Decentr, an open, decentralized platform that captures and secures user data, thereby allowing them to make money from their online activities, will now be integrating with Chainlink to allow users to link their PDV (Personal Data Value) with any blockchain network. PDV is a newly launched credit score index for Web3. PDV serves as a time-tested metrics to assess an individual’s risk profile based on his KYC information, portfolio size, past on-chain transaction history, etc.
Integrating with Chainlink’s decentralized oracle solutions will allow Decentr to apply those PDVs to the various DeFi dApps. It will provide users with immense benefits, like availing greater interest on loans or enable them to receive a discount on trading fees or even reduce their collateralization ratios based on their credit scores.
The greater the credit score of an individual, the more are his chances to avail of these benefits. PDVs work in the same way as the credit score of an individual and sometimes higher PDVs may eliminate the collateralization ratios, thereby allowing DeFi to be at par with other traditional finance markets.
The Chainlink network, with its ability to provide reliable and tamper-proof data (both input and output data) for complex Smart Contracts on any blockchain ecosystem, also helps in the calculation of an individual’s PDV. PDVs are calculated based on additional user data that can only be provided by a decentralized identity data provider like Chainlink.
Smart Contracts help to execute highly secure and reliable tamper-proof digital agreements. To maintain a Smart Contract’s overall security, the inputs, and outputs data that the smart contract depends on, also need to be very secure; Chainlink provides that secure and utmost reliable external data.
To streamline Chainlink’s oracle solution, Decentr will begin as an External API that will serve as a reliable data feed to receive PDV data. The PDV data can then be shared via the Chainlink nodes that can again be ported across any Chainlink integrated DeFi solution like Tomochain, Holochain, or Ethereum.To provide this data, Decentr will be deploying a docker container, Cerberus storage, along with Decentr’s native blockchain protocol, and will integrate the Chainlink nodes into the same docker. Once the nodes are up and running, Decentr will begin deploying oracle contracts to them. In this way, Decentr aims to enhance its potential across a multitude of decentralized DeFi cases.