cheqd launches the main network
LONDON, 23 November 2021 / PRNewswire / – cheqd, a technology company that empowers individuals and organizations to take full control of their data, has launched its highly anticipated Mainnet.
Cheqd’s backbone is designed for Autonomous Identity Providers (SSIs) to disrupt established identity paradigms and create new markets for authentic data. SSI is an emerging user-centric concept for exchanging authentic and trusted data, including people and organizations, in a more secure manner.
With over 20 market-leading SSI vendors already joined, including cheqd’s top three partners DIDx, Spherity and DanubeTech, each SSI provider will use cheqd’s network and native token, $ CHEQ, for their payment rails and decentralized governance to create never-before-seen business models.
Striving to become the de facto payment mechanism for authentic and reliable data, regardless of the country, industry or underlying technology, the start-up aims to give people and organizations back their privacy and control. of their data. This is achieved by boosting the adoption of ISS through the implementation of sustainable payment systems and other economic incentives.
As stated in a search by Juniper, the SSI market is expected to reach an annual turnover of $ 1.1 billion by 2024, against $ 100 million by the end of 2020. This demonstrates the attraction for institutions that value secure and verifiable identities.
The current identity model is built and controlled by third party vendors. This means that individuals often have to pay to access their own data. Additionally, the user experience can be tedious as, on average, people have to manage over 100 different accounts linked to their email addresses. In many ways, this makes threat actors ‘paradise, as they can target organizations’ data silos and use phishing and social engineering techniques to trick individuals into divulging their passwords.
According to IBM 2021 Data Breach Report, the average total cost of a data breach increased 10% year over year, from $ 3.86 million To $ 4.24 million – the largest annual increase in costs over the past seven years. Understandably, companies with more robust security measures have been hit less, and organizations lagging behind in areas such as security, AI, and automation have been hit the hardest.
Fraser edwards, CEO and co-founder, said: “Concerns about data privacy have been around for some time, and as we continue to transition to a digital economy, it has become clear that we need to take it more seriously. Trust, in the physical and digital worlds is too important to leave it is in the hands of big technologies, which is why at cheqd we believe that the introduction of our main network and the subsequent payments and business incentives for sovereign identity accelerates technology adoption and puts users truly at the center with full ownership There are a number of industries that are embracing the use of ISS technology, such as finance, travel and healthcare healthcare – these industries are ahead of the game when it comes to understanding the relevance of decentralized data storage and the importance of effective credential verification to increase transaction security and prevent fraud . “
Ankur Banerjee, CTO and co-founder, added: “The mainnet version of cheqd marks a new milestone in the way personal and organizational data can be shared privately and securely. our technology can be controlled by the people it is meant to serve. Our network is public so anyone can join, and unlike proof-of-work blockchains like Bitcoin, it is designed to be orders of magnitude more energy efficient We are excited to build this on top of the ecosystem of the Cosmos blockchain framework, which is used by some of the larger blockchain networks.. “
Cheqd’s mainnet is a permissionless public network built on open and interoperable standards.
Backed by major investors such as CMCC Global, Aberrant Companies and Tendermint Ventures – main contributor to the Cosmos network, cheqd is guided by a unique governance framework, allowing staking and voting among the owners of its dedicated token $ CHEQ.
cheqd is a technology company that allows individuals and organizations to take full control of their data. It provides payment rails, customizable business models, and governance structures for authentic data, including Sovereign Identity (SSI). Based on blockchain technology, cheqd is built on an unauthorized public network with a dedicated token – $ CHEQ.
Founded in 2021 by the CEO Fraser edwards and CTO Ankur Banerjee, cheqd is an innovation engine backed by Outlier Ventures, Evernym, TitanBlock, 3GR, Tendermint Ventures of Cosmos and private investors, receiving a total raise of just over £ 2.4million in its cycle of Seed investment.
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