Polygon ID, a digital identity firm working with on-chain and online data, has rebranded to Privado ID. The firm, initially launched as Polygon ID in March 2022, aims to expand beyond the Polygon networks. Privado ID utilizes advanced cryptographic techniques and zero-knowledge proofs (ZKPs) to ensure the privacy and security of personal data. This rebranding marks a strategic shift to broaden their market reach and enhance their digital identity solutions.
Expanding Beyond Polygon Networks
Privado ID builds tools and infrastructure for digital identity protection. The rebrand reflects its ambition to serve a broader market. Privado ID employs cryptography and zero-knowledge proofs (ZKPs) to safeguard personal data and identities. This technology allows users to verify attributes like age and qualifications without exposing sensitive information.
David Schwartz and Antoni Martin lead Privado ID as CEO and COO, respectively. Jordi Baylina, involved in developing Polygon zkEVM, serves as the technical advisor, while Sandeep Nailwal, Polygon Labs co-founder, is the growth advisor.
Privado ID supports W3C identity standards and can integrate with any EVM-compatible private or public blockchain. The firm’s tech stack will eventually support non-EVM chains. Antoni Martin, Privado ID co-founder, highlighted the potential for their technology to revolutionize online interactions through enhanced privacy, user control, and interoperability.
“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,”
Martin stated
Proof-of-Concepts with Financial Institutions
Privado ID is forming partnerships with on-chain and institutional firms, including proofs-of-concept with multinational banking and financial service companies. These collaborations aim to establish interoperable and compliant identity frameworks.
The demand for privacy-preserving digital identity technology is significant. According to Javelin Strategy & Research, identity theft and fraud cost the U.S. $43 billion in 2022. Privado ID’s solutions could mitigate such losses by providing a secure, self-sovereign digital ID platform.
Additional Insights
Industry experts highlight the potential impact of Privado ID. A post from Hatten Group emphasized the importance of tackling identity theft and fraud, a mission central to Privado ID’s goals. By leveraging blockchain and ZKPs, Privado ID aims to provide a secure and decentralized digital identity solution.
Integrating posts and references from relevant articles enriches the narrative, providing multiple perspectives on Privado ID’s rebranding and future prospects. This comprehensive approach ensures a well-rounded and engaging news piece, adhering to the AIDA framework and inverted pyramid structure.
In conclusion, Privado ID’s rebranding marks a significant milestone in the evolution of digital identity solutions. Its emphasis on privacy, interoperability, and user control positions it as a key player in the rapidly evolving blockchain and digital identity landscape.
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