Bank

Identity

Verida

Polygon

Linea

Polygon Labs has spun off its Polygon ID service, which will now be known as Privado ID. As an independent entity, the protocol-agnostic service can now provide its self-sovereign identity control solution beyond the Polygon network.
Privado ID has uses such as proving humanity and uniqueness, thus complicating Sybil attacks, implementing airdrops and other incentives, trading on decentralized exchanges, and fulfilling compliance procedures like proof of age or Know Your Customer. It can also be used in traditional finance for the transfer of securities, <a href="https://cointelegraph.com/explained/how-to-protect-intellectual-property-in-web3" rel="noopener noreferrer nofollow">intellectual property</a>, land titles and similar tokenized assets.
Related: <a href="https://cointelegraph.com/news/zero-knowledge-proofs-eu-digital-id-wallet-regulation" rel="noopener noreferrer nofollow">Are ZK-proofs the key to Europe’s new digital ID regulations?</a>
Users can directly control their identities and the information released, for example, by proving their ages without disclosing their addresses or nationalities. Identity files can be recovered using seed phrases because identities are stored locally in users’ wallets. Identity issuers can be onchain or offchain, such as the government.
<h2 id="id-is-part-of-polygon-s-zk-push">ID is part of Polygon’s ZK push</h2>
Polygon <a href="https://cointelegraph.com/news/polygon-id-platform-seeks-to-enhance-self-agency-and-privacy-in-the-web3-space" rel="noopener noreferrer nofollow"></a><a href="https://cointelegraph.com/news/polygon-id-platform-seeks-to-enhance-self-agency-and-privacy-in-the-web3-space" rel="noopener noreferrer nofollow">began developing&nbsp;its identity solution</a> in March 2022 and&nbsp;<a href="https://cointelegraph.com/news/polygon-launches-decentralized-id-product-powered-by-zk-proofs" rel="noopener noreferrer nofollow">launched it a year later</a>. It offers cryptographic-based <a href="https://cointelegraph.com/explained/zero-knowledge-proofs-explained" rel="noopener noreferrer nofollow">zero-knowledge (ZK)</a> technology. It prevents information from being stored or passed on by a third party and can verify the authenticity of digital content, reducing the risk of accepting AI-generated misinformation. Potential uses could extend to the metaverse, gaming and non-fungible tokens.
According to a statement provided to Cointelegraph, Privado ID has undergone proof-of-concept with multinational banks and other financial institutions, including Deutsche Bank and Consensys, that examined the technical aspects of interoperability, compliance and permissioned transactions.
<h3 id="id-solution-already-has-users">ID solution already has users</h3>
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-06/3f003acc-1098-4f84-afbf-515001a0dddf.png" alt="" title="">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/Verida_io/status/1800886317234180529" target="_blank" rel="noopener noreferrer nofollow">Verida</a>
 </figcaption>
</figure>
It has also integrated with the attestation registry of the Linea zkEVM (Ethereum Virtual Machine) blockchain developed by Consensys. Privado ID co-founder and chief operating officer Antoni Martin said:
<blockquote data-ct-non-breakable="true">
 “Our commitment to remaining protocol-agnostic aligns perfectly with the idea that unified data is essential for blockchain interoperability and enhancing user experience, both of which are crucial for the success of Web3.”
</blockquote>
He also said Privado ID would lower the cost of trust and risk mitigation. Privado ID promises to support non-EVM blockchains in the future.
Polygon Labs co-founder Sandeep Nailwal will serve as a growth adviser for Privado ID. He was appointed Polygon’s chief business officer in May and&nbsp;<a href="https://cointelegraph.com/news/polygon-labs-sandeep-nailwal-new-zk-role" rel="noopener noreferrer nofollow">will concentrate particularly</a> on the development of new ZK solutions.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-zero-knowledge-voting-finance/" rel="noopener noreferrer nofollow">Beyond crypto: Zero-knowledge proofs show potential from voting to finance</a>

Privado ID spinoff takes identity control solution beyond Polygon

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