Thread by @SomeCrypt0Guy

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

https://twitter.com/SomeCrypt0Guy/status/1654444914648678408?s=20

@cheqd_io @fraser_again @ankurb @rosspower @Tweetddale @matt_arn RETWEET MEEEEEEE

https://twitter.com/SomeCrypt0Guy/status/1660697314745303060?s=20