Citadel.One
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Citadel.One

cheqd Overview

cheqd team is building a secure network that enables individuals and organizations to fully control their personal data. It allows self-sovereign identity (SSI) companies to build and deliver secure solutions to you. Through the cheqd network, anyone can verify identities quickly and securely.

cheqd helps companies create new and innovative business models, ensuring SSI is a viable and rewarding service to offer to customers.

SSI: self-sovereign identity

Self-sovereign identity (SSI) is a method of identity that centers the control of information around the user. It safeguards privacy by removing the need to store personal information entirely on a central database and gives individuals greater control over what information they share. Unlike the existing system, it’s a user-centric and user-controlled approach to exchange authentic and digitally signed information in a much more secure way.

Project Development

In 2021 cheqd team:

  • formed the company.
  • renamed.
  • secured $3.3m in funding from Evernym, Tendermint Ventures, Outlier Ventures, and more, putting the company valuation at ~$42.6m.
  • expanded the team from two to thirteen.
  • built an incredible community of over 13 thousand members, including developers and node operators.
  • established over 32 partnerships, including 22 with the leading SSI vendors, with more to come soon, and built and launched a fully functional mainnet with W3C compliant DID spec
  • most recently, are now supported on both Gate.io and Osmosis. Also, on Osmosis, there is a cheqd:Osmo liquidity pool with both cheqd and Osmo rewards.
  • have published a frankly incredible amount of content.

The team believes 2022 will be the year where SSI begins being adopted globally. Now that the mainnet is live, their entire focus is on bringing projects onto their networks (main and test) whilst expanding the number of partners they work with across the enterprise and Web 3.0

cheqd Team

An ambitious and experienced international team stands behind cheqd, which aims to build incentive mechanisms, software tools, and services that make the self-sovereign identity ecosystem financially viable. The team consists of people experienced in digital identity, blockchain, innovation, technology, and enterprise deployment.

Fraser Edwards is cheqd Co-Founder and CEO. Prior to this, a consultant working across technologies and industries internationally, specializing in decentralized identity, blockchain-based payments and FinTech. Straddling the worlds of business and technology he has managed highly challenging deliveries and architected complex systems, including authoring payments.

Ankur Banerjee is cheqd Co-Founder and CTO. Engineering leader with a solid background in product development, innovation and leading exceptional multi-disciplinary teams across multiple countries. Co-inventor on multiple patents in the space of cloud-based artificial intelligence services and blockchain. Deep expertise in distributed tech architecture, biometrics, digital identity, and artificial intelligence services. Experienced at designing, launching, and operating large-scale consumer and enterprises products.

$CHEQ

$CHEQ is the native cheqd token that allows issuers/receivers/holders/node operators to pay each other for digital credentials without compromising the privacy and security of users

Token Distribution

The company wants to incentivize two main behaviors:

  • Support for the network so that the fabric is maximally decentralized and resilient;
  • Usage of the network for its intended purpose, i.e. authentic data transactions.

Initial supply and goal bonded:

  • The Initial supply of tokens, i.e. to be minted at the Token Generation Event, is set to 1b (1 x 10⁹) which is deemed adequate for the initial size of the network.
  • The goal for the percentage of bonded tokens (goal_bonded) is currently set to 60%.

By modeling rewards against transaction volume and using a number of reference points (CIVIC, EVEREST, LUNA & UST all-time high transaction volumes) cheqd established that inflation_max should be <4% to achieve any meaningful incentives through transaction volumes. All-time low transaction volumes were similarly used to identify inflation_min as 1% to maintain sufficient rewards at low volumes.

In cheqd’s Network, a system of collective voting is used based on liquid democracy. This voting architecture has a symbiotic relationship with tokenomics to regulate the network.

About cheqd

cheqd vision is to become the de-facto payment mechanism for authentic/trusted data regardless of country, industry or underlying technology. This is all in service of a much greater mission — to give people and companies back their privacy and control of their data.

The team believes the adoption of self-sovereign identity (SSI) is key to enabling its mission. This is why they are building commercial models through a blockchain network, tokens and tokenomics.

By introducing payments and other sustainable economic incentives, they can turbocharge the adoption of SSI, return control and privacy to individuals, and enable new business models for authentic data.

To learn more about the cheqd project visit their official website.

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If you have further questions, drop us a message to support@citadel.one. You can also join our chat in telegram, there is an active discussion of all current updates, as well as round-the-clock support from our managers.

About Citadel.one

Citadel.one is a non-custodial Proof-of-Stake platform for the management and storage of crypto assets. Users can create public addresses for all supported networks with one seed phrase, connect their Ledger or Trezor device, or import an address generated by another wallet.

The analytical dashboard provides relevant information on wallets’ balances and networks’ main metrics. In Citadel.one, we standardize the semantics, making interactions with the platform as easy as possible. The same goes for network metrics. By using universal terms, we are making it easier for users to understand and compare networks.

One of the main functions of the Citadel.one platform is participation in the PoS consensus — users can stake and delegate their assets, claim rewards, and follow the latest network proposals in the voting tab.

Citadel.one offers its users instant cryptocurrency exchange services that allow fast and secure crypto assets swap. It is also possible to buy and sell crypto with a credit or debit card. Citadel.one users can track rewards, withdrawals, transfers, and deposits across all supported networks and add comments to these transactions.

Among PoS platforms, Citadel.one supports BAND network ($BAND) Secret Network ($SCRT), Cosmos ($ATOM), ICON ($ICX), IOST ($IOST), KAVA ($KAVA), BSC ($BNB), Juno ($JUNO), Comdex ($CMDX) and Tezos ($XTZ). We also support Ethereum, Bitcoin, and Tether ($USDT) for our users’ convenience. Mobile and desktop versions, new networks, including Polkadot are scheduled for the upcoming updates. Furthermore, delving into the idea of true decentralization, we envision Citadel.one a decentralized autonomous organization and a genuinely community-owned platform in the nearest future.

Learn More About Citadel.one

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📍GitHub📍Weibo

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Citadel.One

Citadel.One

Citadel is a multi-asset non-custodial platform for the management and storage of crypto assets