Ghostbro Profile picture
May 22, 2023 19 tweets 17 min read Read on X
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. Image
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. Image
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 Image
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. Image
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… Image
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 Image
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. Image
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 Image
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. Image
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 Image
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

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More from @SomeCrypt0Guy

Jan 30, 2023
#DigitalID is the sleeping giant that everyone is ignoring. The coming year will be huge for the #SSI industry in terms of regulation and industry development and $cheq will be right in the middle of it.

A 🧵.

#cheqdpitch #cosmos #cosmosecosystem #100xGems
The way our data is handled is broken. Companies are incentivised to keep hold of your data, selling it or looking after it poorly. This can change. Enter #SelfSovereignIdentity, or #SSI - a new way for users to hold their own data.
Instead of companies holding your data, YOU own your own data and only supply what is needed to prove who you are.

Trusted institutions sign 'Verifiable Credentials' to show your data is trusted.

But companies make money with your data. Why would they change? Enter $cheq
Read 9 tweets
Jan 20, 2023
1/
Here goes my attempt at being a threadoooor for @cheqd_io (ticker: $cheq). A 🧵

So what is #cheqd and why should it excite you?
It's become a commonly known truth that in the age of Web2 - WE are the product. Our data is held by companies the companies we interact with online, ostensibly for KYC purposes.

It's expensive to hold and keep secure and makes for crappy UX for users.
This data is often misused, sold or simply lost by the companies holding it, creating huge issues for users

Laughing man explains the struggles here:

Read 16 tweets

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