Proof of Usefulness Report

cheqd.io

Analysis completed on 2/4/2026

+296
Proof of Usefulness Score
Gaining Momentum

The project 'SwiftForge' (submitted as cheqd.io) is a legitimate and established decentralized identity (SSI) network built on the Cosmos SDK. While the submission quality is exceptionally poor (incorrect project name, false 'everyone' reach claims, irrelevant 'space-technology' tags), external verification confirms Cheqd is a real entity with a ~$5.7M market cap, over 80,000 token holders, and strategic partnerships (e.g., Dock.io). The project solves a genuine utility problem (payment rails for digital identity) and has released a functional mainnet. The score is penalized significantly for the misleading submission data but buoyed by the project's actual technological innovation and market presence.

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Score Breakdown

Real World Utility+102
Audience Reach Impact+36
Technical Innovation+57.6
Evidence Of Traction+48
Market Timing Relevance+43.2
Functional Completeness+1
Subtotal+287.8
Usefulness Multiplierx1.03
Final Score+296

Project Details

Project URL
cheqd.io
Description
Cheqd.io is a company that focuses on building infrastructure for decentralized identity and data management. It aims to empower individuals and organizations to have greater control over their personal data by leveraging blockchain technology. Cheqd.io provides tools and solutions that enable secure, private, and efficient data exchange, ensuring compliance with privacy regulations and enhancing trust in digital interactions. The company is committed to fostering an ecosystem where data ownership is returned to the rightful owners, promoting transparency and security in the digital identity space.

Algorithm Insights

Market Position
Growing utility with room for optimization
User Engagement
Documented reach suggests active user community
Technical Stack
Modern tech stack aligned with sponsor technologies

Recommendations to Increase Usefulness Score

Document User Growth

Provide specific metrics on user acquisition and retention rates

Showcase Revenue Model

Detail sustainable monetization strategy and current revenue streams

Expand Evidence Base

Include testimonials, case studies, and third-party validation

Technical Roadmap

Share development milestones and feature completion timeline