GIWA
@0xgiwa.eth
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Starting to see an uptick in infofi / social credit scores again with the increase in popularity of @ethos_network and @xeetdotai
The whole infofi /social credit score sector has reminded me of web3 gaming up to this point - something that people have always been excited for but something that has been incredibly hard to pull off
Two of the biggest challenges with this stuff that I have seen over the years that, if solved, would go a long way towards making infofi projects successful have been the ability for these platforms to break out of a specific niche area, and groups that rate each other highly but can weaponize their influence against others
1) to the first point, I haven’t seen many platforms over the years able to reach mass appeal outside of a specific sector. If a social credit score project becomes popular amongst perps traders for example, you have a result where all the highest rated accounts fall into that niche or have very close connections to people within that niche. It almost becomes an insiders club where if you are not already a member of the club so to speak, it’s nearly impossible to break in to the highest levels of social credit scores as someone specializing in a different area. This becomes even more problematic if you haven’t personally been involved in a niche that gains early control - for example, if an infofi platform has largely perps traders in the top 100, it becomes much harder for an nft influencer to move up as historically there has been some back and forth between the communities - regardless of how trustworthy that nft person may be
2) once you have a group of people reach critical mass where their score is sufficiently high enough, that influence can be used to keep themselves in the highest tier (especially if airdrops or something are promised), prevent others from moving up or even more nefariously to keep individuals or groups pushed down. It becomes this snowball effect where there’s almost no way to escape from the cycle as the more highly rated accounts can continue to rate each other highly and use that influence to punish individuals or groups they dislike. Especially as platforms generally tend to give more weight to votes from people who are already “highly rated,” it takes an almost catastrophic event like FTX going down to get enough people without huge influence to hurt these scores (sbf for example). Alternatively, if you upset the wrong person, it’s very easy to dm friends and work towards nuking any given individuals score.
I’m not sure what the best way to solve these issues is, but they are largely to blame for past attempts at social credit scores not working out. I almost wonder if new projects launching in this area would do well to strictly control early invites and identify people in all different sectors to invite to ensure not any one sector gains too much early influence. It may be smart for teams to totally control these invites as opposed to giving invites to people already invited - as that generally just results in people inviting their friends and expanding the influence of that specific group/niche. The downside to that being extremely slow growth, of course. 5 replies
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