• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Credit Scores for Digital Wallets: Sonic Blockchain Expands DeFi Capabilities

user avatar

by Giorgi Kostiuk

2 years ago


  1. Building the Framework
  2. A New Era of Financial Products
  3. Technological Innovations Driving Sonic’s Success

  4. Sonic Blockchain, formerly known as Fantom, plans to offer credit scores for digital wallets. This will enable decentralized finance (DeFi) platforms to offer traditional loan products like personal and payday loans.

    Building the Framework

    Sonic Labs began developing this credit scoring system in 2021. The system processes data from over 500 million wallets, 15 million loans, and 54 billion transactions, ensuring user privacy by eliminating the need for KYC. Sonic will reportedly be the first blockchain to offer on-chain access to wallet scores, allowing the development of decentralized applications (dApps).

    A New Era of Financial Products

    Sonic's introduction of credit scores opens DeFi to a variety of traditional loan products, including: * Personal loans * Payday loans * Credit-based insurance * Adjustable-rate mortgages * Buy Now, Pay Later services * Postpaid mobile plans. According to Andre Cronje, Sonic opens up financial services to users who previously lacked access due to the decentralized blockchain and the absence of traditional credit scores.

    Technological Innovations Driving Sonic’s Success

    One of the key features of Sonic’s blockchain is its fast transaction finality. On September 8, Andre Cronje revealed that Sonic’s testnet achieved transaction finality in just 720 milliseconds, significantly faster than competitors. The rapid finality and low latency create an efficient and user-friendly ecosystem where users no longer need gas funds in their wallets, and private keys can be replaced with standard authentication methods.

    The Sonic testnet went live on September 6, with the mainnet launch expected soon. Andre Cronje believes Sonic will become the fastest blockchain in transaction finality, promoting speed, scalability, and privacy.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Tether Unveils QVAC SDK to Revolutionize AI Development

chest

Tether has introduced QVAC SDK, an open-source toolkit for running AI applications on various devices without cloud dependency.

user avatarSatoshi Nakamura

Arizona Files Criminal Charges Against Kalshi for Illegal Gambling

chest

Arizona has charged the crypto prediction market platform Kalshi with illegal gambling related to its sports and election markets.

user avatarJesper Sørensen

CFTC and DOJ Seek to Block Arizona's Gambling Enforcement Against Kalshi

chest

Federal regulators, including the CFTC and DOJ, are seeking to block Arizona's enforcement of gambling laws against the crypto prediction market platform Kalshi.

user avatarRajesh Kumar

Ethereum Developer Joe Schiarizzi Announces Congressional Run

chest

Ethereum developer Joe Schiarizzi announces his candidacy for the House of Representatives in Virginia's 7th district.

user avatarLucas Weissmann

North Korean IT Workers Reportedly Infiltrate DeFi Projects

chest

Researcher Taylor Monahan revealed that North Korean IT workers have infiltrated over 40 DeFi projects in the past seven years, raising alarms about their potential influence and risks to the crypto ecosystem.

user avatarEmily Carter

ZachXBT Exposes North Korean Crypto Payment Server

chest

Crypto detective ZachXBT has uncovered an internal payment server linked to North Korean crypto operations, revealing 390 accounts and chat logs.

user avatarFilippo Romano

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.