles will provide real-world applications with valuable data from the blockchain environment. As part of this collaboration, SupraOracles and DeCredit will scale DeFi with the capacity to collect off-chain and cross-chain data.
Jack Hsu, CEO, and Co-founder of DeCredit, commented:
“Supra is an incredible project that improves efficiency and provides cross-chain interoperability. The SupraOracles team has spent more than three years on R&D and simulations, a level of dedication rarely seen. We’re thrilled to partner with them!”
Joshua D. Tobkin, CEO and Co-founder of SupraOracles, commented:
“DeCredit is a credit oracle that brings credit together with the blockchain. Our blockchain oracle solutions have been shown to be extremely effective in balancing decentralization, scalability, security, and assurance. This is a superb partner to have, as we continue to provide tools for developers and entrepreneurs who want to take their projects to the next level.”
SupraOracles connects the worlds of traditional financial markets and Web3. By providing a strong cross-chain oracle, we hope to empower the developer community. SupraOracles combines real-world data with public and private blockchains, enabling interoperable smart contracts to safeguard the future of financial markets. It also gives developers a toolbox for creating, deploying, and managing data applications that are faster, more agile, and more reliable.
With the Credit Oracle protocol, DeCredit is committed to enhancing web3. The data barrier between on-chain and off-chain can be broken down by importing off-chain credit data into the blockchain realm, allowing users to gain data ownership and self-sovereignty. DeCredit Oracle uses globally distributed credit nodes and DAO governance to provide a more secure and reliable web3 infrastructure. DeCredit’s objective is to enhance web3 and investigate new use cases such as DeFi, GameFi, NFT, SocialFi, and RWA.
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