DappCon 2023: How Onchain Credentials Will Change Our Industry - Adam

Transcript

cool hi everyone thanks so much for coming to the talk today and today we'll be talking about de score on change credentials and how we think uh some of the use cases will evolve for them as our industry kind of develops so what is D score so deun score at its core is all about identifying good quality onch users and allowing them to highlight their abilities and be rewarded for their skills on chain uh we work by kind of looking at a user's onchain activity the types of things they've done in ethereum right now and then give them points based off kind of the variety of things they've interacted with and the depth of interaction they've done for a protocol

or an nft project or in governance and then reward them with points so the higher the points the better quality user and we started during defi summer and were really popular around when we released because I think it was the first time that at least for me as a user fell felt like I could have my onchain story being told in a way that I could understand and so it's been really fun building this product uh in the space for the last two years uh let's get into kind of what we've learned and what onchain reputation is so what is onchain reputation well it's pretty simple it's the things you do on chain so whether you're you know minting a new nft project that just came out or

whether you are providing liquidity to a protocol or whether whether you are you know voting or proposing governance all of these things we do on chain every week or every day contribute to your reputation and obviously reputation is a pretty big topic uh and so you know the types of users that you are sometimes it's portable across different communities but in other times it's just organized in that one group so for example if you're an NFD project looking to build out your allow list you're probably going to look at users who have a good reputation nfts maybe have good taste and probably not be as interested at for like a active a governance participants because these are just two different types of

users so right now when we look at onchain reputation and how people can kind of highlight who they are on chain I think and we think at Dent score it's really limited so you're only able to maybe buy a cool nft that you think is funny or show shows an aspect of your personality that you want to highlight um and put that as your Twitter or telegram picture or you can just straight up put your debank uh profile Link in your Twitter bio to try and highlight that you actually kind of maybe know what you're talking about or have experience um on chain um which can help you get access to certain things these are not very privacy preserving methods and they're also are very limited in terms of what they actually

show um it really doesn't feel like I can get to know the entire user story and all the things that they want to highlight by just looking at these two elements so we saw this and felt like there has to be something more and a better way to kind of highlight who you are as a user one of the things that I'm still so amazed at is just how hard it is to know if someone is a good quality user or not so if you look you know I just took a screenshot of ether scan for this example but if I had to figure out without DJ score who is a good quality user and the types of things they're interacting with I'd have to go through each transaction look at the to they hold see which protocols they're interacting with maybe see what nfts

they're holding to get a sense if they're kind of quality uh or not and I would have to already have a lot of skills and also knowledge about the space to make that kind of assessment so this is really challenging just on an individual level to find who's good it's challenging for the user who actually address owns this because they can't easily highlight who they are and it's also really hard for teams to do like user acquisition or to find other potential users that they could be be working with um for their new project so there's a huge amount of limitation right now with you know understanding how good a user actually is and so we decided to launch something uh called The Beacon so the beacon is an

onchain credential that is allows users to kind of highlight their abilities on chain um share them with their friends and and communities and also uh allow them to be rewarded for the types of abilities and skills that they have um from other projects that want to probably interacting with them um and so some of the key characteristics of the beacon is that it's soulbound um so a user can't trade it on a market it's it's linked to them um it holds something called traits which are kind of aspects of the users onchain reputation packaged in a fun and consumable way um one of the things with with the beacon and with dun score in

general is we always want to make sure the reputation is easy to be understood so human readable and also fun to share um because I think that's just really important um it's fun to flex and highlight just who you are on chain in a cool way and with the beacon uh you can now if you want optionally connect multiple addresses to get kind of your full picture of who you are on chain and then mint the soulbound token to like a public facing address while while hiding your bundle from the public so this is a privacy preserving way to highlight who you are on chain and the full picture if you if you choose to do so you can also just men to a single address if you'd like so something we actually just

launched today uh this morning is something called trades which we're really excited about so before we just had the dean score and that was kind of the main way people knew us and understood the product now we're going to have traits which are basically slivers or sections of your onchain reputation um that all live inside of your beacon and can be explored by other users or yourself or by projects so they live onchain and the queryable on chain they're built to flex so they're supposed to be fun and cool things to highlight and share they cover a range of topics uh you know they're going to cover governance nfts different aspects of defi we really want traits to be useful for a range of different users

in crypto depending on what kind of their interest in and when you add all of the traits together you get the user's de and score so they all contribute to the user's overall score which is the dean score which is the easiest way to kind of assess how good quality a user is so this is the first trait that we released it's called the activity trait and it looks at a user across four different variables so the frequency of transactions that they're doing over the last uh 90 days the variety of transactions so how many smart contracts they're interacting with um how much gu and how quickly they're doing those uh transactions and also how much gas

