Privado ID emerges as a separate entity from Polygon ID
Privado ID, a cutting-edge digital identity solution formerly known as Polygon ID, has officially announced its separation from Polygon Labs.
The issue of identity theft and fraud has become a significant concern in the cryptocurrency world, especially with the rise of AI-generated misinformation. A recent report by Javelin Strategy & Research on June 12 revealed that losses from identity theft and fraud in 2022 amounted to a staggering $43 billion, impacting over 40 million adults in the United States.
While this is a global problem that could potentially affect even more individuals with the increasing prevalence of AI deepfakes, there is some positive news: the industry is actively addressing this issue, with experts noting that more efforts are being made to enhance online security.
Privado ID’s team believes that by branching out from Polygon, the project can concentrate on expanding a secure, self-sovereign digital ID solution. Built on the blockchain and decentralized, Privado ID offers an on-chain solution that enables private interactions and provides tools to mitigate risks such as AI-generated misinformation. This platform, which is compatible with various protocols, offers users identity tools to verify the authenticity and source of digital content.
With Privado ID, users have complete control over their data. The platform offers a streamlined process for proving humanity, utilizing cryptography and zero-knowledge proofs (ZKPs) to validate one’s age, qualifications, and other unique attributes without compromising sensitive personal information.
In addition to ensuring compliance, Privado ID allows users to distribute incentives and engage with tokenized assets. Antoni Martin, co-founder of Privado ID, expressed to crypto.news, “Privado ID’s identity infrastructure empowers ordinary individuals and reduces the trust costs across different industries.”
“We are confident that Privado ID’s technology, which prioritizes privacy, user control, and interoperability, will transform how individuals, agents, and organizations connect and interact in digital spaces, reducing trust costs and addressing the risks of identity theft, fraud, and misinformation,” he added.
For more information, read about how Polygon ID has officially rebranded as Privado ID.
