RociFi and Relation — Building Credit and Trust in Web3

We’re excited to announce that RociFi has partnered with Relation, a Web3 social graph infrastructure that will host the next generation of billions of DApps. This partnership will make it easier for on-chain users to build reputation and trust in Web3.

RociFi’s credit scoring system analyzes a Web3 user’s on-chain history across multiple chains to generate a credit risk score which is neatly packed into a non-transferable NFT, Non-Fungible Credit Score (NFCS), and is updated in real-time based upon the user’s continued behavior across Web3.

Relation is building a trustworthy Web3 social graph with Semantic SBTs, while the NFCS determines credit and trust for every account in a quantitative way.

A Semantic SBT allows two individuals to certify their social relationship through its metadata. This certification can be done by the individuals themselves or third party, and it allows for different types of relationships to be built. For example, if an account owner is a member of a DAO and is certificated by the DAO with a membership SBT, then the SBT will prove the relationship between the account owner and the DAO, and create a directed graph link.

After RociFi and Relation announced their cooperation, they finished integrating RociFi’s NFCS page into users’ Relation One page. This represents a “credit and trust” data point for users’ on-chain identity. For reference, if a user’s credit score is in good standing (no defaults) their icon will be purple. If it’s in bad standing (defaults), the icon will be in red.

Now users can easily connect their NFCS page to Relation ONE with a shortcut via the RociFi NFCS profile page.

NFCS and Semantic SBTs are two different ways to build trust and reputation in a decentralized society. They are not in competition with each other, but rather complement each other.

A user’s credit and trust is measurable with NFCS, while the trust attributes of an account are certified with Semantic SBTs.

Reputation development in a decentralized society requires a concerted effort in both dimensions.

“RociFi and Relation came together to build a robust Web3 on-chain identity and trust layer that is compatible across all Web3 platforms; with the goal of onboarding the next billion users to the future of social and finance.” — Chris Brookins, Co-founder of RociFi.

Stay tuned for more great things to come from our partnership!

About RociFi

RociFi is a Defi protocol for on-chain credit scores and under-collateralized retail loans. To-date, we have minted almost 22K NFCS, issued 1,200 under-collateralized loans and 2,000 capital efficient loans (higher LTV), and have total users of 25K, the cumulative volume of $491K, and cumulative transactions of 87K.

About Relation

Relation is building a Web3 social graph infrastructure that will host the next generation of billions of DApps, and empower souls and communities to co-build reputation and a better society on Web3 with SBTs and relationship data. Relation has launched Web3 social Dapp Relation ONE and the Semantic SBT standard which will create a chain native data layer that is easy to query, share and reuse with lower friction.