they've spent so how much eat they've actually spent um in their Beacon bundle or their address um so I guess the core things to know here is it's relative to everyone else in in ethereum and all these points that you get with your activity trade contribute to having a high D score so basically the more active you are the higher you D score the better your life will be on chain so I think as technologists and just you know just building a company you always kind of think about okay we can build this cool product but how is it useful like what are the actual core use cases for onchain credentials or the beacon um that you know are really important and and validate what we're

doing and so this is what we spent a lot of the time for the last you know eight months really exploring and I want to go through through some of the case studies that kind of exist today but I think also will be really important in the future as our space matures so hiring an applicant I think is a great use case for an non-chain credential um right now if you're a team and you're looking to make a hire you want to and you're a crypto team of course you want to kind of make sure that that applicant has good quality on chain skills um but it's really hard to do that without like like I said before like looking at their address and looking at ether scan and what applicants going to want to share their you know all their addresses with a

company that's just never going to happen and so onchain credentials can kind of step in and allow applicants to share their onchain abilities in a privacy preserving way H to prove that they are really good on chain and get you know access to that dream job or that cool cool opportunity that they wanted to have um which maybe wasn't open to them before so practically like we've seen people use their D score to get hired at VC firms trading firms and with teams um because people understand that having a really high Dent score means that that applicant's pretty special and can really contribute which I think has been a really fun way to kind of see how some of the utility has been created for what we've built and we kind of launched this dream team or this kind of job board

where we worked with different companies that cared about onchain reputation and they used the beacon to kind of prove that applicants um knew what they were talking about on chain so they could be kind of fast-tracked in the process and and and and be looked at so that's one application that I definitely think will continue in the future is is hiring uh user acquisition is kind of what I spent a lot of time on for the last kind of year so we worked with 50 teams over 50 teams that really bring them the best quality users around in ethereum because we have the ability at D score to segment users into categories we saw this opportunity to work with teams to bring them like the top 10% of defi users um and team teams you know have a really tough time doing user

acquisition right now in crypto because there's not really a structured way to do it there's um it's very manual either you're you know messaging users on debank which still doesn't work very well or you're just trying to you know do an airdrop or talking on Twitter um we thought there could be a better way to kind of connect the teams and the users um because they both needed something from one another and so we launched a cafe um users who are Beacon holders have been able to get access to you know airdrops or new products or nft allow list because of their onchain reputation and because they're sought after users and then teams have been able to get liquidity for their protocol get a new user base from day one of their launch

um and get awesome feedback because of for their product um really quickly and this has been a really cool Marketplace to kind of manage and we're still you know really excited about working with teams to offer great opportunities to be holders um so that's been really awesome so another kind of topic which I think is going to be really popular hopefully in the next year but certainly the next few years is is messaging so I think you know crypto messaging makes sense only if you're kind of looking at what's happening on chain and you're using this data that exists on chain to create interesting spaces and the example that we have is that when we kind of launched Dean score we saw that we could see you know the

best quity users in ethereum at the time and so we allowed them to join a telegram group with the top 250 users that we had and and this this was this is a very weird place there's some really popular crypto Twitter people there there's some anons who are you know really large players on chain all interacting together when large events happen in the space or just exploring um new things happening in crypto and this has been a really interesting example of how this group wouldn't really exist without a credential or onchain kind of data bringing them together and allowing them to connect so I'd love to see more examples of this happening and I definitely think it will as uh more messaging platforms get built and the product uh the space kind of matures a

bit and the last use case I'm going to talk about is anti-il so when an ecosystem has to kind of decentralize or reward um users currently I think they have a lot of problems uh doing that in a really efficient way and because of onchain credentials they can be composable and work together to kind of create an interesting you barrier or or gate for for users to make sure that the right users are being rewarded um when they're when they when a protocol or ecosystem is decentralizing or giving out rewards so the example that I kind of wrote down which is is like gitcoin passport added with a beacon added with maybe something else would create like a really interesting kind of score or or or gate for users to have to go through

to get access to rewards and it's a very Crypt native way of of dealing with cble I don't think there's going to be one score or one way that purely perfectly deals with um the cble problem but I definitely think onchain credentials can make this space more functional and efficient so what's next at DJ score well we're obsessed about the onchain reputation space and we're going to continue to develop products in this area we launched one trait today the activity trait and we're excited to kind of continue to build more traits that highlight different aspects of the user's reputation to either solve problems for the user or allow teams to approach and attract these types of

