A Brief Analysis of Web3 Credit System Construction Ideas, Difficulties, and Solutions by The Ontology Team OntologyNetwork Nov, 2022

This is not just a problem in the field of reputation right now, but a bottleneck in Web3 as a whole. In the absence of supervision, it is difficult for the reputation system to be authoritative and truly promoted, and the user behavior is difficult to be constrained.

At present, the field is still in the early stage of development, and the projects of each track are also in the process of exploration. Projects with reputation requirements will develop a set of favorable systems according to their own characteristics to improve their growth and retention, which cannot be used across platforms and fields.

However, the institutions responsible for supervising the Web3 reputation system should involve members from different countries, and formulate relevant regulations that are in accordance with different national conditions, so that the reputation model can have a “global consensus”. The intervention of authoritative regulatory agencies can not only ensure the fairness and justice of the reputation system, but also further improve the problems of difficult data acquisition and inconsistent identity systems, which is the basis for promoting a new generation of reputation systems.

Conclusion

The construction of a new generation of reputation systems is necessary. It will be based on the existing Web2 reputation system, with the development of a Web3 field, giving full play to the characteristics of Web3, to create a set of systems with perfect data, privacy protection, and reasonable supervision.