Polygon Labs Spins Off Identity Service as Standalone Firm, Privado ID
Summary:
Polygon Labs spins off its Polygon ID service into a standalone entity, Privado ID, to extend self-governed identity management solutions beyond the Polygon network. Range of services includes verifying identity, supporting decentralized exchange trades, and regulatory compliance. Users retain control over their identities and data, with potential applications in metaverse, gaming, and NFTs. Privado ID has completed trials with multinational banks, including Deutsche Bank, to explore interoperability and regulatory requirements. The firm also announced plans of supporting non-EVM blockchains in the future.
Polygon Labs has announced the transition of its Polygon ID service into a stand-alone firm called Privado ID. This move will allow the protocol-independent service to extend its self-governed identity management solution beyond the Polygon network. Privado ID's applications range from verifying human identity and uniqueness to safeguard against Sybil attacks, supporting airdrops, facilitating trades on decentralized exchanges and complying with regulatory requirements such as proof of age and Know Your Customer (KYC) processes. It can also be deployed in conventional finance for transferring securities, intellectual property, land ownership and other token-based assets.
Regarding privacy, users retain control over their identities and data, such as proving their ages without revealing their addresses or nationalities. The identity data is stored locally in users’ wallets and is recoverable using seed phrases. An identity issuer can be either onchain or offchain, possibly a government entity. Launched in March 2022, Polygon ID now operates as part of Polygon’s zero-knowledge (ZK) technology initiative.
Through cryptographic ZK technology, no information is kept or forwarded by a third party. This approach also allows for the validation of digital content's authenticity, thereby reducing the likelihood of accepting AI-generated false information. The technology has potential applications in the metaverse, gaming, and non-fungible tokens realms.
According to a statement shared with Cointelegraph, Deutsche Bank and Consensys are among the multinational banks and financial institutions that have trialed Privado ID for understanding the technical aspects related to interoperability, regulatory compliance, and permissioned transactions.
Antoni Martin, co-founder and COO of Privado ID, stated, "Our dedication to remaining protocol-agnostic aligns seamlessly with the belief that harmonized data is key to blockchain interoperability and enhancing the user experience, both of which are vital for the triumph of Web3.” Furthermore, he mentioned that Privado ID aims to reduce the cost of trust and risk management. Privado ID anticipates supporting non-EVM blockchains in the future.
Sandeep Nailwal, co-founder of Polygon Labs, will don the role of a growth adviser for Privado ID. Having assumed the role of Chief Business Officer in Polygon in May, he will primarily focus on the progression of new ZK solutions.
Published At
6/13/2024 12:00:00 PM
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