CHEQ Price

​cheqd is a decentralized network that enables secure and private digital identity management. It uses blockchain technology to give you control over your personal data. With cheqd, you can create and manage verifiable credentials, ensuring your information remains private and secure. The platform supports various credential formats and complies with identity frameworks like eIDAS 2.0 in Europe. ​

The native cryptocurrency of the cheqd network is the CHEQ token. You use CHEQ tokens to pay for transactions within the network, such as issuing or verifying credentials. This creates a commercial incentive for participants to share data securely. You can acquire CHEQ tokens through centralized and decentralized exchanges. ​

​cheqd operates as a decentralized network built on the Cosmos ecosystem. It enables you to manage and control your digital identity securely. Using Decentralized Identifiers (DIDs) and Verifiable Credentials (VCs), you can create, hold, and share your personal data without relying on centralized authorities. ​

The network uses its native token, $CHEQ, for several purposes:​

> Identity Transactions: When you create or update a DID, you pay a fee in $CHEQ tokens. This process helps maintain the network's integrity.

> Credential Payments: If you need to verify credentials, you can use $CHEQ tokens to pay issuers, facilitating secure and trusted data exchanges. 

> Governance Participation: Holding $CHEQ tokens allows you to participate in network governance, influencing decisions about the network's future. ​

​cheqd is a decentralized network focused on self-sovereign identity (SSI), allowing individuals and organizations to manage and control their digital identities securely. The company was founded in April 2021 by Fraser Edwards and Ankur Banerjee. Fraser Edwards serves as the CEO, bringing extensive experience in digital identity and blockchain technology. Ankur Banerjee, the CTO, has a strong background in engineering and product management within decentralized systems.

In July 2021, cheqd launched its testnet, marking a significant step toward building an incentivized SSI network. By October 2021, they had launched their mainnet, introducing the CHEQ token to facilitate transactions within the network. 

cheqd's 2024 product roadmap included several key initiatives: 

> Credential Payments in Fiat Currency: Developing proof-of-concept solutions to enable credential verification payments using traditional currencies.​

> Exploring AI and Ad-Tech Use Cases: Investigating applications of verifiable credentials in artificial intelligence and advertising technology sectors.​

> On-Chain Activity Credentials: Researching the issuance of credentials based on on-chain behaviors to enhance trust and reputation mechanisms.​

> Cosmos SDK Mainnet Upgrade: Upgrading the network to the latest version of the Cosmos SDK to leverage new functionalities and improvements.​

> Selective Disclosure Credentials (SD-JWT): Implementing selective disclosure credentials to enhance privacy and user control within the cheqd ecosystem.​

​CHEQ is the native token of the cheqd network, serving multiple purposes:​

1. Identity Transactions: When you create or update Decentralized Identifiers (DIDs) on the network, you pay fees in CHEQ tokens.

2. Credential Payments: CHEQ tokens facilitate payments for issuing and verifying digital credentials, enabling secure and private data exchanges.

3. Governance Participation: By holding CHEQ tokens, you can vote on network proposals, influencing the platform's development and policies.

4. Staking and Rewards: You can stake your CHEQ tokens to support network security and earn rewards in return. 

Additionally, you can trade CHEQ tokens on various cryptocurrency exchanges. For example, KuCoin offers a CHEQ/USDT trading pair, allowing you to buy or sell CHEQ tokens on their spot market. ​

At its inception, cheqd minted a total of 1 billion $CHEQ tokens. The network employs an inflationary model to incentivize participation. The initial inflation rate is set at 1%, with a maximum cap of 4%. This approach ensures that validators and participants receive rewards, promoting network security and activity.

The allocation of $CHEQ tokens is designed to support various stakeholders:​

1. Community and Grants: A portion of tokens is reserved to reward community members and provide grants, especially to those adopting SSI solutions.

2. Foundation: Tokens allocated to the foundation aim to support cheqd's mission, including further development and strategic initiatives. 

3. Contributors: Core team members and advisors receive tokens as recognition for their contributions to the project's success.

4. Investors: Early investors who supported cheqd's vision are allocated tokens, acknowledging their role in the project's inception. ​