CHEQD Network

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Discover CHEQD Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is CHEQD Network?

The CHEQD Network (CHEQ) is a public, permissionless blockchain built on the Cosmos ecosystem, designed to facilitate trusted data markets and self-sovereign identity (SSI) through the use of Verifiable Credentials and its native cryptocurrency, CHEQ. It enables individuals and organizations to control their personal data, maintain privacy, and engage in trustworthy digital interactions without centralized registries. The network supports decentralized identity, customizable commercial models, and governance structures, aiming to bridge the gap between decentralized finance (DeFi) and SSI ecosystems.

How is CHEQD Network used?

The CHEQD Network (CHEQ) is a blockchain-based infrastructure designed to facilitate trusted data markets by leveraging Self-Sovereign Identity (SSI) and blockchain technologies. Here's how it works:

Key Features
  • Decentralized Identity: The network provides a decentralized identity system, ensuring that no single party controls the payment gateway. This is achieved through asymmetric key sharding techniques and smart contracts for access control.
  • Verifiable Credentials: The CHEQ token is used to monetize Verifiable Credentials, enabling individuals and organizations to control their personal data and build trust through authenticated, trusted data.
  • Customizable Commercial Models: The network supports various commercial models, such as payment rails for Verifiable Credentials, allowing for the creation of systematic markets for data sharing.
  • Interoperability: CHEQD is built to be highly interoperable, supporting multiple digital credential types and providing enterprise-ready performance.
Use Cases
  • Payment Flows: The CHEQ token is used for customisable commercial models in regulated industries, alongside stable currencies, e-money tokens, CBDCs, or fiat currencies.
  • Data Sharing: The network enables individuals or organizations to "Pay to Trust" each other, creating a sustainable commercial model for digital credentials.
  • Decentralized Finance (DeFi): CHEQD aims to bridge DeFi ecosystems through a decentralized identity ecosystem, enhancing user experiences.
  • Gaming and Socializing: Users can manage and monetize their data, such as avatar achievements, credit scores, and preferences, across various platforms.
Tokenomics
  • Maximum Supply: The maximum supply of CHEQ tokens is capped at 1,042,163,070.
  • Token Distribution: Tokens are distributed among the community, grants, foundation, contributors, and shareholders, with a focus on governance and tokenomics.

Overall, the CHEQD Network provides a decentralized infrastructure for trusted data markets, enabling individuals and organizations to control their data and build trust through verifiable credentials and customizable commercial models.

How do I store CHEQD Network?

To store CHEQD Network (CHEQ) tokens securely, follow these steps:

  1. Use a Ledger Nano (S/X) Device:

    • Install the Cosmos app through Ledger Live.
    • Ensure the Keplr Chrome extension is connected to the Ledger Nano and the cheqd Omniflix dashboard.
  2. Set Up Keplr Wallet:

    • Sign in to your Keplr wallet on your browser.
    • Go to the cheqd Omniflix dashboard and connect your Keplr wallet.
    • Approve adding cheqd-mainnet-1 to your Keplr wallet.
  3. Transfer Tokens to Ledger Wallet:

  • Use the cheqd node CLI to send unused tokens to the Ledger hardware wallet address.
  • Ensure the Ledger Nano remains connected and unlocked during transactions.
  1. Best Practices:
    • Always save your mnemonic or private key securely.
    • Store multiple copies of your mnemonic in secure locations.
    • Never share your private keys, mnemonic seed, or password with anyone.

By following these steps and adhering to best practices, you can securely store your CHEQ tokens.

How to buy CHEQD Network?

To buy CHEQD Network (CHEQ) tokens, follow these steps:

  1. Choose an Exchange: Select a reliable cryptocurrency exchange where CHEQ is available. Popular options include gate.io, MEXC, BitMart, and Osmosis. Ensure the exchange accepts customers from your country and offers the necessary trading features.

  2. Create an Account: Register on the chosen exchange by providing personal information such as name and email address. Complete the Know-Your-Customer (KYC) process if required to increase withdrawal limits and unlock additional features.

  3. Make a Deposit: Deposit funds into your exchange account using a credit or debit card, or transfer cryptocurrencies from another wallet.

  1. Buy CHEQ: Navigate to the exchange's CHEQ trading page and place a buy order. You can trade CHEQ for other cryptocurrencies or fiat currencies.

