We have introduced cheqd in detail before, which is based on the self-sovereign identity network SSI, and introduces incentives to promote the stickiness of enterprise users and ordinary users in the self-sovereign identity network, and help them establish new business models.
cheqd is an open network for Web 3.0, allowing any company or individual to issue and read self-sovereign identity (SSI) credentials, while allowing various roles within the ecosystem such as issuers, receivers, holders, node operators, etc. , to pay each other with digital certificates without compromising user privacy and security. Of course, each role in cheqd will receive ecological token incentives after making contributions to the cheqd network. At the same time, SSI suppliers can embed it into their own software, and provide services such as identity verification for all users in the cheqd network by integrating cheqd. cheqd can reduce the construction cost of traditional KYC business, and can further ensure the security of data in a distributed form. cheqd itself has built a governance framework, and any user in the cheqd ecosystem will be able to participate in governance in the form of a DAO.
According to data, in the past year, the average total cost of data usage in the Internet field has increased by 10% year-on-year, that is, from 3.86 million US dollars to 4.24 million US dollars. Of course, this is also the largest single-year cost increase in the past seven years. These data are not guaranteed and there are certain security risks. Cheqd may be able to greatly solve the data demand side, the cost of using data, and help them build a new business profit model. From the perspective of market size, by 2024, the annual revenue of the SSI market will increase from 100 million US dollars at the end of 2020 to 1.1 billion US dollars, and cheqd is also backed by a huge potential data market.
cheqd, now live on Cosmos-based mainnet
It is reported that on November 23, the Web3 digital identity network cheqd mainnet has been released on the Cosmos network. The release of cheqd's mainnet means that personal and organizational data can be privately and securely shared and profited, which is of course a new milestone in the field of self-sovereign identity.
Ankur Banerjee, CTO and co-founder of cheqd, said: "Fundamentally, we believe that no one company - including cheqd itself - should control how critical web infrastructure works, and we have put in a huge effort to ensure that we The technology of cheqd can be controlled by the people it serves. Our network is open and anyone can join. Unlike Bitcoin and other proof-of-work blockchains, cheqd is fully in line with the concepts of energy saving, emission reduction and environmental protection. We are very Excited to build it on top of the Cosmos blockchain framework ecosystem, which some of the best blockchain networks are building on."
Fraser Edwards, CEO and co-founder of cheqd, also said: "We believe that the introduction of our mainnet network, encrypted currency payment system, and self-identity business incentives will further increase the use of self-identity technology and put users in a truly The center of ownership. Currently, there are also many industries adopting SSI technology, such as finance, travel and healthcare - these industries are leading the way in understanding the relevance of decentralized data storage and the importance of valid credential verification to increase transaction security and prevent fraud."
At present, more than 20 SSI suppliers have integrated into cheqd, including high-quality SSI partners such as DIDx, Spherity and DanubeTech. At present, each SSI supplier can use cheqd's network ecology to build novel payment and DAO governance system, and establish a new business model.
In terms of financing progress, after cheqd received financial support from Double Peak Group, DWeb3 Capital, Outlier Ventures, Evernym, TitanBlock, 3GR and a private investor, it received a new round of funding from Tendermint Ventures on November 10 this year. round of financing, the amount of this round of financing is 1.9 million pounds, and so far cheqd has obtained more than 2.4 million pounds of financing.