On-Chain Credit Metrics

Through the on-chain distribution of credit metrics, Credora enables DeFi applications to modify lending and borrowing parameters on the basis of a borrower’s credit information. This empowers borrowers to leverage their Credora credit assessment while engaging an expanding network of DeFi applications. Through on-chain credit metrics, Credora aims to further streamline the lending process, improve operational efficiency, and ensure transparency through the immutability of blockchain data.

The Credora platform offers an innovative on-chain solution for sharing credit metrics, leveraging the capabilities of blockchain technology. Central to this system is the Credora smart contract, which functions as a ledger for credit metrics. It is powered by off-chain data sourced from a decentralized data warehouse. Specifically, Credora utilizes the Space & Time (S&T) system, which integrates a verifiable compute layer that employs Zero-Knowledge Proof (ZKP) technology, known as Proof-of-SQL. This component is crucial for Credora as it guarantees the integrity of computations, ensuring that both the queries and their results are free from tampering.

Workflow of the Credora solution for on-chain credit metrics

To facilitate the transmission of data to the blockchain, the Credora solution incorporates the Ethereum Attestation Service (EAS). This process ensures that data integrity and verifiability are maintained. Credit metrics, along with their associated proofs, are encapsulated within a standardized attestation schema designed to be compatible with EAS. This schema captures critical information, including the borrower's identity, the specific credit metrics, and the proof commitment of the executed query.

Once formulated, the attestation can be stored in any EVM-compatible blockchain. This process involves the creation of a blockchain transaction that encapsulates the attestation data. The transaction is then validated and recorded within the blockchain network. Each transaction is uniquely identifiable through a transaction hash and a unique identifier (UID), which serve as immutable references to the attestation. Whenever new Credit Metrics attestations are generated, they trigger an event within the Credora smart contract. This event enables the contract to retrieve updated data using the UID of the most recent attestation.

To access the data stored within the Credora smart contract, third-party consumers, such as lending protocol smart contracts, can employ one of two methods depending on their specific needs:

  1. Synchronous function calls that are restricted to authorized addresses. This method, while direct, for certain use cases can lead to inefficiencies as consumer contracts must make periodic inquiries to check for updates, potentially increasing transaction costs and gas usage.

  2. Asynchronous callbacks designed for subscribed consumer contracts. This method enhances efficiency for applications that require frequent updates of information, eliminating the need for periodic polling. Consumer contracts receive automatic notifications when metrics are updated, thereby reducing unnecessary transactions and optimizing gas usage.

The deployment and verification of the Credora on-chain solution have been successfully completed on both the Ethereum Mainnet and the Sepolia Testnet. The main features of the solution are summarized as follows:

  • Credit Metrics Ledger: On-chain storage of credit metrics associated with Credora clients.

  • Verifiable Data Relaying: Ensures verifiability of data fed to the smart contract via ZK proof and on-chain attestations.

  • Integration with Ethereum Attestation Service (EAS): Leverages EAS to anchor credit metrics to on-chain attestations.

  • Synchronous and Event-based Data Retrieval: Supports data retrieval using synchronous function calls or via event-based callbacks.

  • Permissioned Data Access: Controls who can access credit metrics based on roles and specific permissions.

  • ERC-20 Payment Compatibility: Allows payments with ERC-20 tokens for granting access to credit metrics or refreshing on-chain data.

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