Privado ID, the privacy-focused digital identity platform formerly known as Polygon ID, launched a protocol that allows users to verify their identity across multiple blockchains and devices – just once and then reuse it.
According to the announcement, this is the “industry-first — and currently only — multi-chain, device-agnostic identity attestation protocol” that enables people to verify their credentials across numerous EVM-compatible blockchains.
More precisely, it introduces cross-chain compatibility and enables users to verify their identity only once. They can then reuse it across any EVM-compatible chain without thinking about the specific chain they are interacting with.
The ability to do this smoothly streamlines user onboarding and end-user experience in the Web3 space, the team argued.
It does so by removing the obstacles posed by fragmented blockchain identities.
Notably, the team has already established strategic partnerships with institutional organizations, said the email.
This includes proof-of-concepts (PoC) with several multinational banking and financial service companies, such as Deutsche Bank and HSBC.
NEW Product Launch: Unlocking Unified Identity!
Privado ID is proud to release the first chain-agnostic infrastructure to deliver multichain and multidevice unified identity.Why Unified Identity?
The Internet was never built with an identity layer in mind.
Your identity… pic.twitter.com/z32IdQAkbq— Privado ID (formerly Polygon ID) (@PrivadoID) October 31, 2024
In addition to the new protocol, the team also revealed the new Privado ID Mobile App and an upgraded Privado ID Web Wallet.
Users can utilize these tools to manage their blockchain identity across their smartphones, tablets, and computers. It enables them to have a unified identity management solution across all their devices, said the announcement.
Actively Collaborating With Various Entities
The new protocol offers a technically resilient form of identity compatible with legacy institutions like banks and governments, the announcement said.
At launch, Privado’s universal verifier has already been deployed by blockchain ecosystems Linea, Polygon PoS, Polygon zkEVM, and Ethereum.
The team will deploy more EVM and non-EVM networks in the coming months.
“Privado ID is also actively collaborating with blockchain ecosystems, protocols, and enterprises and government entities to continue expanding the ecosystem of compatible platforms in the future,” it said.
Blockchains struggle with the identity of their end users
Most major organizations have some level of compliance requirements, which are preventing them from adopting blockchain products in more size
But privacy is cool, so @PrivadoID is utilizing ZK proofs, allowing you to… https://t.co/rb5gMhYmc2— hiringdevs.eth (@GeorgePBeall) October 31, 2024
Meanwhile, Privado ID said that it now provides a blockchain-agnostic identity layer infrastructure, so far nonexistent in mainstream Web3 ecosystems.
The new protocol enables blockchain developers to build user-friendly decentralized apps (dapps) without having to think about different identity systems on different networks.
Next, the credentials reusability will lead to faster and smoother user onboarding to new applications, Privado ID said.
Finally, blockchains can use this protocol to attract more developers, applications, and users. This way, they will “foster more vibrant ecosystems to massively accelerate the mainstream adoption of blockchain technology,” it concluded.
Next Update Incoming
This latest release, Release 8, is a major step towards Privado ID’s goal of becoming “the identity protocol of the internet,” the team said.
However, the team will be sharing additional updates towards this goal in the coming months. They are already working on the “next major update.”
The focus is on advancing the project’s multichain verification capabilities.
The upcoming release will additionally streamline user experience and improve interoperability across blockchains.
More precisely, it will introduce “a synchronized registry system across all supported blockchains.” This will eliminate the need to repeatedly confirm user credentials on different chains.
This means that once a user verifies a credential on one supported blockchain, that verification will be automatically recognized across all integrated networks.
“Users will be able to interact with one blockchain ecosystem and immediately enjoy the benefits in another, without the need for additional verifications or transactions,” said the team.
The post Privado ID (ex-Polygon ID) Reveals ‘First’ Multi-Chain, Multi-Device Verification, Works with Deutsche Bank, HSBC appeared first on Cryptonews.
