Chainscore provides a way to evaluate financial risk with a cross-chain credit scoring protocol. DeFi apps could use chainscore to verify users’ eligibility based on a number of factors such as their past financial transactions.
Lending protocols can use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which users are likely to bring in the most revenue.
One use case could be, providing better interest rates for users with records of repaying loans on time or low debt to minimize risk.
We combine credit scores with on-chain identities that allow for users to stake other peers that they personally know. This increases their trust in the network and also prevents users from abandoning identity with a lower credit score.
What stage of the product or idea are you (and your team) at?
Currently, we are working towards developing a more robust and secure version of our network of scorers and indexers, and we are researching towards a better-fitting scoring algorithm for DeFi use cases.
With the launch fund, we aim to accomplish -
Development of Scorer network
Security Audits for Contracts
Launch on Mainnet
User on-boarding
Is it live on Harmony and/or another chain?
Our protocol contracts have been tested on harmony testnet, and we look to launch on mainnet in next 2 months.
How many active users do you currently have, or aim to acquire?
Upon launch, we aim to have 10+ protocols (with 100+ users) using our credit scores. We are looking into the following go to market strategy and user-acquisition strategy -
Social Media marketing
Supporting Hackathons and DeFi events/conferences
Working with teams to build projects that use chainscore
Proposal ask
50k USD
Metrics for success
At least 10 participating projects requesting credit scores for their users with 10000+ unique users.
Milestone 1: Scoring Network and Indexers
Number
Deliverable
Specification
0a
License
Apache 2.0
0b
Description
We shall develop the network of scoring nodes running the credit scoring algorithm with financial data queried from Indexers on multiple chains. We will develop contracts to support our interaction with network nodes and managing user identities.
0c
How to verify?
It is expected that you can verify indexers running on explorer which are able to query past financial data of a particular user. Scorer network testnet shall be launched with network nodes that are able to interact with the smart contracts on Harmony. This shall be available for users to use on Harmony Testnet.
1a
Core Component
Scoring Network
1b
Core Component
Indexers
1c
Core Component
Protocol Contract
1d
Core Component
SCORE Token and Staking Contract
Milestone 2: Protocol Launch
Number
Deliverable
Specification
0a
License
Apache 2.0
0b
Description
We will launch chainscore, with deployed contracts on Harmony Mainnet, running scorer network with 10+ running nodes, and indexers on multiple chains.
0c
How to verify?
Contracts’ audit reports would be published. Announcements would be made on our Twitter handle about user onboarding. We shall create an open feedback forum for early users.
1a
Core Component
Security Audits of Contracts
1b
Core Component
User onboarding
1c
Core Component
Successful launch on Mainnet
Milestone 3: Token Launch and DAO Formation
Number
Deliverable
Specification
0a
License
Apache 2.0
0b
Description
We will be launching SCORE token, rewarding LPs, and form DAO for token holders. DAO shall allow members to submit proposals and vote using tokens with quadrating voting. We shall enable validators to stake SCORE tokens and participate in the network.
0c
How to verify?
100+ unique token holders participating in DAO formation
@prasadkumkar Apologies for not circling back earlier. This proposal is amazing. I read the whitepaper. Do you guys have social media profiles ready to go spread the news on this initiative?
The ask is structured with 3 milestones. However, our fund is structured by TestNet, Mainnet, DAO and 10K users per launch guidelines.
@Jacksteroo Thank you for reading the whitepaper! I am really glad that you liked it
We have a newly set up Twitter page: https://twitter.com/ChainScoreHQ. We are working on drafting our official documentation and deploying the website to get users to try Chainscore on Harmony Testnet.
The fund structure (TestNet, Mainnet, DAO, and 10K users) sounds good to me, we can do it this way.
Congratulations! Approved for $50K Launch for all 3 milestones.
We look forward to a feature completion on Testnet to include a user interface, connection to a wallet (Metamask, Harmony ONE Chrome Extension, etc.), and can be tested end-to-end by at least 100 users
Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each: $10K after launching a feature-complete product on our testnet, $10K after mainnet launch, $10K after forming a DAO with its community, and $20K for after 10K users.
Greetings! We have launched ChainScore on Harmony Testnet. We have built the infrastructure with custom oracle nodes with data from Graph Protocol node and Covalent API. Currently, credit data is supported from Aave and Compound SubGraphs on Ethereum Mainnet, and we are expanding it to Yearn, Maker, Uniswap, and also multiple chains.
