LBank AMA Recap with CHEQD
On 16 August, Lbank held an AMA with the CHEQD team in the Lbank official telegram group, ones who have missed this session can see the recap of the AMA here and read the transcript of the session again.
GUEST INTRODUCTION :
Hi, I’m Fraser Edwards (CEO)
Before cheqd, I was the Delivery lead for Known Traveller Digital Identity (KTDI.org) a self-sovereign identity project for international travel with the World Economic Forum, Dutch and Canadian governments. it was basically digitising passports for international travel.
I also have patents in cross-blockchain payments for two central banks :). (Singapore & Canada) So a bit of a jack of all trades!
Now onto cheqd :)
cheqd enables individuals and organisations to take full control of their data through a technology called self-sovereign identity.
We provide payment rails, customisable commercial models and governance structures for trusted data which includes SSI. we’ve built a public permissionless network with a dedicated token — $CHEQ which is used for staking, voting but mainly identity transactions
This diagram above shows SSI on the right-hand side where everyone gets to control their data rather than companies
Howdy, I’m Eduardo, Head of Marketing and Community, working on creating a cool brand and an open and fun cheqd community. Have worked in the tech space for years now and can say that cheqd will definitely change our lives for the better.
Segment ( questions)
1. . What advantages does your project have compared to other projects? And if your project is supported by investors, what will you do in the following stages to attract more investors?
Guest answer :
So here’s how we compare against other projects. The main differences are providing payment rails for identity but maintaining privacy.
We make sure people stay private but can monetise their data. We also have a video explaining it all.
We’re back by CMCC Global, Ignite, AW3, TitanBlock, Outlier Ventures and many more.
We also focus on working with partners so we can cover as many markets and industries as possible. So instead of working on one use-case/industry we can work with partners to focus on loads
And in terms of investors, we’re looking at issuing verifiable credentials (VCs). These are like NFTs / SBTs but with more privacy.
They could say when you joined a community, whether you’re an ambassador or not. Whether you’re a whale (without revealing the address)
Finished / done
2. Collaboration and partnership are the key factors to help a project enter a new market and increase its adoption. Please name some of your current partners, expansion plans, and what can be looked forward to through these collaborative relationships?
Guest answer :
Ooops, kinda answered this in the last one.
We work with companies around the world who do different applications for different industries and use-cases.
For example, Truu work with doctors, Spherity work with pharmaceutical companies.
This means we can cover much more ground.
The diagram above though doesn’t show everyone though, we’re now up to 37 companies just in this area and that number is going up all the time.
What you’ll start to see is them bringing clients onto the network to use the utility.
What we’ll then start doing is connecting these clients together so they can start working together, a bit like a social network
I’m sure @dubious_pip will talk about how we’re working with our partners, so I’ll expand on the type of partners we have.
We’re happy and honoured to say that we have all the relevant and important companies in the Self-Sovereign Identity space (including Evernym which was recently acquired by AVAST).
We have also partnered with a lot of Cosmos validators and influential people in the blockchain. I can mention validators like Forbole, Everstake, and Notional, some of the biggest validators in the blockchain.
As always, we’re always looking to expand the numbers of partners we collaborate with, so please get in touch if you think we can work together.
3. What specific plans does the CHEQD Team have for users to trust and willingly support the project by buying, holding and helping the project? What makes your CHEQD Platform stand out among others? What’s the minimum amount that can be staked? ‘
Guest answer: The easiest one to answer there is the last one. So basically, there’s no minimum amount.
In terms of building trust and willing support, we’re looking at issuing verifiable credentials (VCs). These are like NFTs / SBTs but with more privacy.
They could say when you joined a community, whether you’re an ambassador or not. Whether you’re a whale (without revealing the address).
This will be genuinely unique as no-one else has these.
And here’s that platform differentiator again.
The key thing on this is that there are about 100 more data verifications than writes so we’re expectinfg a massively largely volume of transactions
done from me but I know Eduardo has some more
There’s no minimum amount to stake. If you have $CHEQs please head to https://cheqd.omniflix.co/ if you want to stake.
For more information on our token and staking information (e.g. APR) please head to our partner side: https://www.stakingrewards.com/earn/cheqd/
4. I care deeply about personal privacy, personal and organizational security, and the decentralization and sharing of power. What are your goals and motivations for taking on anonymity with transparency in general specifically as your project priority?
Guest answer: Great question!
Personally, I’ve been getting extremely annoyed by surveillance capitalism and the way it monetises your data but breaks your privacy at the same time.
It completely ruins the web experience. The worst example recently was I had to open an account online to buy tickets to a museum I’ll only visit once. It’s completely pointless but their way of trying to monetise you and upsell you.
And well, it needs to stop
So we decided to do something about it using SSI :)
done from me
I’ll let @dubious_pip take this on, but sharing my personal view.
