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Everything you need to know about the ONT ID digital identity wallet
What is ONT ID
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What is a mnemonic phrase?
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How can I distinguish private key and WIF?
What is OScore？
What is a verifiable credential?
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What is OScore？
Trust is the foundation of collaboration. The activities and previous performance of entities in the digital world are recorded on the blockchain. As a result, entities with more trustworthy verification and good behaviors should be more trustworthy in collaboration.
ONT Score is a decentralized review system for ONT ID user trust and can assess ONT ID users from multiple dimensions, including identity information, verification information, digital assets, and behavioral features. ONT Score is immune to the influence of any third-party entities and thus gives an authentic picture of the trustworthiness of users’ identity and data.
Simply put, ONT Score is the review system for ONT ID user trust. The more times a claim is verified by other entities, the more trustworthy it is; if a claim is verified by a highly credible entity, then it will also be deemed to be highly trustworthy. In the future, ONT ID users with different scores will be entitled to various rights and benefits.
The value of ONT Score is twofold.
1. For blockchain users: ONT Score integrates off-chain information into its reference information, such as KYC verification, linking with your social media accounts, and the upcoming feature of personal health information. This gives users a “pass” and “ID card” in the blockchain world, which distinguishes them from anonymous users. As the blockchain technology is being applied to more and more industries, a trustworthy user with a more comprehensive record of information can obviously enjoy better services. On the other hand, however, ONT Score is different from the credit scores of traditional centralized institutions in that the identity and data of ONT Score is always controlled and authorized by the users themselves.
For example, when you apply for onchain financial loans, you may get a lower collateral rate and loan rate. This is because the extra information provided by ONT Score can help lower the requirements for risk compensation.
2. For enterprises and service providers: users’ ONT Score makes it possible for them to provide differentiated services. For example, for a C2C task crowdsourcing platform, users’ ONT Score can serve as an important item for showing user trustworthiness, which can make it easier to close deals.
ONT score is still in the experimental stage and the data sources of the scores are relatively rudimentary. However, since the feedback on ONT Score in different application scenarios is a data source of ONT Score in its own right, it can help make the score more trustworthy, which makes this a self-reinforcing model. More importantly, ONT Score is independent of centralized institutions and is an important step towards Web 3.0.
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