users in a more structured and efficient way we really also thinking a lot about kind of the applications or the use cases for onchain uh credentials so while we're building a credential we're also kind of exploring how it can be used and we talked about that a little bit in some of the use cases that we've that I mentioned there's even more that I think can be discussed and explored so that's what we be spending our time on as well and we're also really excited to work with other great teams to leverage on chain credentials whether it's ours or just the space in general um we're excited to kind of partner with cool protocols or cool teams building interesting stuff and and collaborate to build stuff together so if you want to leverage dun score and work together there's kind of

two main ways to do that right now so you can work with us in the cafe if you have a project or uh that you want to bring onchain users to we have a lot of good quality users uh the user base right now controls over $350 million of assets and so this is a really you know interesting base to work with to bring into your project um when you want to launch or just release a new product feature and we can also integrate with products so if you there's so many different examples of why an integration might make sense could be like a lending boring protocol that's more peer-to-peer could be a social profile um there's so many different examples that it could be interesting to kind of Leverage on chain credentials to offer a better user experience to your users or just a

completely new product experience so if you're exploring that type of space as well we'd love to talk with you to see how we can work together so that's the talk uh hopefully you guys enjoyed we're really excited at D score about learning more about onchain credentials their use cases and continuing to make it easy for onchain natives to be highlighted share their reputation and be rewarded for they are thanks so much for listening and good luck with the rest of [Applause] dcon do we have any questions if not I would ask a little

bit more about this new product I mean when you go there to build your bundle I mean do you do you need to somehow prove that you own the account by signing a message and say if it's a smart contract while like a safe um how would you go about doing that yeah so I think right now you do have to sign that you own an address and I believe that you know we integrate with metamask wall connect um things like that to prove that you can add it to your bundle so um otherwise you could just add random addresses to your bundle and it wouldn't really be your onchain reputation right so how do you support like a smart contract wallet and proving that uh that to add to add of those to the bundle is it we do not

support safes right now uh but that's something for the I'll take to the the guys at home and uh try and get it to go good to know do we have any other questions if not oh we've got one right here thanks for the presentation it was really interesting I was just wondering maybe if you could share a bit more about the cafe and projects that are currently l aaging that to acquire new users yeah so I can talk about some of maybe the uh case the examples that we've had this year might be the most interesting so we had um you know gearbox uh I don't know if you've heard about them they're kind of an onchain

leverage uh product and they really needed good quality onchain users in you know just kind of a 100 really good quality onchain users to try out their their V2 um and so they worked with dun score to kind of identify these users we set you know Beacon ownership plus uh like a d score of over a th in order to access that product and then you know 100 really good quality users were able to experience that product and it was amazing for gearbox to be able to onboard those users another example was a team you know in a similar similar vein uh that opened up their kind of um liquidity pools uh that started their kind of launch and over like a million dollars of tvl went from our community

into that project um to kind of have them a give them a great start on day one right now it's free for teams to work with the cafe um because we really just want to bring value to to Beacon holders um and so generally it's it's things like an early access to a product maybe an nft allow list um there's just a range of different kind of opportunities that you can you can do with in the cafe one more over here uh thanks Adam for this talk um I was curious to find out how a prospective DJ user might find out about DJ score um like do they just come

across it when they interacting with protocols and they see djm score like in the cafe or do you guys do active marketing to kind of spread the news yeah so how do users kind of find out of a d score I think that's that's a good point I think like maybe they see there could be a few ways so one I think on Twitter is kind of I think our main acquisition Channel where people like learn about us uh see what we're doing um I think if we've worked with a lot of teams to kind of use DJ score as a bit of a gate for their product um and I think you know if you're part of that Community then you're starting to check out D score and see okay what is this thing how can it I use it um so I think

a lot of our Partnerships helped us uh get the word out um but it's just kind of this ongoing thing we're doing you know communicating what you're doing in new circles to try and bring more users in but we don't run any sort of structured ads or any sort of uh kind of campaigns to do a lot of user acquisition in that way what we really kind of double down on and think about every day is how we can bring value to Beacon holders and create new kind of product experiences for them because we think that will then incentivize you know engagement and a reason to own the beacon and um you know a good experience looks like there's another question over here maybe you've already mentioned it in the presentation but I was wondering which chains are currently supported by

DJ score yeah so right now we only support ethereum we'd love to go to layer twos and more places um part of the question was around infrastructure uh we needed some infrastructure kind of developments to happen in the space before we could really go to places like optimism or arbitrum but I think also it's just a question of really trying to find product Market fit uh in a really scalable way with like our core user base um in you know during this type of Market cycle we even had a lot of demand to go into other places and I think when when we ask ourselves like when will we go multichain we it's when we start to really feel like there's new products being deployed in different chains that that are cooler or better than what's happening in ethereum um but eventually we would like to get there because as we

all know during like a busy time ethereum can be not the most sucessful place and l2s will play a big part in kind of the next next phase of our our industry I think all right so let's thank the speaker again than