cheqd logo download PNG or SVG

Information about cheqd

According to Jamie Burke, the CEO of Outlier Ventures and a sponsor of cheqd, decentralised identity is crucial for a decentralised web to function effectively. cheqd is focused on constructing a dedicated network that allows individuals and organizations to exert full control over their personal data. Their objective is to develop the necessary infrastructure for decentralised identity to operate on a large scale. To achieve this, cheqd is creating payment systems and customizable business models for trustworthy data and self-sovereign identity. Currently, digital identity services online are often slow, unfriendly to users, and expensive for businesses to handle. Verifying someone's identity online can cost anywhere from $10 to hundreds of dollars for corporate entities. On an individual level, the average person has over 190 passwords, which are difficult to manage and prone to hacking. In the past, various entities such as startups, established ID companies, governments, and non-profits have utilized decentralised identity to empower individuals and enhance data security and transparency. However, there is currently a lack of a commercial incentives layer in the self-sovereign identity ecosystem. cheqd aims to solve this problem by employing blockchain technology to create a decentralised network for digital identity payments. Their network enables payment transactions between organizations and individuals, allowing for the issuance, possession, and receipt of authentic data on a global scale. Furthermore, it allows for the customization of business models for various ecosystems, such as financial services, airlines, pharmaceuticals, as well as emerging ecosystems like DeFi, NFTs, and Crypto. cheqd envisions becoming the leading network for self-sovereign and self-managed identity that rewards all participants (issuers, holders, and receivers) within the ecosystem, whether they are institutions or individuals. They aim to become the token representing the future of decentralised identity and privacy.

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