CHEQ meaning in Cryptocurrency ?

Answer:

"You can't have a decentralised web, without decentralised idenity that works at scale." Jamie Burke, CEO of Outlier Ventures and cheqd backer.

At cheqd, we’re building a incentivised dedicated network that enables individuals and organisations to fully control their personal data, and building the infrastructure so decentralised identity can work at scale.

To achieve this, cheqd is building the payment rails and customisable commercial models for authentic / trusted data / self-sovereign identity. Far too often digital identity services online are slow, user-hostile, and expensive for businesses to process. Identity checks themselves can cost anywhere from $10 onwards to verify the identity of people online, and upwards of $100s for corporate entities. At an individual level, the average individual has over 190 passwords, which are hard to manage and prone to hacking. Over the past few years many startups, established ID companies, governments, and non- profits have used decentralised identity to give people more control back of their data and make its use secure and transparent. However, what is currently missing is an commercial incentives layer for the self-sovereign identity ecosystem.

We’re using blockchain to create a decentralised network for digital identity payments to solve this problem.

Our network provides the means of payment between organisations and individuals issuing, holding and receiving authentic data globally and further allows them to customise commercial models for this data for ecosystems such as financial services, airlines, pharmacetuticals and even emerging ecosystems like DeFi, NFTs and Crypto.

cheqd will become the go-to network for self-sovereign / self-managed identity which rewards all parties (issuer, holder, receiver) in the ecosystem, whether institutional or individual and become the token for the future of decentralised identity and privacy.

reference nan