cheqd-launches-mainnet-network

cheqd launches mainnet network

 

cheqd, a technology company enabling individuals and organisations to take full control of their data, has launched its highly anticipated mainnet network.

cheqd’s mainnet network is built for self-sovereign identity (SSI) vendors to disrupt established identity paradigms and create new authentic data marketplaces. SSI is an emerging user-centric concept for exchanging authentic and trusted data, including people and organisations, in a more secure manner.

With over 20 market-leading SSI vendors already joined, including cheqd’s first three partners DIDx, Spherity and DanubeTech, each SSI vendor will utilise cheqd’s network and native token, $CHEQ, for its payment rails and decentralised governance to build never-seen-before commercial models.

Working to become the de-facto payment mechanism for authentic and trusted data regardless of country, industry or underlying technology, the start-up aims to give people and organisations back their privacy and control of their data. This is achieved by turbocharging the adoption of SSI through the implementation of sustainable payment systems and other economic incentives.

As stated in a research by Juniper, the SSI market is set to reach annual revenues of $1.1 billion by 2024, up from $100 million by the end of 2020. This demonstrates the appeal to institutions that value secure and verifiable identities.

The current identity model is built and controlled by third-party providers. This means that individuals often have to pay to access their own data. In addition, the user experience can be tiresome as, on average, people have to manage over 100 different accounts tied to their email addresses. In many ways, this makes a paradise for threat actors, as they can target organisations’ data silos and use phishing and social engineering techniques to trick individuals into giving away their passwords.

According to IBM’s Data Breach Report 2021, the average total cost of data breach has increased by 10% year on year, from $3.86 million to $4.24 million – the largest single year cost increase in the last seven years. Naturally, companies with more robust security measures have been less impacted, and organisations that lagged in areas such as security, AI and automation have been hit the hardest.

Fraser Edwards, CEO and co-founder, said: “The concerns around data privacy have been around for some time, and as we continue to transition to a digital economy, it has become apparent that we must take it more seriously. Trust, in both the physical and digital worlds is too important to leave it in the hands of big-tech, that is why at cheqd we believe that introducing our mainnet network and the subsequent payments and commercial incentives for self-sovereign identity ramps up the adoption of the technology and puts users truly at the centre with full ownership. There are a number of industries adopting the use of SSI tech, such as finance, travel, and healthcare – these sectors are ahead of the game when it comes to understanding the relevance of decentralised data storage and the importance of effective credential verification to increase transactional security and prevent fraud.”

Ankur Banerjee, CTO and co-founder, added“cheqd’s mainnet release marks a new milestone in how personal and organisational data can be shared privately and securely. Fundamentally, we believe no single company – including cheqd itself – should control how critical Web infrastructure works, and we’ve spent significant effort to ensure our technology can be controlled by the people it’s meant to serve. Our network is public for anyone to join, and unlike proof-of-work blockchains like Bitcoin, it is designed to be orders of magnitude more energy-efficient. We are excited to be building this on the Cosmos blockchain framework ecosystem, which is used by some of the largest blockchain networks.”

cheqd’s mainnet is a public permissionless network built on interoperable and open standards anyone can start utilising the network to develop solutions, either individually or with one of cheqd’s partners, to issue and receive data from their customers.

Backed by significant investors such as CMCC Global, Outlier Ventures and Tendermint Ventures – a core contributor to the Cosmos network, cheqd is guided by a unique governance framework, enabling staking and voting among owners of its dedicated token $CHEQ.

cheqd-announces-multiple-partnerships-with-market-leading-self-sovereign-identity-vendors-ahead-of-mainnet-launch

cheqd announces multiple partnerships with market leading self-sovereign identity vendors ahead of mainnet launch

 

cheqd, a technology company building a decentralised network enabling individuals and organisations to take full control of their data, has partnered with market leading self-sovereign identity (SSI) vendors ahead of its mainnet launch in the coming days.

SSI or decentralised identity, is an emerging disruptive technology for the exchange of authentic and trusted data, including people and companies in a more secure manner, giving individuals ownership and control over their own data. Gartner recognises SSI’s disruption of identity: “Decentralised identity (DI) and privacy-enhanced verifiable claims/credentials will disrupt identity… They reinvent business processes to enable new business models and the creation of new data marketplaces.”

cheqd’s network is built for SSI vendors to disrupt established identity paradigms and create new authentic data marketplaces. Each SSI vendor will utilise cheqd’s network for payment rails, never-seen-before commercial models, open standards and interoperability within a decentralised governance framework to advance their commercial strategies and technical roadmaps.

The companies partnering with cheqd are as follows:

DanubeTechhttps://danubetech.com/

DanubeTech is a leader in the field of digital identity, including decentralised identifiers (DID), verifiable credentials, and related technologies. Markus Sabadello, DanubeTech’s CEO and founder, on cheqd as the next step in the evolution of SSI networks:

Danube Tech 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 decentralised identity infrastructures.”

Spherityhttps://spherity.com/

Spherity builds decentralised identity management solutions to power the 4th industrial revolution. Carsten Stöcker, Spherity’s CEO, commented on cheqd’s payment rails and identity functionality:

As decentralised identity and data sovereignty become more prominent, our clients are asking how the underlying ledgers and payments for transactions can work. Joining cheqd as a node operator allows us to explore the current and emerging ways that decentralised identity and authentic data are changing how information moves and where new commercial opportunities lie.”

DIDxhttps://www.didx.co.za/

DIDx is a leading self-sovereign identity and verifiable credentials exchange based in South AfricaLohan Spies, DIDx CEO, and early partner of cheqd explains why DIDx joined the cheqd network early:

DIDx is delighted to be part of the mainnet launch of the cheqd network as a founding validator. The cheqd network unlocks the business models of SSI with integrated payments and is a crucial step towards decentralisation and providing new capabilities.

