The Privado ID spinoff takes the identity management solution beyond Polygon
Polygon Labs has discontinued its Polygon ID service, which is now known as Privado ID. As an independent entity, the protocol-agnostic service can now provide its own sovereign identity control solution over the Polygon network.
Privado ID can be used to ensure humanity and diversity, thereby complicating Sybil attacks, implementing airdrops and other incentives, trading on decentralized exchanges, and meeting compliance processes such as age verification or know-your-customer. It can also be used in traditional finance to transfer securities, intellectual property, real estate, and similar tokenized assets.
Related: Are ZK-proofs the key to Europe's new digital ID rules?
Users can directly control their identity and the information that is released, such as their age, without revealing their address or nationality. Identity files can be retrieved with genealogies because identities are stored in users' wallets. Authenticators can be on-chain or off-chain, such as governments.
ID is part of Polygon's ZK push.
Polygon began developing its identity solution in March 2022 and launched a year later. It offers cryptographic based Zero Knowledge (ZK) technology. It prevents data from being stored or transmitted by third parties and reduces the risk of receiving false information generated by AI by ensuring the authenticity of digital content. Potential uses may extend to metaverse, gaming, and intangible tokens.
According to a statement to Cointelegraph, Privado ID has worked with several national banks and other financial institutions to verify compliance, including Deutsche Bank and Concorde, which examined the technical aspects of authorized transactions.
The ID solution already has users
It is also integrated with the Linea zkEVM (Ethereum Virtual Machine) blockchain proof ledger developed by Consensys. According to Anthony Martin, Founder and CEO of Privado ID:
“Our commitment to remain protocol-agnostic aligns perfectly with the idea that federated data is essential to blockchain interoperability and enhancing the user experience, both of which are critical to Web3's success.”
In addition, Privado ID reduces the cost of trust and reduces risk. Privado ID promises to support non-EVM blockchains in the future.
Sandeep Nilwal, co-founder of Polygon Labs, serves as a development consultant for Privado ID. He was appointed General Manager of Polygon in May and will focus in particular on the development of new ZK solutions.
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