Credify is Tokyo-based startup company which is developing a new blockchain protocol that can be used to verify the reputation of anyone in any platform. Today, we are going to review this company.
How Does Credify Work?
The company intends to develop a credibility protocol which can be used to prevent frauds. By using its services, the client would be able to see if someone has already scammed another company, for instance.
Credify believes that a fair share of online reviews about people and companies are, in fact, fraudulent, as anonymity helps people to lie and companies can even pay reviewers.
To prevent all these problems from happening, the company is creating a blockchain and a set of rules. The users of the platform will be able to vouch for the credibility of companies or merchants by staking their utility tokens against the outcomes of their marketplace activity. This is what make the company able to create an environment in which the people are incentivized to back positive outcomes instead of the negative ones.
Also, all the users will have to use their IDs and you will be able to see their posting history, which can make it easier to spot scammers which are paid to back companies or something like this.
Credify at the Tokyo Slush Event
At the moment, the company is preparing for its appearance at the Slush Tokyo event, which will happen on March 28-19 in Tokyo. The event will reunite more than 80 startup companies from Asia and the winner will receive a trip to Helsinki, Finland, in which it will be able to pitch its idea in the final part of the event, which will occur on December 4-5.
Slush is an international organization that showcases startups from over 18 cities all over the world and it was created to match investors and startups. If you want to know more about Slush, just visit the company’s site.
Credify ICO Conclusion
We don’t know how well Credify will do at Tokyo Slush, but this is certainly a company to look out for, as it looks more innovative than many start-ups and has some inherent potential for being profitable. At the moment, though, there is no mention of an upcoming ICO from this company, as the company is currently looking for private investors only.