Privado ID Leads Decentralized Digital Identity Solutions

Privado ID, a decentralized digital identity software, has officially separated from Polygon Labs to address the increasing global need for digital identity and reputation software that integrates onchain and online data. Developed by the creators of the Iden3 Protocol and PolygonID, Privado ID is designed to operate across various blockchain networks, not limited to Polygon.

Privado ID says it offers decentralization and private interactions to lower costs, reduce complexity, and minimize counterparty risks. The company’s self-sovereign identity (SSI) technology allows individuals to control their own data, facilitating direct interactions with apps for receiving benefits or information. It streamlines processes such as identity verification, ensuring compliance, distributing incentives, and managing tokenized assets.

The features of Privado’s software include in-app identity verification and reusable credentials for age or know-your-customer (KYC) and know-your-business (KYB) checks, with graphics demonstrating the process for each on its website depicting the use of 3D face biometrics. The company also operates a verifiable credential marketplace that includes biometric liveness detection software to support proof of personhood.

The company is forging strategic partnerships with both onchain and traditional institutional organizations. Among these are proof-of-concepts (PoC) collaborations with several multinational banks and financial service companies. These PoCs aim to lay the technical groundwork for interoperable and compliant identity frameworks, reusable across institutions, applications, and smart contracts.

One focus is on using Privado ID’s verifiable credentials (VCs) for permissioned financial transactions. These credentials can ensure that only eligible participants engage in decentralized finance (DeFi) activities, like liquidity pools, enhancing compliant access for institutional DeFi. Additionally, VCs can serve as proof of identity, qualifications, and legal status, regulating access to various services.

Privado ID has also integrated with the Verax attestation registry on the Linea zkEVM Chain by Consensys. The partnership aims to create a unified, crosschain identity solution to combat the creation and maintenance of fake identities. The collaboration also supports interoperable identity in a bid to reduce discovery and coordination costs with composable trust.

The importance of privacy-preserving digital identity solutions is underscored by the rising costs of identity theft and fraud, which reached $43 billion in the U.S. in 2022, according to Javelin Strategy & Research. The increasing prevalence of AI-generated content further complicates distinguishing between real and fake information, threatening online integrity.

Privado ID’s tools aim to verify the authenticity of digital content, mitigating risks from AI-generated misinformation. The company uses cryptography and zero-knowledge proofs (ZKPs) to enable individuals to verify attributes like age and qualifications without disclosing sensitive information. Supporting W3C identity standards, Privado ID can integrate with traditional data systems and any EVM-compatible blockchain, with future support for non-EVM chains planned.

Privado ID, previously known as Polygon ID, was developed by the creators of the Iden3 Protocol and PolygonID. The company has separated from Polygon Labs to address the increasing global need for digital identity and reputation software.

Privado ID is a decentralized digital identity software that operates across various blockchain networks, offering private interactions, reusable credentials, and verifiable credentials to combat identity theft and fraud."

Q: What is Privado ID?

A: Privado ID is a decentralized digital identity software that offers private interactions, reusable credentials, and verifiable credentials to combat identity theft and fraud.

Q: What is the importance of digital identity solutions?

A: The importance of digital identity solutions is underscored by the rising costs of identity theft and fraud, which reached $43 billion in the U.S. in 2022, according to Javelin Strategy & Research.

Q: How does Privado ID's technology work?

A: Privado ID uses cryptography and zero-knowledge proofs (ZKPs) to enable individuals to verify attributes like age and qualifications without disclosing sensitive information.

Q: What is the goal of Privado ID's partnership with Verax?

A: The partnership aims to create a unified, crosschain identity solution to combat the creation and maintenance of fake identities and support interoperable identity in a bid to reduce discovery and coordination costs with composable trust.

Q: What is the benefit of using Privado ID's verifiable credentials?

A: Privado ID's verifiable credentials can ensure that only eligible participants engage in decentralized finance (DeFi) activities, like liquidity pools, enhancing compliant access for institutional DeFi, and serve as proof of identity, qualifications, and legal status, regulating access to various services.