  2. Store Your CHEQ: Transfer your purchased CHEQ tokens to a secure wallet, such as Keplr, to store and manage your assets.

  3. Monitor Your Investment: Keep track of your CHEQ token's performance and adjust your investment strategy as needed.

Additionally, you can also use decentralized exchanges (DEXs) like Osmosis, which support the Cosmos blockchain, to buy CHEQ tokens. For this, you will need to set up a Keplr wallet, buy Cosmos as your base currency, and then trade it for CHEQ on the DEX.

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History of CHEQD Network

The CHEQD Network (CHEQ) is a cryptocurrency project built on blockchain technology, focusing on self-sovereign identity (SSI) and trusted data markets. Here are some key points about its history:

  • Founding and Seed Investment: CHEQD Network was founded in 2021 by CEO Fraser Edwards and CTO Ankur Banerjee. The project received a seed investment of over £2.4 million from investors including Outlier Ventures, Evernym, Cosmos’ Ignite, and private investors.

  • Mainnet Launch: The mainnet of CHEQD Network was launched in November 2021, following successful testnet launches.

  • Tokenomics: The tokenomics of CHEQD Network have been extensively covered in a series of blog posts, detailing the initial distribution, payment rails, and identity network transaction pricing.

  • Partnerships: CHEQD Network has partnered with 35 top SSI vendors to advance their commercial strategies and technical roadmaps. These partnerships aim to create new authentic data marketplaces and disrupt established identity paradigms.

  • Carbon Neutrality: CHEQD Network has committed to offsetting its carbon footprint using the ZERO Carbon Commitment, an Interchain Foundation Earth Programme initiative for Cosmos chains to achieve net-zero emissions.

  • Evernym Involvement: Evernym, which was acquired by Avast (now called Gen), provided seed investment to CHEQD Network and is a close partner, contributing to software development, product management, and ecosystem governance.

  • Airdrops and Lessons Learned: CHEQD Network conducted airdrops and shared lessons learned from the process, including the importance of clear communication and technical execution. The airdrops were initially planned to be more straightforward but faced issues due to misunderstandings and technical challenges.

Overall, CHEQD Network has made significant progress in building its infrastructure and partnerships, focusing on creating a trusted data marketplace and promoting self-sovereign identity.

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How CHEQD Network works

The CHEQD Network, also known as cheqd, is a blockchain-based infrastructure designed to facilitate trusted data markets. It leverages Self-Sovereign Identity (SSI) and blockchain technologies to provide a decentralized platform for managing and monetizing verifiable data. Here's an overview of how it works:

Key Components
  1. Verifiable Credentials: These are digital certificates issued by trusted entities that attest to specific attributes or information about an individual or organization. They are cryptographically signed and can be shared securely.

  2. Decentralized Identifiers (DIDs): These are unique identifiers used to establish trust in digital interactions. They are stored on a decentralized registry and can be used to verify the authenticity of credentials.

  3. CHEQ Token: The native cryptocurrency of the network, CHEQ is used to incentivize and facilitate transactions within the ecosystem. It is essential for the functioning of the network and its governance model.

How It Works
  1. Issuance and Verification: Verifiable Credentials are issued by trusted entities and stored in digital wallets. These credentials can be shared with third parties to prove trust and authenticity.

  2. Payment Rails: The CHEQ token enables the creation of payment rails that allow for the monetization of verifiable data. This includes transactions between issuers, holders, and verifiers of credentials.

  3. Customizable Commercial Models: The network provides the infrastructure for creating various commercial models that can be tailored to specific use cases. For example, a holder can pay for a credential, a verifier can pay a holder for sharing credentials, or an issuer can receive recurring revenue for issuing credentials.

  1. Governance and Security: The network relies on a governance framework that ensures the security and integrity of the ecosystem. This includes measures to prevent 51% attacks, rogue governance proposals, and other potential risks.

  2. Interoperability: cheqd is designed to be interoperable, allowing it to integrate with various enterprise SDKs and other blockchain networks. This enables the creation of a broad range of use cases across different industries.

Use Cases

The CHEQD Network has numerous applications across various sectors, including:

  • Gaming: Players can manage their in-game achievements and rewards securely.
  • Social Media: Users can control their personal data and preferences.
  • Healthcare: Medical records and qualifications can be stored and shared securely.
  • Finance: Credit scores and financial data can be managed and shared securely.
Benefits

The CHEQD Network offers several benefits, including:

  • User Control: Individuals have full control over their data and identities.
  • Trust and Verification: Verifiable Credentials ensure trust and authenticity in digital interactions.
  • Customizability: The network allows for the creation of tailored commercial models.
  • Scalability: cheqd can handle a high volume of transactions efficiently.

