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

Identity theft and fraud have become significant issues within the crypto space, particularly exacerbated by AI-generated misinformation. On June 12, a new report revealed that losses from identity theft and fraud reached $43 billion in 2022, impacting over 40 million adults in the United States.

While identity theft is a global issue that could worsen with the rise of AI deepfakes, the industry is actively working to enhance online security. Experts note that more initiatives are being implemented to tackle these challenges.

According to the team at Privado ID, spinning out of Polygon allows the project to focus on scaling a secure, self-sovereign digital ID solution. Built on the blockchain and decentralized, Privado ID offers an on-chain solution designed to provide private interactions and mitigate risks such as AI-generated misinformation. This protocol-agnostic platform offers identity tools that users can leverage to establish the authenticity and source of digital content.

With Privado ID, users have full control over their data. The platform’s simplified process for proving humanity uses cryptography and zero-knowledge proofs (ZKPs) to verify age, qualifications, and other unique traits without exposing sensitive personal details.

Besides verifying compliance, users can utilize Privado ID to distribute incentives and interact with tokenized assets. “Privado ID’s identity infrastructure empowers everyday people and lowers the cost of trust across industries,” said Antoni Martin, co-founder of Privado ID.

“We believe that Privado ID’s technology, with its emphasis on privacy, user control, and interoperability, will revolutionize how individuals, agents, and organizations find each other and interact in connected spaces, lowering the cost of trust and mitigating the risks of identity theft, fraud, and misinformation,” he added.

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