I think privacy is essential for freedom to work. That’s also why I’m a big fan of decentralisation.
We’re working on a way that you will be the owner of your data, meaning you’ll disclose the information that you want with other people and companies. This will put YOU in the driving seat and this will pretty much change your life.
5. Nowadays language is a big barrier for many crypto enthusiasts, we all know many projects that support English-speaking community. So, do you intend to use the local community to raise awareness of your project among these people in different countries?
Guest answer: Yes, we do. We’re currently recruiting Community Ambassadors, or cheqd Rebels as we call them to join our movement and help educate people in the importance of privacy, security, and being in full control of your data.
We’re fighting capitalism surveillance here so we need all the help we can get.
One of the things we need are cheqd Rebels that can speak other languages and help us run local groups. Our team already speaks a bunch of languages which also helps as well.
If you’re interested have a look here: https://www.cheqd.io/blog/ambassador-program
2nd Segment: Community questions
1. Bear cycle. In a bear run where most of the projects fail and sometimes gone into oblivion, how will your project stand the test of times? What strategies do the project employ to mitigate possible losses?
Telegram username: @Lorriefay48
Guest answer :
We’re pretty unusual in that the main users of the token will be customers so demand will be driven by them regardless of the cycle.
We also have non-token revenue sources which we can use to keep going. so we’re unusually well positioned for bear markets/winters.
This is another benefit of working across multiple industries/use-cases as it means we can hedge our bets on industries and aren’t vulnerable to one if we got our guess wrong
2. Hi sir Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?
Telegram username: @wilma_weller_1996
Guest answer: We have multiple partnership engagement strategies running concurrently at cheqd.
1. Self-Sovereign Identity vendors (who will also light up nodes on our network) — we’ve already onboarded onto testnet our GTM partner and market leading SSI vendor Evernym, and also key SSI vendor DIDx. We’re currently onboarding other influential SSI vendors: DIDx, DanubeTech, Tykn, Trinsic, Esatus, ContinuumLoop, Randa Solutions, Condatis, Dhiway, EarthID, Crucible Network, Convergence. SSI partnerships in our scope once we achieve critical mass: Jolocom, Mavennet, Transmute, Mattr, Affinidi and many more SSI players.
2. Node operators who aren’t SSI vendors — We’re aggressively targeting large enterprise partners who we have close access to, and also other more crypto-centric node ops who are primarily established in the Cosmos ecosystem.
3. In the Crypto space — we have notable partnerships with Unizen, CeDefi Alliance around how cheqd can help CeFi and DeFi merge as the risky nature of CeDeFi transfers has been holding back many institutional users. Institutional participation is an influential driver for mass adoption, and the introduction of SSI through cheqd of that level can result in significant growth of decentralised finance. Our crypto alliances pipeline is forming with Cosmos Cash for joint development and we’re in advanced discussions with Sonar, Curio, Blocto, Mintable, Source, and much more forming daily (we’re just getting started!) about how SSI can benefit the DeFi ecosystem.
4. Enterprise partnerships and Implementation partners: Moodie Davitt — the largest publisher in the airline/airport industry globally. And meetings have been had/are being set up with enterprise partners like Barclays and Avast. We’re also creating interesting partnership models all over the world to make sure our ecosystem grows rapidly!
And, we’re just over a year old. THIS IS THE TIME TO JOIN US
3. A common problem is that nowadays most investors are only interested in initial profits and ignore long-term benefits! So can you give them some reasons why they should buy and hold your tokens in the long term?
Telegram username: @Petra_santana_1999
Guest answer: Our project is focused on returning data control and privacy to individuals. This is much bigger than just yield, it’s about getting your privacy back and helping end surveillance capitalism.
Ultimately, cheqd is working for everyone who wants to get rid of passwords, to not be surveilled and to get rewarded for the data they do provide. So we’d argue we’re part of a movement rather than just a crypto project.
Ultimately, what we’re doing could completely reshape the way the internet works!
4. CAN you list 1–3 killer features of your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Telegram username: @Venitalngle
Guest answer: We do have many features that make us stand out. But I’ll focus on the 3 below.
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.
Standards, compliance and interoperability focus
Unlike a lot of other projects, we have deep expertise in digital identity, and working with large trustworthy organisations and governments. Our CEO Fraser 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
Revenue model as being unique in multiple ways.
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.
5. Hello Where can I currently buy Token?
Telegram username: @KatiPride97
Guest answer: $CHEQ is officially available on the following secondary markets:
- Gate.io (https://gate.io/)
- Osmosis DEX (https://app.osmosis.zone/?from=ATOM&to=OSMO)
- Indacoin (https://buy.cheqd.indacoin.io/)
- BitMart (https://www.bitmart.com/)
AND, our very good partner…
So make sure to cheq out our page on https://www.lbank.info/!!!