AMA Recap Crypto Library with cheqd


On 17th December 2021, cheqd conducted an AMA in the Crypto Library Community. Our guest is Tobias. Lots of questions as usual from the Community about cheqd progress. The cheqd team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into cheqd.

Let’s take a look at the most interesting points of our conversation. 

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Tobias (cheqd) : Hey everyone! I'm Tobias and I'm the Head of Partnerships at cheqd. I've had senior leadership positions in top start-ups from Oxford University's Computer Science department and the wider Oxford ecosystem. I've also founded start-ups powered by Oxford University Innovation and the European Space Agency. I've had seven years experience as a start-up operator in strategy, strategic partnerships and Tech BD. I've also done many partnerships with Tier 1 and 2 consultancies, boutqiue consutlanies, start-ups and now really excited to do partenrships in web3, DeFI and grow cheqd to be a huge project worldwide! 
Crypto Library Team : What is cheqd? and how your team begin the process of creating this project?

Tobias (cheqd) : We're building the authentic data economy. What is that I hear you ask? Well, we're building a dedicated network and token for self-sovereign identity also known as decentralised identity. That network and token will allow individuals and organisations to take full control of their personal data. Think about when you go to a bank to open a new account. You need to provide documents to prove who you are. Or there are other scenarios when you have to prove authentic data, such as when travelling. We're working on making this process digital and more secure, and in the control of the user. That's why it's called "Self Sovereign" (i.e., in your control) identity. That token will be called a CHEQ, so companies and individuals can monetise self-sovereign identity. It enables new business models, where verifiable credentials are exchanged in a trusted, reusable, safer, and cheaper way. In a nutshell - If I wanted to know that you were who you claim to be on the internet [insert persons name for more personalisation], currently there would be no easy way to do it. I'd have to ask for a copy of your physical identity documents etc. Self-Sovereign identity solves this and enables verified identity documentation. cheqd makes a payment mechanism for these verified identity transactions. cheqd is creating the payment rails, and commercial models through our token $CHEQ to bring payments to these value flows and create new data marketplaces. So imagine you can control your data, share it with who you want and particpate in new data market places all with cheqd!

Crypto Library Team : What features and advantages does cheqd want to offer?

Tobias (cheqd) : Easily accessible common and public infrastructure. Most SSI blockchain ID projects are private permissioned, and we want to change this to public permissionless. Our core hypothesis is that self-sovereign identity needs commercial models that accelerate its adoption. We’re providing a common and public infrastructure easily accessible to anyone and any organisation with payment rails between issuers, holders, and receivers of trusted data. Unlike a lot of other projects, we have deep expertise in digital identity, and working with large trustworthy organisations and governments. Fraser our CEO worked on international travel with the World Economic Forum; and Ankur, our CTO, worked with the UK govt and banks on digital ID. A lot of other projects are not compatible with the technical and legal standards for how private data should be handled, and we're working very closely with the community to make sure ours is compliant - and therefore have better adoption. We help individuals regain control of their data and their privacy by putting them at the centre of the identity ecosystem. We help companies monetise self-sovereign identity so that they can adopt the new paradigm whilst staying viable, profitable and ultimately more successful. For data issuers, we create a recurring revenue stream for whenever data is used without them needing to process it. For data receivers, we help lower their costs since data is digital, trustable and re-usable.

Crypto Library Team : Please tell us about $CHEQ token! What are the token difference, use-case, distribution, and where we can buy/get it?

Tobias (cheqd) : We have so far been listed on the following:
  • (CEX)
  • Osmosis (DEX) on Cosmos
  • We are in talks with more DEX on Cosmos, cross-chain DEX (like Thorchain) and also around 5 big CEX (like AscendEX, Kucoin, OKEX, Kraken, and OKcoin)
  • For staking please CHEQ this out:
Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?

