CandleFocus Sonic pioneers wallet credit scores with no KYC requirements amid reaching 720ms finality
2024-09-09
Author: Content Editor
Sonic Labs, formerly known as Fantom, plans to introduce credit scores for digital wallets on its blockchain. The aim is to tap into the global unsecured lending market, worth over $11 trillion. Sonic Labs has developed a scoring model for blockchain addresses without requiring KYC or personal data. The move is seen as a key advancement in blockchain technology and will allow traditional loan products, such as personal and payday loans, to enter the decentralized finance (DeFi) space. Sonic Labs claims to be the first to offer direct on-chain access to wallet scoring, unlocking the $11 trillion market. Additionally, the company's testnet achieved transaction finality in just 720 milliseconds, making it the fastest blockchain network in terms of finality.
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