Alright, here's my tl;dr thread on the extremely bullish latest Partnerships meeting with the $CHEQ team.
If you don't know them yet, well done on finding this thread. They are a #cosmos project focused on #DigitalID, like #PolygonID or #worldcoin (but way less dystopian.
The recent meeting was held with Head of Partnerships Tobias Halloran and @OfMiklos - a $QNT legend who truly gets the $CHEQ value proposition.
@cheqd_io are a #DiD project focused on creating #TrustedDataMarkets - that is, creating a way to monetize the enforced changes being brought in by the EU's #eIDAS legislation.
The new model of #DigitalID mandates the use of data wallets in which users maintain their control.
However, companies still need a way to monetize their involvement in the above value proposition. Why would a bank confirm your identity for free?
#TrustedDataMarkets allow this to happen. All the data can be 'trusted' since it is confirmed by 'trusted entities' e.g. banks, govt
To read more on #TrustedDataMarkets please check out @tmfh83's excellent detailed article here:
cheqd.io/blog/the-role-…
Or bookmark it and keep reading the thread 😏
One low-hanging, yet very juicy fruit for these kinds of #TrustedDataMarkets is #DeFi and crypto-lending.
$AAVE, $CRV and many others will be hamstrung by #MiCA regulations demanding #KYC and without the ability to use credit ratings, DeFi remains just for degens
The current approach in #DeFi is not efficient - everything is over-collateralized due to a lack of REPUTATION in the system.
We cannot replace the banking system when you can only borrow less than you already have.
The system itself is a HUGE growth area though.
#DeFi grew between January 2020 and January 2022 by a collossal 57,857%. That's insane, and you best believe that #TradFi wants a piece of the pie.
In this meeting, @cheqd_io announced that they have signed an MOU with a Tier 1 credit rating agency. These are the companies which work out your credit score, only now possible in TradFi
See link for info on credit agencies:
investopedia.com/personal-finan…
Of course we are still in early stages, but take a moment to understand how huge this is:
Imagine being able to take your credit score with you (never publicly available due to #ZkCreds) to any #DeFi protocol you wish and being able to truly leverage and borrow.
HUGE
By 2025, EU #MiCA regulation will require companies to pretty much ONLY transact with #KYC'd wallets - $CHEQ's system will allow you to take your KYC info from protocol, to exchange to bank.
No more dodgy writing on a piece of paper like a kidnapping victim
Read more about this in @cheqd_io's blog article by their award-winning CFO @javkhattak
cheqd.io/blog/reimagini…
Or bookmark and read on ;)
The team has a well planned out strategy for bringing this forward - creating network effects by going for larger exchanges and those who are crypto native.
The credit rating agencies want that dollar, exchanges and protocols need #KYC in a privacy preserving way.
It's win-win.
Soon payment rails will come online, creating an entirely new revenue stream for any company wanting to issue #VerifiableCredentials (VCs).
The release of @Creds_xyz will create a whole new market for community VCs
t2 exchanges will look to innovate first
Also bullish is @cheqd_io's new PR firm Market Across, who represent #Binance, #Polygon, #Balancer, #Tron, #Decentraland and #Polkadot. I look forward to seeing their work.
This team absolutely means business. They are the best in the game and have been building non-stop for the last two years and are slowly getting into their GTM strategy.
@drummondreed, the godfather of #SSI, is a huge fan
If you've enjoyed this thread, please retweet it and give me a follow (warning: I also tweet about #memecoins)
I also suggest you follow @cheqd_io, as well as the CEO @fraser_again, CTO @ankurb, @rosspower, @Tweetddale and @matt_arn if you wish for less smooth-brained content.… twitter.com/i/web/status/1…
If you just want to watch cats dancing while I tl;dr my excitement for @cheqd_io - $CHEQ out this video
@cheqd_io @fraser_again @ankurb @rosspower @Tweetddale @matt_arn RETWEET MEEEEEEE
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