Privado ID has rebranded from Polygon ID and spun off from Polygon Labs to deal with the mainstream digital identification market.
In a press release shared with CryptoSlate, Privado ID defined that the transfer goals to satisfy the worldwide demand for on-line and on-chain digital identification options. It forecasted that the Digital identification options market will rise to $101.37 billion by 2030 from $30.81 billion in 2023.
It added that it plans to develop past the Polygon community by constructing options suitable with any Ethereum Digital Machine (EVM) chain.
Privado ID
The ID answer supplier leverages decentralization and personal interplay to cut back prices, complexity, and counterparty dangers. It acknowledged:
“Privado ID’s privacy-centric, decentralized identification framework permits trusted relationships between corporations, apps and customers onchain, on-line and in actual life.”
The answer permits people to manage their knowledge whereas utilizing it to obtain advantages or info instantly from apps. This method ensures customers’ proof-of-humanity, compliance, sharing incentives, and general interplay with the Web3 sector.
Moreover, Privado ID has partnered with a number of main finance-related corporations on proof-of-concept (PoC) tasks to create a compliant and interoperable identification framework. These PoCs make the most of Privado ID’s verifiable credentials (VCs) for permissioned monetary transactions, participating solely eligible contributors in DeFi actions. The VCs will also be used for proof-of-personhood, {qualifications}, authorized standing, and different identity-based companies.
The platform has additionally built-in with the Verax attestation registry on Consensys’ Linea zkEVM Chain to handle identity-related points.
Antoni Martin, Privado ID co-founder, stated:
“We consider that Privado ID’s know-how, with its emphasis on privateness, consumer management, and interoperability, will revolutionize how people, brokers, and organizations discover one another and work together in linked areas, decreasing the price of belief and mitigating the dangers of identification theft, fraud, and misinformation.”
