Polygon ID Has Spun Out from Polygon Labs, Changes Name to Private ID!

Bittime - The rapidly evolving digital world is faced with a variety of challenges, including identity theft, online fraud, and content created using AI. To answer these challenges, Privado ID, previously known as Polygon ID, is here as an innovative digital identity and reputation solution.

Polygon ID Changes Name to Privado ID

Polygon ID, which was previously part of Polygon Labs, has officially transformed into an independent entity called Privado ID. This step was taken to expand the reach of its technology beyond the Polygon network and answer the global need for capable digital identity solutions.

Privado ID is not the first independent project to emerge from Polygon Labs. Previously, in March 2023, Polygon Labs launched Avail, a modular blockchain project. Anurag Arjun, one of the co-founders of Polygon Labs, left and took over Avail which recently raised $43 million in a Series A funding round led by Peter Thiel's Founders Fund.

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Experienced Team

Privado ID is supported by an experienced team, including the two founders of Polygon, David Schwartz and Antoni Martin, who currently serve as CEO and COO. Additionally, Jordi Baylina, a key figure behind the development of Polygon's zkEVM, serves as technical advisor, and Polygon Labs co-founder Sandeep Nailwal serves as business development advisor.

User Oriented Technology

Privado ID offers technology that prioritizes privacy, user control and interoperability. Through cryptography and zero-knowledge proof, users can verify their age, qualifications and other details without needing to share personal information. 

The technology also supports W3C identity standards, is compatible with all EVM-based blockchains, and plans to support non-EVM blockchains in the future.

The Privado ID team believes that its technology can revolutionize the way individuals, institutions and organizations connect and interact in the digital space. Privado ID has the potential to lower the cost of trust and reduce the risk of identity theft, fraud and mis-information.

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Strategic Partnership

Privado ID is establishing strategic partnerships with various on-chain organizations and institutions. One of the focuses of the partnership is the development of an identity framework that is interoperable and compliant with regulations. This is important to ensure only qualified participants can engage in certain activities, such as DeFi.

As a form of commitment to cross-chain identity interoperability, Privado ID has been integrated with the Verax attention registry on the zkEVM Linea chain developed by Consensys. 

This integration aims to prevent fake identities, reduce the cost of managing trusted data, and help applications quickly build user reputation using verified data.

With an experienced team, capable technology and a collaborative approach, Privado ID has great potential to become a key player in the world of digital identity. The presence of Privado ID is expected to increase security, trust and efficiency of online interactions in this digital era.

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Also Read:

Polygon Deploys POL Token on Ethereum Mainnet

Polygon Labs Proposes Integration of Polygon PoS into AggLayer

Fox Corporation Collaborates with Polygon Labs to Launch Verify

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.