search
Homeweb3.0Sonic Labs Unveils Plans to Introduce Credit Scores for Digital Wallets, Targeting $11 Trillion Market

Andre Cronje, the CTO of Sonic Labs (formerly Fantom), revealed plans for Sonic blockchain to introduce credit scores for digital wallets

Sonic Labs Unveils Plans to Introduce Credit Scores for Digital Wallets, Targeting  Trillion Market

Sonic CTO Plans to Introduce Credit Scores for Digital Wallets, Targeting $11 Trillion Market

Andre Cronje, the chief technology officer (CTO) of Sonic Labs (formerly Fantom), has unveiled plans to introduce credit scores for digital wallets on the Sonic blockchain, aiming to tap into the vast global unsecured lending market.

Cronje’s vision is to integrate credit scores into blockchain technology, enabling various traditional loan products, such as personal and payday loans, to enter the decentralized finance (DeFi) space.

In a Sept. 9 blog post, Cronje explained that Sonic has overcome several technological hurdles, making credit scores feasible within blockchain systems.

“Credit scores are fairly simple in their design, its a rich ETL (extract, transform, loan) process that sanitizes financial data and provides a detail analysis ultimately summarized into a credit score,” he stated.

According to Cronje, Sonic Labs began building this system in 2021, focusing on extracting, transforming, and loading (ETL) transaction, loan, and trade data across multiple blockchains.

The effort involved processing over 54 billion transactions, covering nearly a petabyte of data and monitoring 500 million wallets, including 15 million loans.

The lab’s goal was to develop a scoring model for blockchain addresses without requiring KYC or personal data.

Considering this achievement, Cronje stated that Sonic would be the first to offer direct on-chain access to wallet scores, unlocking the $11 trillion market.

“Sonic will be the first native integration, allowing direct on-chain access to wallet scoring, making it the first chain that enables devs access to a potential $11 trillion market. A key shift in both technological and social evolution,” he stated.

The move to introduce credit scores comes as Sonic’s testnet achieved transaction finality in just 720 milliseconds (ms), marking a significant advancement in blockchain speed.

On Sept. 8, Cronje revealed this milestone on X, stating:

“400ms responsiveness (perfect for synchronous events) 720ms finality (true, not probabilistic – no ‘please wait 30 blocks’).”

In blockchain, finality ensures that once a transaction is confirmed and added to the blockchain, it becomes irreversible. No further changes can be made after a transaction achieves finality.

This breakthrough positions Sonic as the fastest blockchain network in terms of transaction finality, surpassing Aptos, which has a 900ms finality, according to Chainspect data.

The above is the detailed content of Sonic Labs Unveils Plans to Introduce Credit Scores for Digital Wallets, Targeting $11 Trillion Market. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Sonic Labs Unveils Plans to Introduce Credit Scores for Digital Wallets, Targeting $11 Trillion MarketSonic Labs Unveils Plans to Introduce Credit Scores for Digital Wallets, Targeting $11 Trillion MarketSep 10, 2024 am 12:21 AM

Andre Cronje, the CTO of Sonic Labs (formerly Fantom), revealed plans for Sonic blockchain to introduce credit scores for digital wallets

Sonic X Shadow Generations download size revealed for Nintendo Switch via official listingSonic X Shadow Generations download size revealed for Nintendo Switch via official listingJul 30, 2024 am 09:42 AM

Building on the success of its predecessor, Sonic Generations ($39 on Amazon), Sega is set to release Sonic X Shadow Generations on October 25th, 2024. A title that has been highly awaited for a while now, Sega is expanding on the original game's for

BSV Association Team Creates Testnet Coin Faucet and Mainnet Browser Wallet at ODHack 9.0BSV Association Team Creates Testnet Coin Faucet and Mainnet Browser Wallet at ODHack 9.0Nov 08, 2024 pm 06:20 PM

Developers on the BSV blockchain need easier ways to develop and test their apps in a safe environment—that is, they shouldn't have to spend their own money to try them out live on the mainnet.

Tesla Moves $760M Worth of Bitcoin, Leaving Main Wallet With $6.74, as Community Speculates the ReasonTesla Moves $760M Worth of Bitcoin, Leaving Main Wallet With $6.74, as Community Speculates the ReasonOct 16, 2024 pm 03:38 PM

A wallet linked to electric vehicle titan Tesla has moved some $760 million worth of Bitcoin to new digital wallets, leaving the main wallet with only $6.74

A Bitcoin Wallet From the Satoshi Era Has Woken Up After 14 Years of InactivityA Bitcoin Wallet From the Satoshi Era Has Woken Up After 14 Years of InactivityNov 17, 2024 am 07:28 AM

The wallet holds 2,000 BTC, and with the current prices, the wallet is worth approximately $178 million.

A Long-Dormant Bitcoin Wallet Comes Back to Life, Revealing a $1.4 Million Profit for Its OwnerA Long-Dormant Bitcoin Wallet Comes Back to Life, Revealing a $1.4 Million Profit for Its OwnerAug 21, 2024 pm 12:37 PM

The wallet, which had been holding 24 BTC, was recently activated, and the move has captured significant attention in the crypto community.

Rare 50p Kew Gardens coin could be worth a staggering £7,000 - do you have it?Rare 50p Kew Gardens coin could be worth a staggering £7,000 - do you have it?Aug 28, 2024 pm 06:00 PM

Always keep a close eye on your change, as it might just contain a rare coin worth far more than its face value.

Ripple-Associated Wallet Moves 100 Million XRP Amid Legal HeatRipple-Associated Wallet Moves 100 Million XRP Amid Legal HeatSep 19, 2024 pm 09:47 PM

According to Whale Alert, a notable tracking platform, an address associated with Ripple conducted a substantial transfer of XRP today.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Tools

SublimeText3 English version

SublimeText3 English version

Recommended: Win version, supports code prompts!

DVWA

DVWA

Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software

mPDF

mPDF

mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

PhpStorm Mac version

PhpStorm Mac version

The latest (2018.2.1) professional PHP integrated development tool