Privado ID, a privacy-centric digital identity solution formerly known as Polygon ID, has announced its official spin-off from Polygon Labs, marking a significant step towards enhancing digital security and privacy in the blockchain space.

The move comes amidst rising concerns over identity theft and fraud, exacerbated by advancements in AI-generated misinformation. A recent report by Javelin Strategy & Research highlighted losses of $43 billion in 2022 due to identity theft and fraud, affecting over 40 million adults in the United States alone. With AI deepfakes posing an increasing threat, the need for robust identity protection solutions has never been more critical.

According to the team at Privado ID, the spin-off from Polygon enables the project to focus squarely on scaling a secure, self-sovereign digital identity solution. Built on blockchain technology and decentralized principles, Privado ID offers an on-chain solution designed to ensure private interactions and mitigate risks associated with AI-generated misinformation. This platform-agnostic approach provides identity tools that empower users to verify the authenticity and integrity of digital content securely.

One of the core principles of Privado ID is user control over their data. Leveraging cryptography and zero-knowledge proofs (ZKPs), the platform simplifies the process of proving human attributes such as age and qualifications without compromising sensitive personal information.

Antoni Martin, co-founder of Privado ID, emphasized the platform’s mission: “Privado ID’s identity infrastructure empowers everyday people and lowers the cost of trust across industries.”

He further elaborated on the platform's capabilities, stating, “We believe that Privado ID’s technology, focusing on privacy, user control, and interoperability, will revolutionize how individuals, agents, and organizations interact in connected spaces, mitigating risks of identity theft, fraud, and misinformation.”

Privado ID boasts a leadership team comprising industry veterans with notable track records. David Schwartz, co-founder and CEO, formerly led the Polygon zkEVM project, while Antoni Martin, co-founder and COO, brings extensive experience from Polygon. Additionally, Jordi Baylina, a co-founder of Polygon, serves as a technical advisor, and Sandeep Nailwal, co-founder of Polygon Labs, advises on growth strategies.

The team’s expertise spans cryptography, identity frameworks, and private identity management, with previous contributions to projects like PolygonID and the sovereign identity platform Iden3 Protocol.

As Privado ID charts its course post-spin-off, it aims to forge key partnerships across traditional markets and blockchain domains to bolster its position as a leading digital ID solution. The platform’s commitment to innovation and privacy-centric solutions underscores its ambition to redefine digital identity management in an increasingly interconnected world.