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"You know, creating a decentralized web isn't just about the technology; it's about giving people the power to control their own identity on a large scale." That's Jamie Burke, CEO of Outlier Ventures and supporter of cheqd.
Here at cheqd, our mission is to make it possible for individuals and organizations to truly own and manage their personal data. We're not just talking about decentralizing identity; we're actively building the infrastructure to make it happen on a meaningful scale.
To make this vision a reality, cheqd is developing a network that incentivizes users while providing them with full control over their data. We're creating payment systems and flexible business models to support trusted, self-sovereign identity verification. Current digital identity services are often sluggish, unfriendly to users, and costly for businesses. Identity verification processes can rack up significant expenses, ranging from $10 for individuals to hundreds for corporations. On top of that, the average person has to juggle over 190 passwords, which are both difficult to manage and vulnerable to hacking.
In recent years, various entities, from startups to established companies, governments, and nonprofits, have embraced decentralized identity solutions to give individuals more control over their data and enhance security and transparency. However, what's been lacking is a robust commercial framework to support the self-sovereign identity ecosystem. And that's where cheqd steps in.