Philosophy of WISE Credit

When the tech industry transformed from web1 to web2, the key change was that people gained the access to "write" to the web services. In the web2 era, when building new applications, companies devote their major efforts to pursue better interfaces, user experiences and ROI.

As the internet evolves towards Web3, the industry transforms from the 'write era' to the 'own era'. In the web3 era, users are not just content creators. They are asset owners.

Credit is of fundamental significance in the dynamics of web3. In fact, the key to mass web3 adoption has to be based on a well designed credit system. A proper credit system creates a fair, efficient and collaborative web3 economy. It ensures trust in the web3 ecosystem, and unlocks new possibilities for social and economic interaction.

Defining a Proper Credit System

Two key factors make a Web3 credit system valuable:

• Ensuring fairer and better incentive distribution.

• Providing sufficient interoperability.

Better Incentivization

A well-designed credit rating system should lead to better incentivization. This means fairer and more efficient resource allocation. Good credit serves as the foundation for effective incentives, and well-implemented incentive distribution is the basis for a successful web3 ecosystem.

Interoperability

In web2, good credits are built on monopolies data, and it is only used when companies query it, and credits are only related to capital activities. The credit system has various limitations and flaws.

A good credit needs to have strong interoperability. Users should be able to work to improve their credit scores, and use it everywhere.

The credit itself should be valuable, and not to exaggerate, more valuable than money itself. A good web3 credit should be interoperable, and include more dimensions of data other than people's capital capabilities. For example, if you are a popular degen cultural personal in the community, the popularity actually brings you very high impact over the community users.