Northern Block: https://northernblock.io/

Northern Block is a technology provider enabling global organisations to build digital trust. CEO, Mathieu Glaude, on partnering with cheqd:

Northern Block is a digital trust ecosystem enabler, working with governments, enterprises and small businesses. We’re excited to see the momentum in the self-sovereign identity space, with both top-down and bottom-up use-cases being commercialised. We’re happy to be partnered with cheqd to support the growing community that’s working on innovative Web 3 solutions for identity.”

Finemahttps://finema.co/

Finema empowers users and enterprises to control their own identities and data, where identities will become enablers for future data exchange. Pakorn Leesakul, Finema’s CEO, will stand up a cheqd node in Thailand:

“Together with cheqd, we are looking forward to building a trust fabric that serves as a feasible and solid foundation for as many use cases of verifiable credentials as possible. The future of SSI hinges upon convincing the public of its market viability. The partnership is part of that effort.”

TruuIDhttps://www.truu.id/

TruuID creates trusted digital passports for healthcare professionals, for smarter identities, simpler relationships, and better care. Manreet Nijjar, TruuID’s CEO, on the flexibility cheqd’s tokenised solutions offer:

We believe to achieve digital trust we need work in an open and collaborative manner. We are therefore very excited to join the cheqd network. Fraser and the team’s work will allows us to build for the future, giving us the flexibility to create token and non-tokenised solutions while sticking to our core principles around data ownership, privacy and consent.”

Tykn: https://tykn.tech/

Tykn envision a world where identities are portable, private and secure, so that no one has to lose access to their identity ever again. Khalid Maliki, Tykn’s COO, believes a partnership with cheqd will support Tykn’s goals:

We’re happy to support cheqd as we’re aligned in the vision that identity data must be private and secure. Tykn has spent the past 5 years helping people access services faster while being in control of how their data is used. We believe that cheqd’s network infrastructure can help Tykn’s SSI dev tools pave the way for global self-sovereign identity adoption.”

Anonyome Labshttps://anonyome.com/

Anonyome, a well known creator of the Sudo platform, provides enterprise software developers with capabilities to add identity, privacy and cyber safety features to their applications. Paul Ashley, Anonyome’s Co-CEO, sees cheqd’s strategic value for both payment rails and DI use-cases:

Decentralised identity is a core foundational technology of the Sudo Platform allowing transition from current privacy invasive to new privacy preserving models. To support enterprise DI use cases a scalable distributed ledger with a strong token based financial model is a necessity – and cheqd is the first ledger to provide both of these capabilities.”

RANDA Solutions: https://randasolutions.com/

RANDA’s tools acquire, manage, and utilise many types of education intelligence and is a pioneer in education technology. Marty Reed, CEO, sees partnering with cheqd as joining the next generation of credential networks:

RANDA is excited to participate in this next generation credential network with true considerations for interoperability. We see the cheqd network as a great addition to the overall credential ecosystem and look forward to its future on a solid foundation of partners and technologies.”

Domi Labs: https://domilabs.io/

Domi’s technology is built using self-sovereign identity technology to protect the holder’s data and streamline the rental process, Domi Labs is based out of BerlinKatrie LoweDomi Lab’s CEO, on joining cheqd’s network:

Domi Labs is a digital identity startup leading implementation of sSelf-sovereign identity within the real estate sector. Verifiable credentials present an enormous opportunity to reshape the way business and customers establish trust. Domi Labs is excited to be an early partner of cheqd as innovative financial pathways will be key to ensuring the development of a robust verifiable credential ecosystem.”

esatus: https://esatus.com/

esatus, the creator of the SOWL platform, uses self-sovereign identity for login and access rights. André Kudra, CIO of esatus, comments on the cheqd partnership:

esatus is interested in gaining first hand experience with cheqd’s payment rails. esatus built its SSI experience since 2015 and now has a huge technology base at hand. esatus’ SOWL suite enables enterprise SSI and can be made workable on cheqd’s network and stack quickly. This presents exciting future opportunities in our partnership.”

Serto: https://www.serto.id/

Serto provides easy-to-use decentralised identity and connected data solutions for enterprises. Serto and cheqd are entering a partnership where cheqd will integrate into Serto Search and Serto Schemas, and Serto will validate the cheqd network to expand web3’s trustless data ecosystems. Evin McMullen, Serto’s co-founder, remarks:

“Serto is excited to partner with cheqd to expand Web 3’s trustless data ecosystem. Broader adoption of decentralised identifiers and verifiable credentials is the key to unlocking the future metaverse, and together we are leveraging these actions to scale crosschain interoperability.”

Evernym: https://www.evernym.com/

Evernym, cheqd’s lead investor and go-to-market partner, is the world’s leading platform for verifiable credentials. Drummond Reed, Chief Trust Officer of Evernym; co-Chair, ToIP Governance Stack Working Group; co-author, “Self-Sovereign Identity” believes cheqd’s governance framework and focus on interoperability as central to the networks success:

“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.”

cheqd’s will also be launching it’s mainnet with key SSI start-ups Doshy, KnownPrivacy, AML First, Crucible, WOPLLI who will be announced in the second SSI cohort announcement along with other key SSI vendors in the forthcoming weeks.

Tobias Halloran, cheqd’s Head of of Partnerships, adds: 

“It is our collective ambition to create a network that accelerates SSI’s future, therefore it is a key priority for cheqd to fulfil our commitment to our SSI partners and work from them backwards. With our focus on payment rails, commercial models, decentralised governance, interoperability and open standards we can provide our partners with the tools and network to accelerate SSI adoption globally.”