Privado ID, formerly known as Polygon ID and now independent from Polygon Labs, has repositioned itself to focus on the mainstream digital identity market. According to a statement provided to CryptoSlate, Privado ID aims to meet the growing global demand for online and on-chain digital identity solutions. It forecasts that the digital identity solutions market will grow from $30.81 billion in 2023 to $101.37 billion by 2030.

Privado ID plans to expand beyond the Polygon network by developing solutions compatible with any Ethereum Virtual Machine (EVM) chain.

The company emphasizes decentralization and private interaction to reduce costs, complexity, and risks associated with counterparties. It states:

"Privado ID’s decentralized identity framework prioritizes privacy, enabling trusted relationships between companies, applications, and users both online and in real life."

Their solution empowers individuals to control their data while leveraging it to receive benefits or information directly from applications. This approach ensures proof-of-humanity, compliance, sharing incentives, and enhances interactions within the Web3 sector.

Privado ID has collaborated with major financial firms on proof-of-concept (PoC) projects to develop a compliant and interoperable identity framework. These projects utilize Privado ID’s verifiable credentials (VCs) for permissioned financial transactions, ensuring that only eligible participants engage in DeFi activities. VCs also validate proof-of-personhood, qualifications, legal status, and other identity-based services.

Furthermore, Privado ID has integrated with the Verax attestation registry on Consensys’ Linea zkEVM Chain to address identity-related challenges.

Antoni Martin, co-founder of Privado ID, commented:

"We believe that Privado ID’s technology, emphasizing privacy, user control, and interoperability, will revolutionize interactions between individuals, agents, and organizations in connected spaces. This will lower the cost of trust and mitigate risks related to identity theft, fraud, and misinformation."