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Aug 16 8 tweets 4 min read
Another great feature of @fraser_again on @TechNative discussing why #NFTs & #SBTs aren’t the best solutions for digital identity. Read the thread 👇…
From fraud through to #privacy issues, here are the top use cases that NFTs and SBTs fail to deliver on or would be better “augmented” by fit-for-purpose digital identity solutions, such as #SSI including #VCs.

👉 Using #NFTs to access Discord servers 👈

Decentralised Autonomous Organisations (#DAO) have started issuing NFT’s as identity proofs to access private channels. This did not stop the NFT’s from being sold and often leaves the person in the channel.

Having no way to maintain who owned the NFT doesn’t guarantee the identity. SSI bypasses this issue.

🤝 Peer-to-peer trading 🤝

#P2P trading is happening on Discord & other platforms. Outside of NFT marketplaces there’s no way to verify a seller has control of the asset. A scam trap is a risk here. SSI and VC’s would mitigate this risk without breaking privacy.

👻 What about SBTs? 👻

Described as a non-transferable type of non-fungible token, SBT’s won’t be transferable but can be revocable. These can contain personal information and be issued by an individual or entity. SBT’s have more security as they cannot be transferred.
This could also mean more personal data written on-ledger.
😎 priVaCy 😎

The differences largely come down to the privacy stance each technology uses with VCs avoiding any traceable transactions on ledger whereas NFTs and SBTs aiming for the opposite.


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More from @cheqd_io

Aug 16
Is Web5 just a repackaged SSI ( 🧐

With @Jack Dorsey’s announcement of #Web5 right after @VitalikButerin’s introduction of the soulbound tokens (#SBTs), the decentralised web has been buzzing and making waves in the mainstream media.

Although these are two separate announcements, both have driven considerable attention to the decentralised #digitalidentity technology – self-sovereign identity, which, we argue, has been repackaged as Web5.

Read 4 tweets
Aug 12
What a week!

We’re proud to be listed on @LBank_Exchange.🥳

LBank is one of the leading crypto exchanges in the world. This adds another option for cheqmates to help us in the fight to get back full ownership and control of our data.

cheq it out:👇

Partners can now create and manage did:cheqd #DIDs more easily, and for the first time on cheqd issue and verify Verifiable Credentials (#VCs) and Verifiable Presentation (#VPs)

Don’t forget to cheq out our latest blog for all the juicy details

We’re pleased you’ve pitched some ideas. We're looking for more ideas on #DEX pairs specifically.

Please take the opportunity to gather more thoughts and have your say by Sunday 28th August 2300 UTC +1. Please use the hashtag #cheqdPair @cheqd_io, and we’ll collect ideas.

Read 5 tweets
Aug 11
We're taking cheqd to a galaxy far, far away. Way beyond the Cosmos.☄️ 🌌

We never lost sight of what’s important, and that’s what you, our community, have to say. While playing lightsaber tennis with a few ideas, we thought we’d pitch it over to you.

We’re interested to know what token pairs you’d like to see next and where.

Contributions will have a chance of getting a reward and we’re looking for genuine ideas that bring benefits to the community. An example would be a new pair on @osmosiszone or on another #DEX, this could be either @ethereum or @Cosmos.

Read 5 tweets
Aug 10
We’re thrilled to launch the @veramolabs SDK for cheqd 🥳…

Our partners are now able to create and manage did:cheqd DIDs more easily, and for the first time on cheqd issue and verify #VerifiableCredentials (VCs) and Verifiable Presentation (VPs).

Having a readily available and transferable set of tools will help speed up adoption!

We knew our partners were eager to know “when will I be able to use the cheqd ledger for identity?” and now we’re happy to say “go have a play right now!”. 🔥

Following our research earlier in the year, we explored the development frameworks that our #SSI partners planned to utilise in future. The purpose of it was to determine a suitable toolset for our frens to get building on our network.

Read 11 tweets
Jul 20
We're thrilled to share that we're live on the #UniversalResolver! 😃 🥳

The Universal Resolver is a tool run by Danube Tech that enables interoperability for #DIDs by providing search and resolution (access to the results) of DIDs across networks.

More 👇
It's directly related to the work that has been done by the @WebOfTrustInfo and @idworkshop communities around a Decentralized Public Key Infrastructure (#DPKI) and Decentralized Identifiers (DIDs).

@WebOfTrustInfo @idworkshop Which support different “methods” for registering identifiers on decentralised systems such as the @Bitcoin blockchain, @Hyperledger, @ethereum, @IPFS, and others.

Read 10 tweets
Jul 19
Following on the testnet upgrade earlier this month, we are delighted to announce that the mainnet upgrade has now been successfully completed! 😀 This important upgrade paves the foundation for:
✅ Secure on-ledger schemas
✅ Credential Definitions
✅ Full AnonCreds support on cheqd
✅ Fully referenceable documents with DIDs
⏳ Schema overlays and evidence schemes
⏳ Privacy-preserving revocation registry
🆔The upgrade brought ‘Resources’ to the cheqd ledger which are often required in tandem with W3C Verifiable Credentials, to provide supporting information or additional context to verifiers receiving Verifiable Presentations.
Read 6 tweets

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