The protocol’s identity system, Soda ID, will use tons of on-chain data to generate user portraits for wallet addresses.
First Iteration of the Financial Identity System
Soda Protocol has launched Soda ID 1.0, an on-chain data-based financial identity system on Dec. 15.
Soda ID collects a large amount of on-chain data and executes a series of operations like cleansing, extraction, classification, training, archiving to eventually generate a user portrait for the particular wallet in question according to its on-chain behavior. It constantly accumulates the value of on-chain behavior for users.
“We are also constantly improving the performance and accuracy of Soda ID to make the data and scores more reasonable. Any suggestions are welcome. Also, in order to improve the accuracy and diversity of the instruction parser, we welcome all protocols on Solana to contact us and build a credit system on Solana together. Soda ID is an innovative attempt and maybe the beginning of a new era. We look forward to building it together with you all!” stated the official Medium blog that introduced this development from the protocol
The protocol also plans to build a reasonable credit score for each user based on the data and user profiles via constantly improving the credit model clubbed with their off-chain social information. Soda ID has several data pipelines that are segregated to collect and analyze the data.
As previously reported by Solana.News, the protocol introduced a yield farming campaign for liquidity providers on Nov. 25. The campaign will end on Dec. 14 at 16:00 UTC, after which the participant’s rewards will be determined by the average liquidity value of all snapshots.
What is Soda Protocol?
Soda Protocol is a decentralized finance (DeFi) protocol built on the Solana blockchain network that utilizes an on-chain credit rating system that evaluates the historical behaviors of addresses involved in the borrowing and lending transactions on the protocol. Its on-chain credit rating system, Sol ID, acts as the foundation for credit loans, airdrop options, and governance of the protocol.
Source: Solana News www.solana.news/post/soda-protocol-launches-financial-identity-system
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