Privado ID, a cutting-edge digital identity solution previously known as Polygon ID, has formally declared its independence from Polygon Labs.
The issue of identity theft and fraud has become a significant concern in the world of cryptocurrency, especially with the proliferation of AI-generated misinformation. A recent report by Javelin Strategy & Research on June 12 revealed that losses from identity theft and fraud amounted to a staggering $43 billion in 2022, affecting over 40 million adults in the United States.
This is a global problem that could potentially impact even more individuals with the increasing prevalence of AI deepfakes. However, there is some positive news – the industry is actively addressing this issue and experts are working towards enhancing online security measures.
Privado ID’s team believes that by separating from Polygon, the project can now concentrate on expanding a secure, self-sovereign digital ID solution. Utilizing blockchain technology and decentralization, Privado ID offers an on-chain solution that not only ensures private interactions but also provides tools to counter risks like AI-generated misinformation. This platform, which is compatible with various protocols, equips users with the necessary identity tools to verify the authenticity and origin of digital content.
With Privado ID, users retain full control over their data. Through the platform’s streamlined process for verifying humanity, individuals can use cryptography and zero-knowledge proofs (ZKPs) to confirm their age, credentials, and other unique characteristics without compromising sensitive personal information.
In addition to facilitating compliance verification, Privado ID enables users to distribute incentives and engage with tokenized assets. Antoni Martin, co-founder of Privado ID, expressed to crypto.news that “Privado ID’s identity infrastructure empowers everyday individuals and reduces the trust costs across various industries.”
He further stated, “We believe that Privado ID’s technology, with its focus on privacy, user autonomy, and interoperability, will transform how individuals, entities, and organizations connect and engage in digital spaces, ultimately reducing trust costs and mitigating the risks associated with identity theft, fraud, and misinformation.”
For more information, read: Polygon ID officially spins out as Privado ID.