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Why cheqd?
cheqd is a technology startup that provides a market-leading solution for verifiable data, enabling participants to share, co-create value and transact.
The cheqd network delivers first of its kind payment rails, customisable commercial models and governance structures for trusted data (also referred to as authentic). This is referred to as Self-Sovereign Identity (SSI), Decentralised Identity, or Web5.
SSI is a user-centric methodology for exchanging trusted data in a more secure and privacy preserving manner. SSI is positioned to usher in the next generation of digital identities across open networks and forms the technical foundation of #Web5.
cheqd provides the technical foundation for emerging #Web5 ecosystems
cheqd provides the foundational technical and payment infrastructure for trusted data ecosystems to form, inverting existing models of data ownership. Entities, whether they be companies, individuals or objects, build profiles of their own data that they have full control over, and share access to this data with interested third parties, or verifiers / receivers, when needed, and with express consent.
This enables cheqd wants to create commercially viable SSI ecosystems through native payment rails alongside the flow of Verifiable Credentials (VC) that enables transactions of trusted data. This is achieved through a new blockchain, built using the Cosmos SDK, the cheqd Network. The cheqd network facilitates native payments in the $CHEQ token for W3C Verifiable Credential exchanges.
With cheqd network, you can already:
- Manage Verifiable Credential revocation status;
- Create customisable payment flows for Verifiable Credentials.
Note: cheqd intends to be the first network to support both JSON and JSON-LD, as well as AnonCreds whilst remaining conformant with the W3C VC Data Model
cheqd is designed as a highly performant Layer 1 with high throughput. Built using the Cosmos SDK, cheqd can process an estimated 7,500 TPS, benchmarking well beyond other leading networks such as Cardono (250 TPS), Ethereum (15 - 30 TPS), Avalanche (5000 TPS) and Bitcoin (10 TPS)
cheqd | Avalanche | Kilt | EBSI | Ethereum | Bitcoin | Hyperledger Indy |
|---|---|---|---|---|---|---|
7,500 | 5,000 | 1,000 | 1,000 | 20 | 10 | 4 |
Gas fees on cheqd are a fraction of the cost of other networks, making it far cheaper to transact on the network and in time exchange credentials.
On average, transactions on cheqd cost between $2-15, based on transaction type. Our pricing table explains costs of DID transactions, on-ledger resources (e.g., schemas, logos, trusted issuer lists, etc) in more detail.
- Whether running a node on the cheqd network, or delegating tokens to a node operator to stake on your behalf, you can earn yield from staking rewards.
cheqd is building payment rails that enable customisable business models:
- A Verifier / receiver of a Verifiable Credential can pay the Issuer a nominal fee for verifying the Credential;
Through our payment rails, new business and revenue models for participants in the self-sovereign identity ecosystem can accelerate the adoption of the technology, making SSI into a more commercially viable technology, whilst keeping individuals in control of their own data.
- cheqd uses a delegated Proof of Stake (DPoS) model, using its native token $CHEQ, to enable fair and proportionate decision making on the network.
- As a token holder, with our easy to use governance dashboard **** you can vote on key governance decisions, such as whether the network should be improved in the way the core team has suggested, and even decide on how the network Community Pool is used
- You are able to easily propose a new on-chain proposal with a deposit of 8000 $CHEQ using our governance forum
- As an interested community member, you can use our off-chain governance forum to propose changes and engage in discussion with the rest of the cheqd community without needing tokens
- With every transaction on the cheqd network 2% of the transaction fee is collected and added to a savings pot known as a Community Pool
- This Community Pool that can be used accelerating the development of new features on cheqd, or even donating to good causes, such as environmental sustainability
- The cheqd Community Pool is currently just shy of 900,000 CHEQ, and anyone can propose how this is used
Since its founding in November 2021, cheqd has gained adoption with partnerships across the SSI ecosystem. Through its network for SSI vendors, cheqd disrupts established identity paradigms and creates new trusted data marketplaces.
Our partnership network now includes 37 SSI vendors and is continuing to grow - the majority of which securing the cheqd network as validators.
