cheqd FAQ

Last updated: 01 August 2021

The cheqd team has put together this list of frequently asked questions regarding the background of cheqd, our product roadmap, our relationship with Sovrin Foundation, and our future plans. We will keep this FAQ updated with the latest information. Please refer to the last updated date.

We hope this FAQ answers any questions you may have. Please feel free to reach out to us on our social channels or on contact@cheqd.io for any further questions you may have for our team.

 


 

What is cheqd?

cheqd is a new startup with a mission to create the go-to incentivised decentralised identity network for digital credentials which reward all parties in the ecosystem, whether institutional or individual. We see this as crucial to moving from silos of data to a new world where data is controlled by the individual and new, never before possible business models are possible.

We have an ambitious and experienced team behind cheqd, which aims to build incentive mechanisms, software tools, and services that make the self-sovereign identity ecosystem financially viable.

cheqd is continuing the journey that started as an effort at the Sovrin Foundation and their token initiative. It is an entirely new corporate entity with investors such as Outlier Ventures, Titanblock, Evernym, 3GR.


Will cheqd be launching a new identity network?

Yes, cheqd will be launching a new identity network. We are working through the details and aim to launch within the calendar year 2021.


Does cheqd plan on having a pre-sale, private sale, or public sale of tokens for its new identity network?

At the moment, we have not publicly announced any plans. We will communicate any plans to our shareholders and through our public channels at the appropriate time.


How is Evernym involved with cheqd

Evernym has provided seed investment to cheqd to stand up the team and company operations, along with other investors. They are also a close partner to cheqd, where they will be contributing significant software development effort, product management effort, and ecosystem governance support to help fulfil cheqd’s mission. We are glad to have a strong pioneer in the self-sovereign identity space as a partner as we build out the mechanisms for making decentralised identity financially viable. cheqd will also leverage Evernym’s expertise in building products in a collaborative fashion with open source communities.


Where can I receive public updates about cheqd?

We plan on regularly communicating our progress and updates via our public social media channels. At the moment, we are scaling up our team and working with our partners and hope to increase the cadence of our communications.


Where can I receive updates as an investor/shareholder in cheqd?

Beyond the public social media channels above where we will share progress as frequently as possible, we will communicate any news specifically relevant to investors via email directly. All shareholders who invested in the Sovrin token have already received communications.


Is cheqd related to Sovrin?

Sovrin Foundation is a 501(c) non-profit headquartered in the US. They were previously involved in the efforts to create a “Sovrin token” built and managed by the Sovrin Foundation.

cheqd and Sovrin Foundation are not commercially linked or related at present, although this may change in the future. We recognise the collaborative nature of building self-sovereign identity. We welcome future collaboration with Sovrin Foundation, the stewards participating in Sovrin, and wider from the SSI and decentralised apps community. 


What is the history between cheqd and Sovrin?

The background behind the Sovrin token and how cheqd was formed has been publicly covered in a blog post by Jamie Burke at Outlier Ventures. We thank the existing shareholders of cheqd for their continued support. 

It is worth explicitly mentioning that cheqd wish the Sovrin Foundation all the best and will explore collaboration as the opportunities arise. The market has a range of needs and a rising tide floats all boats.

Note: Statements in the Outlier Ventures blog post linked above were current as of September 2020. Beyond the background of the Sovrin token, the incentive and network elements will be superseded as cheqd’s team develop its own strategies and hypotheses. We will be communicating these strategies publicly through our social channels in due course.


Where can I direct questions regarding the Sovrin Foundation?

Any questions directly related to the Sovrin Foundation can be directed to Sovrin directly through their contact channels.