Polygon Labs revealed today the spin-off of its blockchain-based digital identity solution Polygon ID to Privado ID.
According to the announcement, the spin-off aims to cater to the increasing demand for digital identity solutions that integrate both on-chain and online data.
Privado ID is a protocol-agnostic framework, built on the foundations of the Iden3 Protocol and Polygon ID, and is now set for expansion beyond the confines of the Polygon networks.
The tech underpinning the solution utilizes decentralization and private interactions, aiming at streamlining the process and reducing costs, complexities, and risks associated with counterparties.
“Privado ID’s identity infrastructure empowers everyday people and lowers the cost of trust across industries,” said Antoni Martin, co-founder of Privado ID.
“We believe that Privado ID’s technology, with its emphasis on privacy, user control, and interoperability, will revolutionize how individuals, agents, and organizations find each other and interact in connected spaces, lowering the cost of trust and mitigating the risks of identity theft, fraud, and misinformation. Our commitment to remaining protocol-agnostic aligns perfectly with the idea that unified data is essential for blockchain interoperability and enhancing user experience, both of which are crucial for the success of Web3.”
Notably, users can manage their data, as Privado ID allows them to directly receive benefits or information from applications, thus simplifying the verification of compliance, distribution of incentives, and interaction with tokenized assets.
The executive team at Privado ID includes David Schwartz as CEO and Antoni Martin as COO, with Jordi Baylina and Sandeep Nailwal serving as technical and growth advisors, respectively.
Privado ID is already collaborating with the Verax attestation registry on the Linea zkEVM Chain to create a cross-chain identity system.
The announcement mentions that this partnership is set to address a myriad of use cases, including Sybil resistance, which aims to prevent the creation and maintenance of fake identities.
Moreover, Privado ID is establishing strategic partnerships with on-chain entities and institutional organizations.
It has initiated proof-of-concepts with several multinational banks and financial services to lay the technical foundation for identity frameworks that are interoperable and compliant, said the announcement.
Digital identity solutions can also work as credentials to control access to permissioned financial transactions, which can propel the usage of blockchain even more within corporations.
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