Polygon ID officially spins out as Privado ID

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

Identity theft and fraud have become a huge problem in crypto, especially due to misinformation generated by artificial intelligence. A new Javelin Strategy and Research report released on June 12 showed that losses from identity theft and fraud have reached a staggering $43 billion in 2022, with more than 40 million adults in the US affected.

As a global issue with AI deepfakes grows that could affect more people, there is good news: the industry is challenging the issue and experts say more is being done to bolster online safety.

According to the Privado ID team, exiting Polygon allows the project to focus on scaling a secure, self-managed digital identity solution. Built on blockchain and decentralized, Privado ID provides an on-chain solution that offers both private interaction and tools to mitigate risks such as misinformation generated by artificial intelligence. This protocol-agnostic platform offers identification tools that users can use to determine the authenticity and source of digital content.

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

In addition to verifying compliance, users can use Privado ID to distribute incentives and interact with tokenized assets. “Privado ID’s identity infrastructure empowers ordinary people and reduces the cost of trust across sectors,” Antoni Martin, co-founder of Privado ID, told crypto.news.

“With its emphasis on privacy, user control and interoperability, we believe Privado ID technology will revolutionize the way individuals, agents and organizations find each other and interact across connected spaces, lowering the cost of trust and reducing the risks of identity theft. , fraud and misinformation,” he added.