The Future of DeFi Needs On-Chain Reputation
It’s beginning to look a lot like…
Whether you spent the last couple of weeks on #cryptoTwitter or with your head buried in gravy in complete denial, it’s safe to say 2022 rivals 2020 in its monstrosity. What is undeniable is the necessity of proof of solvency, self sovereign on-chain reputation and creditworthiness in DeFi. In order to create a brighter and risk-free future, we need to understand and learn from the past. With that ethos top of mind, this month we focused on bringing you educational content to highlight the importance of credit and risk assessment for the future of DeFi.
Empowered by learnings from 50K+ MACRO Scores, we are continuously working on improving the user interface and refining our backend infrastructure to deliver a seamless user experience ahead of expanding our product offerings to builders and business partners (more below).
🌐 From Around the Web
“Here’s how to level-up your Web3 hustle and build your on-chain (and off-chain!) resumé with Web3 credentials.”
“By using publicly available on-chain transaction information and a transparent network of machine learning oracles to generate credit scores, web3 has the opportunity to rethink credit risk assessment as a customer-initiated, pseudononymous process.”
👀One more thing: we are looking for a Junior Social Media maverick Manager to join our ranks. Help us spread the word by sharing this job posting.
🪐 From the Spectralverse
*(exclusive newsletter content)
Proof of Solvency: A Potential Path Forward for Centralized Exchanges (CEX)*
The sudden bankruptcy of FTX, the world’s third-largest cryptocurrency exchange, has left the markets in shambles. At their worst, centralized exchanges are a monstrous hybrid, one combining DeFi’s lack of regulatory guardrails with TradFi’s secrecy and top-down control. Read on to find out how “Proof of Solvency” could allow CEXes to become a permanent part of web3.
History of Credit Part II: The Rise of the Bureaus*
The hefty two-parter series explores the History of Credit, Credit Intelligence, and Credit Scoring. In part II, we dive deeper into the evolution of credit intelligence and the compromises traditional finance made along the way. [Revisit Part 1 here]
NFT Safety and Data Science: An Interview with ClubNFT
ClubNFT helped create awareness of a major issue with NFTs: what happens to your NFT when the site hosting the artwork associated with your token goes down? Spectral asks them about their new tool, designed to help users find new artists and collect NFTs safely.
Nine Solvable Problems with DeFi
Recent financial turmoil in the cryptocurrency markets has cast a light on some of the problems with DeFi as it exists today: capital inefficiency, inequality, identity, privacy, stablecoins, asset price volatility, terrible UI and a bad reputation.
🧑🚀 Product and Community Updates
So New, So Shiny and Now on Arbitrum Goerli Testnet
We have a new frontend with an updated user interface for your favorite Spectral App, which now boasts an updated and improved user experience for wallet bundling.
Behind the scenes, we have overhauled our backend infrastructure to make it faster and more efficient.
Like what you are seeing and hearing from our Dev team? Build with us. Apply for early API access.
Spectronauts Unite (and FIFA World Cup 2022 Predictions🏆):
During our November Town Hall Meeting (full show here), we asked our community to share their “feelings” on the state of crypto. Despite the ups and many, many, downs of the past months—morale amongst the 1.3K+ Spectronauts who joined the call is still high and the desire to build and contribute is clearly reflected in the community’s consistent engagement levels.
Missed the Community Town Hall meeting? Subscribe to our Youtube Channel and never miss another event.
🎄Holiday Shopping Advice:
Some might think the holidays are a time for decorations, gift-giving and elaborate dinner parties, but here, at Spectral, we believe the holidays are a time for sharing the love and spreading the cheer…especially in the form of the Spectral Monthly Newsletter.
Onwards and upwards AND Happy (almost) Holidays!
-Your Spectralites
Website | Github | Discord | Twitter | LinkedIn | ProductHunt | DappRadar