Privado ID has launched its new Web Wallet. The web wallet aims to simplify and speed up verification processes for self-sovereign identity solutions by integrating them directly into applications.
Polygon ID, the digital identity arm of Polygon Labs, spun off and rebranded as Privado ID. Privado ID aims to tackle online theft and fraud, which cost the US over $40 billion annually, by providing secure digital identity solutions and combating AI-powered deepfakes and misinformation.
One of the first projects collaborating with Privado ID is Verax, a public registry designed for storing on-chain attestations. Initially developed for Consensys’s Linea zkEVM chain, Verax is already integrated with platforms like Gitcoin Passport and ZKPass.
Privado ID is also the first Linea-integrated solution to feature biometric functionality, offering free Proof-of-Uniqueness attestations using a simple camera. This feature is essential for preventing sybil attacks and botting. Users retain full control over their biometric data, ensuring privacy and security, which is a critical factor in the trust Privado ID has garnered within the Web3 community.
Arthur Remy, Product Manager at Linea, said: “This showcases the potential of self-sovereign identities, allowing individuals to keep their information private while selectively disclosing certain information publicly. The integration with Verax enables users to bring aspects of their reputation on-chain, thereby gaining benefits such as eligibility for rewards or access to additional services.”
Privado ID’s Web Wallet, the first product release since its spin-out from Polygon, aims to eliminate repetitive identity verification processes, such as Know-Your-Customer (KYC) checks. The wallet reduces the steps required to create credentials from nine to four, accelerating the process by over 50%. Once users create their initial credentials, they can seamlessly reuse them across various applications for instant one-click verification.
The Web Wallet also allows users to store verifiable credentials (VCs) securely, choosing when and with whom to share specific information. The process includes authentication via a crypto wallet and the automatic creation of an identity wallet if one does not exist. These VCs are encrypted and securely stored, providing a seamless and private experience across multiple devices without needing specialized hardware.
Privado ID plans to introduce new features to prove three fundamental parts of users’ identities: Proof-of-Uniqueness, Proof-of-Identity, and Proof-of-Liveness. These proofs will enhance security against fake identities and bots, requiring identity documents and live camera tests for verification. Additionally, Privado ID aims to facilitate a permissionless process to integrate more credential providers.
“The launch of Privado ID’s new Web Wallet lays the groundwork for what’s to come, aiming to elevate the user experience to Web2 standards while maintaining decentralization and trust inherent to Self-Sovereign Identity solutions,” said Antoni Martin, Co-founder of Privado ID.
Privado ID is also forging strategic collaborations with on-chain and institutional organizations, including proof-of-concepts with multinational banking and financial service companies. These collaborations aim to establish interoperable and compliant identity frameworks, reducing the overall cost of data verification through the reusability of Privado ID’s solutions.
Read Also: Sam Altman’s Worldcoin launches World App, Bringing Decentralized ID and Finance to Billions