% 4.43
BTC Dominance:
% 0.35
Market Cap:
$2.21 T
% 1.97
Fear & Greed:
33 / 100
$ 62.884
BTC Dominance:
% 53.6
Market Cap:
$2.21 T

Privado ID: New Era of Self-Sovereign Identity and Security

Privado Id

Polygon Labs spun out its Polygon ID service, which today goes by Privado ID. Now acting as an autonomous entity, the protocol-agnostic service can offer outside of the Polygon network its self-sovereign identity control system.

Privado ID’s Self-Sovereign Identity Control

Privado ID serves to prove humanity and uniqueness, complicating Sybil assaults, using airdrops and other incentives, trading on distributed exchanges, and completing compliance processes including proof of age or Know Your Customer. In conventional finance, it can also be utilized for the transfer of securities, intellectual property, land titles, and other tokenized assets.

Users can actively manage their identities and the information they publish, for instance, by verifying their ages without revealing their countries or addresses. Since identities are kept locally in users’ wallets, seed phrases help one retrieve identity files. Identity issuers like the government can be on-chain or off-chain.

Technology and Applications

Polygon started a year later, after starting to build its identification solution in March 2022. It provides zero-knowledge (ZK) technology with a cryptographic basis. It can confirm the authenticity of digital content, therefore lowering the risk of absorbing AI-generated false information, and it stops information from being kept or shared by a third party. Potential applications might cover the metaverse, gaming, and non-fungible tokens.

A statement sent to Cointelegraph claims that Privado ID has undertaken proof-of-concept with international banks and other financial organizations, including Deutsche Bank and Consensys, that looked at the technical elements of interoperability, compliance, and permissioned transactions.

READ:  State Street Hiring Leader for Digital Assets Division

Interoperability and Future Plans

It has also linked with Consensys’ built Linea zkEVM (Ethereum Virtual Machine) blockchain attestation registry. Chief operating officer Antoni Martin, a co-founder of Privado ID, said:

“Our dedication to remain protocol-agnostic fits exactly the concept that unified data is necessary for blockchain interoperability and improving user experience, both of which are absolutely vital for the success of Web3.”

Furthermore, he added that Privado ID will cut the cost of risk reduction and trust building. Privado ID pledges to enable non-EVM blockchains in the future.

Polygon Labs co-founder Sandeep Nailwal will serve as a growth adviser for Privado ID. Appointed Polygon’s chief business officer in May, he will focus especially on developing new ZK solutions.

Rate this post

Leave a Reply

Your email address will not be published. Required fields are marked *