Reputation power in Decentralized Finance communities
In an exclusive interview, we at Rome Blockchain Labs were able to gain a new understanding of the future of Reputation Power.
As you participate in your DeFi journey, you are leaving behind a map of your on-chain activity. As we participate in blockchain activity, we seek recognition and understanding from digital peers. With new ventures into the concept of Soulbound Tokens and Reputation Power, DeFi participants have the opportunity to build digital clout on the blockchain like never before.
MetisDAO is actively building decentralized Web3 credentials, known as Matrix Reputation Power. For more information on the MetisDAO Matrix Reputation Power project, please read their recent publication. In an exclusive interview, we at Rome Blockchain Labs were able to gain a new understanding of the future of Reputation Power.
What problems might Metis Reputation Power solve?
Bias and discrimination on the Blockchain
Through a combination of Zero-Proof knowledge and Reputation Power, blockchain participants will be able to remain anonymous while also being recognized for their contributions, skillsets, and more.
With geographic, racial, gender, and economic status remaining private, individuals can earn their reputation based on actions alone.
Feigned Credibility and Dishonesty
Rather than asking someone for references or a portfolio, the ability to view an individual’s “Reputation” exists instead. In DeFi, this opens a world to under-collateralized loans, collaborative finance, and more to those unable or unwilling to participate in traditional finance.
While some of this reputation power is already existing ad hoc within certain DeFi communities, a formal system would allow individuals to move into new communities with ease, knowing that they will be recognized for their positive activities.
What other solutions might Reputation Power apply to?
Educational achievements Resumes, portfolios, and CVs Gig Economy Event participation Marital or Familial status Voting Eventually, we may see Reputation Power replacing traditional standards of identification!
At Rome Blockchain Labs, we believe in providing abundance for all. Empowering individuals to own and control their identity via Reputation Power is a critical step to the success of an abundant Web3. In support of bringing humanity to the blockchain, RBL recognizes the impacts Reputation Power may have on mental wellness. Creating a sense of belonging through a vibrant community typically leads to psychological safety. Beginning the DeFi journey and choosing to participate in this way may find individuals increasing their well-being, confidence, positive attitudes, and overall health.