We have one version of demo which queries data through contract on Harmony Testnet Demo on Harmony Testnet
After responses from the early testers, we have recently deployed another interface that interacts with the scorer node directly giving faster responses and more data.
We had launched last week to a limited number of users. We had >150 users trying chainscore, of which we received ~30 feedback through our google form. Here are the responses ChainScore Feedback (Responses) - Google Sheets.
Most of the responses requested faster responses on demo and support for more data like token holdings and credit history. For which we launched Demo with API which directly interacts with the Scorer Node.
Issues
We have noticed a few requests failing due to timeout errors from our data providers. To fix this, we are integrating Graph Protocol nodes directly in our scorer network for more reliability.
Next Steps
We are hiring experienced developers to support building our node infrastructure and deploy more scorer nodes, and also better marketing and design.
For this, we aim to raise a small amount of investment through a token sale next month. We aim to boost the network with at least 10 scorer nodes running [increasing availability] before launching on the mainnet.
After extensive development and testing on Harmony Testnet and Rinkeby, we have launched on Harmony Mainnet.
We are developing the network further and bringing in a broader range of credit data other than just credit scores, such as the accounts’ total valuation, credit analytics over time, and ratings for different kinds of risk.
In addition, we look forward to developing and testing different Machine Learning models for risk scoring.
We are transitioning from PoA to PoS in our nodes to allow decentralization, and anyone can participate in the network.
II. DAO Formation
We have formed ChainScore DAO intending to make DeFi safer using ChainScore’s tools and credit risk data. Through this DAO, we shall
Develop open-source tools, frameworks, and resources to ease integrating credit data,
Support projects, both technically and financially [from ChainScore treasury]. Also onboarding new projects by sponsoring hackathons and developing incubating programs
Increase awareness about different DeFi Risks such as market illiquidiation, underlying collateral risks, and more
We are developing tools and frameworks to help integrate and use ChainScore.
@chainscore/contracts
To integrate data from chainscore, devs earlier would need to know oracle addresses, job specs, and fees for different requests and then create and send the request. Now they could do this with just a few lines of code. @chainscore/contracts package handles keeping track of all oracle/token addresses, job specs, and request fees when initialized, and can also control if the address/fees are updated.
@prasadkumkar The Testnet looks limited to Aave and Compound. Have you taken a look at the Harmony ecosystem’s defi products? There’s a big chunk missing from activities from DefiKingdoms, Tranquil, Sushi, Viperswap, Hundred, Curve, Synapse, etc.
At least engage with Tranquil, which is the largest native lending protocol on Harmony.
Hi, @Jacksteroo Thank you for trying the demo.
We are categorically building indexers for different DeFi protocols, starting with lending/borrowing protocols (Aave and Comp), we are now working on fetching Vaults and Pools positions (Yearn, Curve), and soon be deploying indexers for AMM Exchange pools (Uniswap, Sushi, etc).
We have chosen to support Ethereum Mainnet first due to its wider range of protocols. Once we have complete support for the same, it would be simpler to be ported over to fetch data from Harmony’s DeFi Ecosystem
To clarify with the community, the funding is for Testnet launch and DAO formation.
@prasadkumkar curious to know, since our last conversation, where are we in terms of launching on Harmony’s Mainnet with “scoring” on Harmony’s DeFi ecosystem?
Also, any update on the direction and proposals by the Chainscore DAO to help Chainscore’s directions?
Hi Jack, we’ve been heads down building. For Harmony, data indexers for SushiSwap (swap and staking), Tranquil (lending/borrowing), Defira and DeFi kingdoms has been built this month and we are working on including Curve and AaveV3 to the list. They could be found here –
We concluded our Alpha this month to work on the next version of chainscore which is being tested right now. It will be the first truly decentralized (request-based) oracle network for credit data analytics. Here’s development updates about that
Recently, we announced a new product of Credit Ratings, which has received tremendous response and we are partnering with several DeFi projects on Harmony who would use this.
ChainScore DAO is mainly to adjust fees, network parameters and development of the protocol. We’ll see more updates on that as we are near launching. We will be relaunching with Credit Ratings and ChainScore Network on testnet next quarter. We closed our pre-seed round of $400k, and are keeping a timeline till end of this year to launch on Mainnet.
It provides you with an accessible and secure web3 Credit Score and allows you to manage your credit history, access loans, liquidity positions and financial inclusion more effectively
and allows you to manage your credit history, access loans, liquidity positions and financial inclusion more effectively 
