cNFT mint levels and upgrades

Credit non-fungible token (cNFT) is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain). Each cNFT is generated with a decentralized identity (DID) at its core and includes:

  • The status of assets across all wallet addresses associated with the DID

  • The transaction history as well as present status on each DeFi protocol

  • The credit rating calculated by the CreDA Credit Oracle The CreDA protocol maintains sufficient operating assets and corresponding cross-chain interfaces for each cNFT

  • CREDA tokens minted by the user onto their cNFT

cNFT mint rules

  1. To be able to successfully mint LEVEL 1 cNFT, user needs:

  • Credit Score > 50

2. The level of cNFT is calculated by the algorithm. cNFT holders will be able to upgrade their cNFT based on the following criteria:

Example: Users will be able to upgrade their cNFT from level 1 to level 2 when total minted cNFT's cross 100 mark and if users Credit Score is within top 10% vs. all users Credit Scores on level 1. Users will be able to upgrade cNFT from level 2 to level 3 when total minted cNFT's cross 1,000 mark and if users Credit Score is within top 1% vs. all users Credit Scores from levels 1 and 2 combined.

A cNFT that is burned within 90 days of minting will receive back locked CREDA tokens A cNFT that is burned after 90 days of minting will receive back unlocked CREDA tokens

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