Overview
The cheqd Network is built on the Cosmos SDK, enabling the secure exchange of trusted, verifiable data through the use of Decentralised Identifiers (DIDs) and off-chain Verifiable Credentials. It supports major credential types like VC-JWT, JSON-LD, and AnonCreds, facilitating interoperability across various platforms and enterprise SDKs. The network’s unique approach allows for the creation of a decentralized governance framework and innovative payment models for data exchange.
Technology and Features
The cheqd Network introduces a novel DID method that allows for the association of linked resources with a DID, which can be controlled through the verification methods detailed in the DID Document. This mechanism supports the seamless exchange and verification of credentials across different industries and applications, ensuring data authenticity and user control.
Tokenomics and Governance
$CHEQ, the native utility token, serves multiple purposes within the cheqd ecosystem. It is used for writing DIDs and DID-linked resources to the network, participating in decentralized governance, and facilitating payment flows between parties involved in the verification process. The tokenomics are designed to incentivize network participation and ensure the sustainability of the ecosystem.
Self-Sovereign Identity (SSI)
At the heart of cheqd’s mission is the promotion of self-sovereign identity (SSI), a user-centric approach to digital identity that enhances security and privacy. SSI allows individuals to control their own data, share it selectively, and revoke access as needed, without relying on a central repository. This aligns with the decentralized, open nature of Web3 and represents a significant advancement in the way digital identities are managed.
Founders and Mission
Cheqd was co-founded by Fraser Edwards and Ankur Banerjee, with a mission to empower individuals and organizations to take control of their data and realize its value. By disrupting traditional identity paradigms, cheqd aims to create a new market for trusted data exchange that is both secure and user-friendly.
Partnerships and Community
Cheqd has established a strong community of partners across various industries, demonstrating the wide applicability and potential of SSI technology. Through collaborations with key investors like Outlier Ventures, Evernym, and Tendermint Ventures, cheqd continues to expand its reach and influence in the digital identity space.
Future Directions
The cheqd Network is poised for further growth and innovation, with plans to extend its capabilities and foster broader adoption of SSI technology. By continuously improving its platform and governance models, cheqd seeks to remain at the forefront of the digital identity revolution.
