10A/ cheqd: Payment rails, customisable commercial models and decentralised governance for SSI (pressie & AMA)
cheqd: Payment Rails, Customisable Commercial Models and Decentralised Governance for SSI (pressie & AMA)
Convener: Fraser Edwards, Alex Tweeddale
Notes-taker(s): Ross Power & Alex Tweeddale
Tags for the session - technology discussed/ideas considered:
What are the problems with existing SSI in terms of business and economic incentive models?
Why does Self-Sovereign Identity need more sophisticated payment systems?
How does the cheqd Network bridge this divide, in a way which is standards interoperable and ledger-agnostic?
The importance of performance, scalability and decentralisation for Layer 1.
Discussion notes, key understandings, outstanding questions, observations, and, if appropriate to this discussion: action items, next steps:
Link to Session Slides:
Fraser Edwards presented cheqd’s vision of becoming the de facto leader in payments in exchange for Verifiable Credentials.
The presentation began with the commercial challenges that many SSI projects have faced, in terms of lacking a tangible business model.
The presentation demonstrated how a token, built on a decentralised public-permissioned Network, cheqd, could lower KYC costs for ecosystem participants as well as create new recurring revenue streams for Credential issuers.
The Network also utilises a decentralised governance model, to avoid a single point of friction or failure in the Network which can generally be seen from centralised governance authorities.
Fraser was questioned on the privacy preserving nature of monetising credentials, specifically, whether cheqd can considered that payments could be correlated if Credentials were set at unique price points. The answer to this question was that payments will likely not take place atomically on cheqd, but in aggregate - removing the risk vector for price and identity correlation.
Fraser was questioned on how the revocation registry was going to be implemented to meter the payment of Verifiable Credentials in a privacy-preserving way. This is a work item that will need to be followed up and worked on with the community.