SSI network launched by cheqd with over 20 vendor partners
Cheqd has announced a series of partnerships and launched its blockchain-based mainnet in support of self-sovereign ID.
The company says its network is designed to SSI vendors to use in disruptive digital ID offerings, providing payment rails, commercial models, open standards and interoperability. Applications on the network will utilize its native $CHEQ token.
Leading SSI technology vendors joining the cheqd ecosystem include DanubeTech, Spherity, DIDx, Northern Block, Finema, Truu, Tykn, Anonyome Labs, Randa Solutions, Domi Labs, esatus, Serto, and Evernym.
“As SSI matures we’re seeing innovation at every layer of the Trust Over IP stack,” comments Evernym Chief Trust Officer Drummond Reed. “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.”
More than 20 SSI vendors have joined the network.
SSI mainnet launches
The cheqd mainnet network has launched, with a promise to return control of data to the people and organizations that own it.
The network is built on the Cosmos ecosystem, and does not rely on resource-intensive proof-of-work blockchains, according to the announcement
Juniper has forecast SSI for global annual market revenues of up to $1.1 billion by 2024, cheqd notes.
“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,” explains cheqd Co-founder and CEO Fraser Edwards. “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.”