Overall, the CHEQD Network provides a robust infrastructure for managing and monetizing trusted data, empowering individuals and organizations to take control of their digital identities.

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CHEQD Network's strengths

The token CHEQD Network (CHEQ) has several strengths that contribute to its potential success and value:

  1. Decentralized Identity Platform: CHEQ is built on a decentralized identity platform, which ensures that users have control over their digital identities and personal data. This platform enables secure and private interactions between individuals and organizations.

  2. Utility Token: The $CHEQ token serves multiple purposes within the ecosystem, including payment for transaction fees, staking, and governance participation. This utility ensures the network remains secure, decentralized, and responsive to user needs.

  3. Incentivizing Participation: Token holders are rewarded for their contributions to the network, such as validating transactions and participating in governance decisions. This creates a virtuous cycle that encourages active participation and fosters the growth of the ecosystem.

  1. Interoperability: CHEQ has focused on becoming the most interoperable and feature-complete identity network, supporting a wide range of digital credential types. This interoperability enables seamless integration with various industries and partners.

  2. Regulatory Compliance: CHEQ is designed to be compliant with emerging regulations such as eIDAS 2.0, providing a commercial model that aligns with regulatory requirements. This compliance ensures the network can be adopted across diverse industries.

  3. Tokenomics: The token distribution model is designed to incentivize participation and ensure the long-term sustainability of the network. Measures such as transaction fee burning and staking rewards help maintain the value of the $CHEQ token and align the incentives of network participants.

  1. Community Engagement: CHEQ has a strong focus on community engagement, with token rewards for community members and grants for the SSI community to facilitate adoption and growth.

These strengths position CHEQ as a robust and sustainable solution for decentralized identity and trusted data, with a strong potential for long-term value and adoption.

CHEQD Network's risks

The CHEQD Network (CHEQ) carries several financial risks. These risks include:

  1. Market Risks: The success of the CHEQ token is heavily dependent on the overall health of the cryptocurrency market. Any downturn in the market can negatively impact the value of CHEQ tokens.

  2. Regulatory Risks: The acquisition of CHEQ tokens is subject to compliance with laws and regulations in the jurisdiction of the acquirer. Regulatory changes or restrictions can affect the token's value and usability.

  3. Exchange Listing Risks: The token's value and liquidity are heavily dependent on its listing on centralised and decentralised exchanges. The likelihood of exchanges listing CHEQ is directly correlated to the size and activity of the CHEQ community and the functional capabilities of the protocol and its governance model.

  1. Security Risks: The storage of private keys for owning CHEQ tokens and Verifiable Credentials carries risks. The owner is solely responsible for keeping their private keys safe, and the loss of these keys can result in the loss of tokens and credentials.

  2. 51% Proof of Stake Attacks and Malicious Governance Proposals: These types of attacks can be damaging to the proper functioning of the CHEQ protocol and community.

  3. Quantum Computing Risks: The development of quantum computing technology poses a risk to the security of blockchains and decentralised protocols like CHEQ.

  1. Risk of Manipulation: CHEQ has been given a high risk ranking due to its recent price movement relative to trading volume, indicating that it can be easily manipulated.

These risks highlight the importance of careful assessment and consideration before investing in the CHEQ token.

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Did CHEQD Network raise funds?

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CHEQD Network’s team

  • Fraser Edwards: Co-Founder & CEO
  • Ankur Banerjee: Co-Founder & CTO
  • Javed Khattak: Co-Founder & CFO
  • Eduardo Hotta: CMO
  • Ross Power: Senior Product Manager
  • Alex Tweeddale: Product Manager & Governance Lead
  • Tasos Derisiotis: Lead Blockchain Engineer
  • Teresa Chan: Marketing Lead
  • Matthew Arnold: Web3 Community Manager
  • Jasdeep Singh: Senior Full-Stack Engineer
  • Filip Djokic: Senior DevOps Engineer
  • Gunjan Valecha: Designer & Engineer
  • Benyam Seifu: Front-end Engineer
  • Daev Mithran: Full-Stack Engineer

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