Additionally, key investors include Outlier Ventures, Evernym (recently acquired by Avast), Tendermint Ventures, CMCC Global.
cheqd Partnership Ecosystem
cheqd is well positioned as the market-leading tokenized SSI network to collaborate with multiple types of partners, and bring multiple verticals and use-cases to the network:
- Self-Sovereign Identity or Decentralised Identity Vendors
- Consortiums
- Consultancies
- Enterprise
- System Integrators
- Advisory firms
- Web3, Web5 companies
- Governments
We will be launching a self-serve partnership platform to help connect our SSI vendors, consultancies and Web 3.0 partners with compatible use cases and industry verticals and connect with “end-customers” (enterprise, web3 companies, government).
Please get in contact with us here if any of the following aligns with the direction of your company:
- Building a digital identity wallet
- Building backup and data storage mechanisms
- Specialising in data aggregation, transformation or normalisation software
- Seeking payment models / rails for clients
We'd love to hear about your business needs, technical requirements, and understand your customers to build projects out together.
- Exploring potential opportunities in digital identity
- Considering different interoperability profiles and technical stacks
- Looking at monetising the use of Verifiable Credentials
We are happy to set up multi-stakeholder environments, run webinars, host workshops and for multi-stakeholder partnerships to explore how cheqd and our partners can bring new use-cases and commercial models to your business.
- Keen on understanding how SSI can create a more regulatory compliant DeFi / CeDeFi ecosystem
- Building Metaverse or gaming applications which require security of digital assets or exploring self-sovereign avatars and the utility of portable identity and verified data (achievements, skins, reputation)
- Exploring alternatives to NFTs and SBTs
- Cosmos SDK projects that want to gain a deeper understanding of how decentralised identity can overlap and complement other Cosmos projects.
- Interested in advising and consulting on digital identity services
- Clients expressing business needs for more robust identification processes, greater efficiency in onboarding/KYC at lower costs
- Exploring use-cases and verticals in cheqd’s partnership ecosystem as potential fits for customers and to keep abreast of innovation and commercialization within the cheqd ecosystem
- Exploring decentralised identity and SSI for improving access to government services
- Intent on privacy-by-design principles and how SSI can shift the way data is managed, consented to and stored
"As SSI matures we're seeing innovation at every layer of the Trust Over IP stack. cheqd is the only ToIP Layer 1 public utility I've seen with a governance framework designed explicitly to evolve from permissioned to permissionless. Add to that cheqd's commitment to interoperability across all SSI ecosystems and its unique focus on SSI-based value exchange and you have one of the most exciting projects in SSI today."Drummond ReedChief Trust Officer, Avast
"DanubeTech has been a pioneer in DID technologies, and we see cheqd as a promising next step in the evolution of SSI networks. Operating a cheqd node will add value to our mission of enabling global interoperability of decentralized identity infrastructures."Markus Sabadello
"You can't have Web 3 until you have decentralised identity that works at scale and has a business model for network participants hardcoded into it.For this reason we're helping cheqd bring a permissionless, token optimised form of SSI and verifiable claims"Jamie BurkeFounder & CEO, Outlier Ventures “Our well-being depends on reliable data provenance and secure authentication/authorization across humans, organizations, and systems. All the exciting use-cases for digital-first processes are in need of a truly open and portable identity & credentialing fabric, which is exactly what Cheqd provides. Our joint vision is that decentralized identity will be at the core of every cyber-physical system in the near future.”Carsten Stöcker - CEO, Spherity "We're excited to join the cheqd community because of its focus on operationalising SSI business models through payment rails. For companies like us that want to build applications based on SSI that enable users to access services, the payment rail component is critical in ensuring that we offer customers a seamless payment experience. Gravity's business model is based on "pay per data", such that customers pay for the data exchanged based on the number of credentials and the types of claims contained within them. Leveraging cheqd's payment rail infrastructure is therefore vital for Gravity as our customer base expands and credential exchanges grow."Sharanya Thakur - Project Manager, Gravity Earth
Last modified 3d ago