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Polygon ID officially spins out as Privado ID

polygon-id-officially-spins-out-as-privado-id
Edited by
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Polygon ID officially spins out as Privado ID

Privado ID, a privacy-centric digital identity solution formerly known as Polygon ID, has officially announced its spin-off from Polygon Labs.

Identity theft and fraud has evolved into a major problem within crypto, particularly with AI-generated misinformation. On June 12, a new Javelin Strategy & Research report showed that losses from identity theft and fraud reached a staggering $43 billion in 2022, with over 40 million adults in the United States impacted.

While a global issue that could affect even more people with AI deepfakes on the rise, there’s good news: the industry is taking this head on and experts say that more is being done to support security online.

According to the team at Privado ID, spinning out of Polygon allows the project to focus on scaling a secure, self-sovereign digital ID solution. It is built on the blockchain and decentralized, Privado ID provides for an on-chain solution that offers both a private interaction and the tools to mitigate risks such as AI-generated misinformation. This protocol-agnostic platform offers the identity tools that users can leverage to establish the authenticity and source of digital content.

With Privado ID, users have full control of their data. One can tap into the platform’s simplified process for proving humanity, using cryptography and zero-knowledge proofs (ZKPs) to prove one’s age, qualifications and other unique traits without the risk of exposing sensitive personal details.

Apart from verifying compliance, users can use Privado ID to distribute incentives and interact with tokenized assets. “Privado ID’s identity infrastructure empowers everyday people and lowers the cost of trust across industries,” Antoni Martin, co-founder of Privado ID, told crypto.news.

“We believe that Privado ID’s technology, with its emphasis on privacy, user control, and interoperability, will revolutionize how individuals, agents, and organizations find each other and interact in connected spaces, lowering the cost of trust and mitigating the risks of identity theft, fraud, and misinformation,” he added.