The CHEQD Network (CHEQ) is a public, permissionless blockchain built on the Cosmos ecosystem, designed to facilitate trusted data markets and self-sovereign identity (SSI) through the use of Verifiable Credentials and its native cryptocurrency, CHEQ. It enables individuals and organizations to control their personal data, maintain privacy, and engage in trustworthy digital interactions without centralized registries. The network supports decentralized identity, customizable commercial models, and governance structures, aiming to bridge the gap between decentralized finance (DeFi) and SSI ecosystems.
The CHEQD Network (CHEQ) is a blockchain-based infrastructure designed to facilitate trusted data markets by leveraging Self-Sovereign Identity (SSI) and blockchain technologies. Here's how it works:
Key Features- Decentralized Identity: The network provides a decentralized identity system, ensuring that no single party controls the payment gateway. This is achieved through asymmetric key sharding techniques and smart contracts for access control.
- Verifiable Credentials: The CHEQ token is used to monetize Verifiable Credentials, enabling individuals and organizations to control their personal data and build trust through authenticated, trusted data.
- Customizable Commercial Models: The network supports various commercial models, such as payment rails for Verifiable Credentials, allowing for the creation of systematic markets for data sharing.
- Interoperability: CHEQD is built to be highly interoperable, supporting multiple digital credential types and providing enterprise-ready performance.
- Payment Flows: The CHEQ token is used for customisable commercial models in regulated industries, alongside stable currencies, e-money tokens, CBDCs, or fiat currencies.
- Data Sharing: The network enables individuals or organizations to "Pay to Trust" each other, creating a sustainable commercial model for digital credentials.
- Decentralized Finance (DeFi): CHEQD aims to bridge DeFi ecosystems through a decentralized identity ecosystem, enhancing user experiences.
- Gaming and Socializing: Users can manage and monetize their data, such as avatar achievements, credit scores, and preferences, across various platforms.
- Maximum Supply: The maximum supply of CHEQ tokens is capped at 1,042,163,070.
- Token Distribution: Tokens are distributed among the community, grants, foundation, contributors, and shareholders, with a focus on governance and tokenomics.
Overall, the CHEQD Network provides a decentralized infrastructure for trusted data markets, enabling individuals and organizations to control their data and build trust through verifiable credentials and customizable commercial models.
To store CHEQD Network (CHEQ) tokens securely, follow these steps:
Use a Ledger Nano (S/X) Device:
- Install the Cosmos app through Ledger Live.
- Ensure the Keplr Chrome extension is connected to the Ledger Nano and the cheqd Omniflix dashboard.
Set Up Keplr Wallet:
- Sign in to your Keplr wallet on your browser.
- Go to the cheqd Omniflix dashboard and connect your Keplr wallet.
- Approve adding cheqd-mainnet-1 to your Keplr wallet.
Transfer Tokens to Ledger Wallet:
- Use the cheqd node CLI to send unused tokens to the Ledger hardware wallet address.
- Ensure the Ledger Nano remains connected and unlocked during transactions.
- Best Practices:
- Always save your mnemonic or private key securely.
- Store multiple copies of your mnemonic in secure locations.
- Never share your private keys, mnemonic seed, or password with anyone.
By following these steps and adhering to best practices, you can securely store your CHEQ tokens.
To buy CHEQD Network (CHEQ) tokens, follow these steps:
Choose an Exchange: Select a reliable cryptocurrency exchange where CHEQ is available. Popular options include gate.io, MEXC, BitMart, and Osmosis. Ensure the exchange accepts customers from your country and offers the necessary trading features.
Create an Account: Register on the chosen exchange by providing personal information such as name and email address. Complete the Know-Your-Customer (KYC) process if required to increase withdrawal limits and unlock additional features.
Make a Deposit: Deposit funds into your exchange account using a credit or debit card, or transfer cryptocurrencies from another wallet.
Buy CHEQ: Navigate to the exchange's CHEQ trading page and place a buy order. You can trade CHEQ for other cryptocurrencies or fiat currencies.
Store Your CHEQ: Transfer your purchased CHEQ tokens to a secure wallet, such as Keplr, to store and manage your assets.
Monitor Your Investment: Keep track of your CHEQ token's performance and adjust your investment strategy as needed.
Additionally, you can also use decentralized exchanges (DEXs) like Osmosis, which support the Cosmos blockchain, to buy CHEQ tokens. For this, you will need to set up a Keplr wallet, buy Cosmos as your base currency, and then trade it for CHEQ on the DEX.
