Polygon Labs has spun off its Polygon ID service, which can now be referred to as Privado ID. As an unbiased entity, the protocol-agnostic service can now present its personal identification management answer exterior the Polygon community.
The Privado ID has functions equivalent to proof of humanity and uniqueness, making Sybil assaults harder, implementing airdrops and different incentives, buying and selling on decentralized exchanges, and imposing compliance procedures equivalent to age verification or Know Your Buyer. It can be utilized in conventional finance to switch securities, mental property, land titles and related tokenized belongings.
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Customers can immediately management their identification and the data they share, for instance by verifying their age with out revealing their tackle or nationality. Credential recordsdata will be recovered utilizing seed phrases as a result of credentials are saved domestically in consumer wallets. Identifier issuers will be on-chain or off-chain, equivalent to a authorities.
ID is a part of Polygon’s ZK push
Polygon started growing its identification answer in March 2022 and launched it a 12 months later. It gives zero-knowledge (ZK) know-how based mostly on cryptography. This prevents data from being saved or shared with third events and might confirm the authenticity of digital content material, lowering the chance of accepting AI-generated misinformation. Potential makes use of might lengthen to the meta universe, video games, and irreplaceable tokens.
In line with an announcement offered by Cointelegraph, Privado ID has undergone a proof of idea at multinational banks and different monetary establishments, together with Deutsche Financial institution and Consensys, who’ve studied the technical facets of interoperability, compliance and licensed transactions.
Resolution ID already has customers
It’s also built-in with the Linea zkEVM (Ethereum Digital Machine) blockchain attestation registry developed by Consensys. Privado ID Co-Founder and COO Anthony Martin stated:
“Our dedication to stay protocol agnostic is absolutely aligned with the concept that unified knowledge is important for blockchain interoperability and improved consumer expertise, each of that are essential to the success of Web3.”
He additionally stated that Privado ID will decrease the price of belief and scale back danger. Privado ID guarantees to assist non-EVM blockchains sooner or later.
Polygon Labs co-founder Sandeep Naiwal will function a growth advisor to Privado ID. He was named chief enterprise officer of Polygon in Might and can focus particularly on growing new ZK options.
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