Delegation of Polygon ID to Privado ID
Polygon Labs has decided to spin off its Polygon ID service, which will now operate as Privado ID, marking a significant transition as an independent entity. The newly rebranded Privado ID, free from network dependency, is set to expand its self-sovereign identity control solution to a broader audience.
Privado ID serves various critical purposes, including verifying humanity and uniqueness, adding complexity to Sybil attacks, enabling airdrops and incentivizing activities on decentralized exchanges, and facilitating compliance procedures like proof of age or Know Your Customer (KYC). Its applications extend to traditional finance for managing the transfer of securities, intellectual property protection, land titles, and other tokenized assets.
Users maintain direct control over their identities with Privado ID, allowing them to selectively release information. For instance, users can prove their ages without divulging personal details such as addresses or nationalities. Identity files are safeguarded using seed phrases, stored locally in users' wallets. Identity issuers can be decentralized (onchain) or centralized (offchain) entities like governmental bodies.
Integration of Privado ID into Polygon's ZK Initiatives
Polygon Labs began developing its identity solution in March 2022 and launched it a year later, incorporating zero-knowledge (ZK) technology. The platform ensures data authenticity and privacy by preventing information storage or transfer by third parties. This feature reduces the potential of accepting AI-generated misinformation, benefiting various sectors like the metaverse, gaming, and non-fungible tokens.
Privado ID underwent proof-of-concept evaluations with multinational banks and financial institutions, including Deutsche Bank and Consensys, validating its technical interoperability, compliance, and transaction capabilities.
Existing User Base of Privado ID
Privado ID has integrated with the attestation registry of the Linea zkEVM blockchain by Consensys. Co-founder and COO of Privado ID, Antoni Martin, highlighted the platform's commitment to remaining protocol-agnostic for enhanced blockchain interoperability and user experience. The platform aims to reduce trust-related costs and risks while supporting non-EVM blockchains in the future.
Sandeep Nailwal, co-founder of Polygon Labs, will contribute as a growth adviser for Privado ID, focusing on the advancement of novel ZK solutions.
