Fraser Edward, the innovative CEO and co-founder of the revolutionary public permissionless network, Cheqd, reveals how the transition from Web2 to Web3 data servers could herald a new era of economic activities in the Web3 ecosystem. The key to unlocking these exciting opportunities? A sustainable and lucid revenue model.
Welcome to the Era of Trusted Data
In our contemporary data-powered society, the demand for trustworthy and confirmed data has never been more pronounced. Edward enlightens us about the shift from generic data to trusted data, as users seek portable and cryptographically verifiable data. This burgeoning need has engendered a new concept - the "trusted data market."
Addressing Bitcoin.com News, Edward elaborates on how blockchain-based reusable KYCs are becoming an integral part of the Web3 landscape. Also, he discusses how a decentralized reputation system can serve as a weapon against bots and impersonators.
The Cheqd Perspective: Trusted Data and a Web3 World
Trust and data assurance are paramount in our current data-driven world, Edward argues. With the rise in data volume, the advent of advanced language models like ChatGPT, and increasing fraud incidents, he emphasizes the importance of trusted data. He elaborates on the financial value of trusted data and how this can fuel a more efficient lending market in crypto.
He also explores the applicability of credentials within the context of Decentralized Autonomous Organizations (DAOs). Here, the utilization of trusted data credentials can improve trust and expedite onboarding processes.
Battling the Bot Paranoia
In an increasingly digital world, user skepticism is rising about the authenticity of online interactions. According to Edward, a decentralized reputation system based on a variety of signals can help establish credibility and mitigate this 'bot paranoia.'
Monetizing Verifiable Data: The Cheqd Vision
Cheqd is pioneering a marketplace for holders, issuers, and verifiers to trade and monetize verifiable data. Edward clarifies these roles and explains the process of data exchange and monetization.
Web2 to Web3: Challenges and Solutions
Edward acknowledges the challenges of transitioning verifiable Web2 data, like credit scores, into the Web3 ecosystem. However, he is confident that by establishing a viable revenue model, these challenges can be overcome. He highlights Cheqd's commitment to incentivize data release, thereby facilitating economic activities within the Web3 ecosystem.
Reusable KYC: The Future of Financial Services?
Edward strongly advocates for blockchain-based reusable KYC in Web3, a system where users frequently shift between exchanges or marketplaces. He discusses how this could expedite onboarding processes and significantly enhance user satisfaction.
