cNFT mint levels and upgrades
Last updated
Last updated
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
To be able to successfully mint LEVEL 1 cNFT, user needs:
at least 1 CREDA token (unlocked) on wallet balance
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:
| cNFT level | CREDA collateral | Total Number of cNFT minted | Credit Score (top % across all cNFT) |
|---|---|---|---|
1 | 1 | no requirement | no requirement |
2 | 10 | 1,000 | 10% |
3 | 100 | 10,000 | 1% |
4 | 1,000 | 100,000 | 0,1% |
5 | 10,000 | 1,000,000 | 0,01% |
Example: Users will be able to upgrade their cNFT from level 1 to level 2 when total minted cNFT's cross 1,000 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 10,000 mark and if users Credit Score is within top 1% vs. all users Credit Scores from levels 1 and 2 combined.
At this stage only Level 1 is possible! cNFT upgrades will be available over time as the user base grows and will be announced as they are available via social media channels.
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
