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Decentralized trust infrastructure startup cheqd said today it’s merging its network with that of the ID ecosystem provider Dock. Their partnership will see the Dock Certs platform, and Dock’s entire client-base, migrate to the cheqd network
The two companies are framing the merger as a key step towards accelerating the adoption of decentralized identity systems. For customers, the partnership means they’ll be able to access the best features created by both companies.
As part of the alliance, Dock’s native DOCK tokens will be swapped for cheqd’s CHEQ cryptocurrency, in order to streamline the integration between their respective networks.
In the last couple of years, cheqd has emerged as a key player in the decentralized identity space, leveraging blockchain technology as the basis of its Creds, which are a form of self-sovereign identity. With Creds, individual users can maintain control of their personal information and share it with other parties on a need-to-know basis only, for purposes suc as identity verification.
Blockchain is the foundational technology of Web3 or the decentralized Web, which is an area that’s considered to be rife with scams and fraudsters. Because of this reputation, users are often worried about their digital assets, such as Bitcoin and Ethereum, being stolen. To prevent this it’s important for people to know who they’re dealing with, hence the need for some kind of reliable ID system.
That is exactly what cheqd’s Creds provide. Using Creds, individuals can build up a profile that verifies their identity without sharing confidential information such as their name, age and so on. Creds, which can be stored safely in any digital wallet, allow users to establish a reputation in various Web3 communities, pass “Know Your Customer” checks and more by sharing information with others that request it, while keeping it secret from anyone else. Although the Creds are hosted on the blockchain, the information within them is not made public.
As for Dock, it specializes in building blockchain-based ID ecosystems for identity solutions providers that perform KYC and background checks, as well as biometric security technology firms. The Dock Certs platform allows them to create an ecosystem in which they can share and monetize digital credentials and facilitate swift onboarding while maintaining user’s privacy. It includes an API, a secure wallet infrastructure and an intuitive web-based application.
Today’s partnership effectively merges the two company’s decentralized ID infrastructures, with Dock’s mainnet and testnet traffic migrating to cheqd’s network. As part of this move, DOCK tokens will be converted to CHEQ tokens on a 1:1 basis in order to bridge Dock’s customer’s assets to cheqd.
cheqd said the newly combined network will be more capable than either of the standalone networks, with the ability to support an essentially unlimited number of decentralized identifiers, known in the industry as DIDs. It will also support multi-SDK integration and open-source tools such as Credo, Walt.id, Vidos and Registrar & resolver, facilitating easy integration of those DIDs with decentralized applications.
By integrating their two networks, cheqd and Dock say they’re creating a more comprehensive ecosystem for digital identities in the financial services, government services and identity solution industries, boasting over 100,000 community members.
cheqd’s co-founder and chief executive Fraser Edwards said it will mean they can offer the most complete feature set for DIDs in the industry, with no-code management and private payment infrastructure.
“This alliance is a clear signal that cheqd is the home for DID, with Dock and its clients joining our ecosystem of partners and clients, as well as the merging of two communities who firmly believe in the vision of DID,” he said.
Users and developers will be able to access both company’s newest tools and features on the merged network, including Dock’s upcoming mobile driver’s licenses and its cloud wallet, plus cheqd’s soon-to-be-launched MiCA-compliant stablecoin asset and fee abstraction technology.
Dock co-founder and CEO Nick Lambert said the merger will allow him and his team to double-down and focus on new features, without worrying about the underlying network, which will be handled by cheqd.
“This alliance enables both organizations to demonstrate their core capabilities,” he explained.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
