Cheqd is a technology startup that offers a groundbreaking solution for verifiable data, enabling secure sharing and transacting. Their cheqd network provides self-sovereign and decentralized identity solutions, allowing full control over data access. The project operates as a high-performance Layer 1 blockchain, with transaction fees contributing to a Community Pool for development and sustainability. Cheqd's tools facilitate the creation and verification of verifiable credentials. In conclusion, cheqd does not involve any prohibited or illegal activities and is classified as Shariah compliant.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Cheqd appears to have positive indicators of legitimacy. The project demonstrates transparency by providing detailed information about its team members, maintaining a clear roadmap, and consistently updating its project on the website. The team's active presence on social media, where they share updates about their activities, further adds to their credibility. | Passed |
| Project | Cheqd is a technology startup that provides a cutting-edge solution for verifiable data, revolutionizing the way participants share, co-create value, and transact. Their innovative network, known as the cheqd network, offers self-sovereign identity (SSI) and decentralized identity solutions, empowering entities to have full control over their data and share access with trusted third parties. By providing customizable commercial models and governance structures, cheqd enables the formation of trusted data ecosystems, disrupting traditional models of data ownership. The network operates as a highly performant Layer 1 blockchain, supporting high throughput transactions. Notably, 2% of transaction fees are collected in a Community Pool, which can be utilized for accelerating development or contributing to causes like environmental sustainability. With simple tooling, cheqd allows third parties to create DIDs, issue and verify Verifiable Credentials, leveraging cheqd's DIDs, DID Documents, and Schemas. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | The native CHEQ token on the cheqd network serves multiple purposes and facilitates various interactions within the ecosystem. First, it is used to create new commercial models for identity writes and trusted interactions, allowing issuers, verifiers, and holders to transact and pay for digital credentials securely and privately. By using CHEQ tokens, users can engage in transactions within the network while maintaining the integrity of their privacy and security. Additionally, owning CHEQ tokens grants holders the ability to participate in governance voting, enabling them to have a direct impact on the development and evolution of the cheqd network. This token plays a crucial role in shaping the future of the network and allows token holders to actively contribute to the growth and governance of cheqd. | Passed |
| Staking Method | Cheqd operates on a Proof of Stake (PoS) network, where participants have the opportunity to earn rewards based on the amount of stake they contribute. Token holders, referred to as 'users,' can delegate their tokens to Node Operators to participate in staking and governance. By delegating tokens and adding them to the active pool, users become known as Participants. The rewards earned through staking are directly correlated to the stake amount contributed by the Node Operator, providing an incentive for active participation and contribution to the network. | Passed |
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