Tobias (cheqd) :

Here's a high-level view of our roadmap. So big milestones:
  • Past
- We launched our mainnet a few weeks ago to show we're legit and out there
- We announced our latest fundraise yesterday taking us to $40m company valuation
- We're trading on Gate and Osmosis
- We announced 32 partnerships with our launch
- We announced our big investors: CMCC Global, Outlier Ventures, Tendermint, DoublePeak, AW3, Titanblock and more
  • Future
- Our next milestone is more partnerships
- More listing on top CEX we are in talks with
- More staking
- More DEX

Beyond this we will be working with our SSI vendors to bring help onboard them to the cheqd network and support in building their customisable commerical models using the pluggable tokenomics enabled by the Cosmos
Crypto Library Team : No more data silos to be leaked or hacked. No more data sold without consent. No more relationships and transactions without trust".From your project statement above, can you explain about the security aspect in this project, especially the features and how the security works?

Tobias (cheqd) : Great question, especially given everything that's happened recently! So the main thing to say is we're building on Cosmos so there's no shady smart contracts to disappear everyone's eth. We've also open sourced the code so everyone can take a look, the best antiseptic is sunlight after all! So in terms of other security measures, we're leveraging everything cosmos offers and then adding our own security on top such as using secure key storage for any infrastructure we're running, recommending the same to our other node operators and also segregating infrastructure where we need to. One big item is for us is we're starting to work with custodians (e.g. propine) so that we can leverage their custodial solutions and workflows to prevent issues there.
Crypto Library Team : Why did cheqd network decide the project is open source, what are the advantages and disadvantages that we can get? So what is the main role of $CHEQ token in this ecosystem?

Tobias (cheqd) : We decided to open source our code so everyone in the world could benefit from our network, and build upon it! The potential is huge for the $CHEQ token. Here are possible use cases for SSI. KYC (Know Your Customer): Most processes that touch finance usually require verifying your ID. Travel: International and domestic travel, especially in the age of covid, require visas, passports, and other documents to be shared. NFT: SSI can solve the provenance issue with NFTs regardless of the ledger. Content: fully decentralised content consumption with payment and identity, i.e. consumption of media / content directly from the creator without a distribution channel. A possibility for creators to receive fair payments for their work and interact with audiences directly. Identity tied to payments: There’s no way to verify the identity of the payment receivers in crypto/DeFi transfers beyond the wallet address. It’s a problem even for low-volume transfers, but increasingly more so on high value transfers. There is always a need for anonymous payments in crypto, but equally there are occasions when it's useful to verify who is receiving funds. Decentralised storage: SSI can be implemented to manage the data of participants and store distributed files with decentralised access control. Adding on from this too, decentralised identity and the technical standards involved (Verifiable Credentials and Decentralised Identifiers) can also be used for: Corporate or organisational identity: Making it easier to trust companies you are interacting with, especially over the internet. Product or package identity: Enabling more efficient and effective track and trace for real world supply chains. So a very very wide range of potential future use for our utility token!
Crypto Library Team : Sir I want to buy your token. Is it listed pancakeswap, Binance, Kucoin, MEXC, or any exchangers? Where can I buy your tokens now?

Tobias (cheqd) : You can find our token picked up at the following:
  • Osmosis DEX
Please see the blog attached for this: Remember, do your own research!

Crypto Library Team : Do you have any NFT plan and it’s integration ahead in the Roadmap? also Do you have any passive income options and incentivization reward for a long-term hoder?

Tobias (cheqd) : What if I told you SSI was going to be the next big thing after NFT? CHEQ out this blog to find out more about this:

Crypto Library Team : STAKING is one of the STRATEGIES to ATTRACT USERS and HOLD Them and long term. Does your GREAT PROJECT have plan about to Staking?

Tobias (cheqd) : You can learn more about staking here:

Crypto Library Team : Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one?

Tobias (cheqd) : We do have an ambassador program! Please visit our website next year when we will release the full details of this!

Crypto Library Team : How important is the COMMUNITY to you? and how can we collaborate or help you for the development of the PROJECT?

Tobias (cheqd) : Community is very important to cheqd! We have nearly 15k in our telegram community and over 10K on twitter. Make sure to join now, and join EARLY.