The Moment of Trusted Identity: why decentralized identity infrastructure is now ready to onboard millions of users.

This year, EthCC held special significance for Privado ID because it was the first opportunity to present the new brand in real life following the spin-off of Polygon Labs.

To mark this occasion, the company organized a side event called "The Moment of Trusted Identity”. Here, Privado ID took the chance to share the story, vision, and future plans, along with partners, collaborators, and the team working to create a trusted digital identity ecosystem. 

There were some incredible discussion panels on identity, featuring experts and representatives from renowned entities like the European Commission, and institutions such as EBA, GLEIF, as well as global financial entities like Citi, Deutsche Bank, HSBC, and Sony Bank, who have been auditing and testing the Privado ID technology in early-stage (Proof of Concept) pilots.

There were also notable presentations and product demos with partners and key players in the identity field, such as Transak, Verax (the attestation registry on the Linea chain), Synaps, and Passport XYZ, among others.

This isn't just an article, it's a guide filled with valuable insights from experts in the identity ecosystem. So, sit back and get ready to discover why Privado ID believes the time for identity is now.

Topics covered:

1. Opening: the roots and story behind Privado ID
2. Privado ID Vision
3. Privado ID Product Roadmap
4. ZK Identity On-chain, with Transak, Synaps, Passport XYZ, Consensys
5. ZK Identity in Banking, with HSBC, Citi, Deutsche Bank and Sony Bank
6. ZK Identity in Europe, with European Commission, EBA, GLEIF and Privado ID 
7. Customer spotlights product demos, with Transak, Verax, Sony Bank
8. What’s next for Privado ID?

1. Opening: the Roots and the Story Behind Privado ID.

Six years ago in Paris, Jordi Baylina, a well-known figure for their major contributions to the Ethereum community, had a groundbreaking idea centered around zero-knowledge proofs (ZK), with a primary focus on enhancing identity and privacy. 

The vision and protocol behind Privado ID was born:

This vision united Jordi with his former classmates from a master's program, David Z. and Antoni Martin. Together, they later became the co-founders of the Iden3 protocol. This protocol remains the foundational technology for Privado ID infrastructure and continues to be a reference point for many other builders in the identity space.

“Our ethos is to respect user privacy in every way we can”.

^{David Z. CEO at Privado ID.}

Joining Polygon Labs to focus on refining the technology and growing the ecosystem:

After four years of developing the protocol and tackling scalability challenges, in 2022, the decentralized Identity project became part of Polygon Labs as Polygon ID. 

Over the last two years, Polygon ID has undergone significant refinement, resulting in a secure, robust, interoperable, and private identity solution. The project has also built an ecosystem of over 100 trusted partners, fostering growth and innovation.

Separating from Polygon Labs to Become Neutral and Independent Company:

In June 2024, Polygon ID chose to go back to being an independent and neutral company by spinning off from Polygon Labs and rebranding as Privado ID. The company remains dedicated to the principles of self-sovereign identity and is committed to respecting privacy in every possible way.

“Identity will become the middleware infrastructure for mainstream web3 adoption”. 

^{Sandeep Nailwal, Privado ID non-executive co-founder and growth advisor.}

All these efforts are the Privado ID statement and strong belief in addressing the need for unified and verifiable identity data across different chains.

And who better to tell the story of Private ID than its creators? Watch now to David Z., CEO and co-founder, Antoni Martin, COO and co-founder, Sandeep Nailwal, Growth Advisor and non-executive co-founder, and Jordi Baylina, Tech Advisor and non-executive co-founder as they share their vision and beliefs on why now is the "Moment of Trusted Identity."

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2. Privado ID Vision: Committed to Driving the Adoption and Success of Privacy-Preserving Technologies in Web3 and Beyond

David Z., Privado ID CEO and co-founder, began the presentation with an overview of Privado’s mission, emphasizing the importance of privacy in every aspect of their technology. The name "Privado" reflects the company’s commitment to user privacy.

The key highlights of this inspiring talk are:

Proven Technology Gaining Adoption:

Privado ID’s technology is already making waves, with over 100 projects in web3 alone utilizing its features. 

The project has made several improvements to enhance privacy and security. One key feature is Proof of Uniqueness, which allows users to prove they are unique without sharing personal information. This feature helps prevent Sybil attacks and ensures that rewards in incentive campaigns are distributed fairly, which is one of the biggest challenges in the web3 space today.

Privado ID also facilitates privacy-preserving on-chain payments, ensuring secure and private transactions on the blockchain.

Expanding Boundaries Within and Beyond Web3

Beyond Web3, Privado ID’s technology has been audited and trusted by several enterprises and government agencies. The company is currently engaged in discussions for implementing national identity systems and other large-scale projects, showcasing the versatility and reliability of the Privado ID solutions. The finance sector also showcases our impact, with banks testing and relying on Privado ID’s technology, moving from proof of concepts to trusted references.

The Market is Demanding Better, More Secure, Convenient, and Private Identity Verification

Web3 has clear use cases that demand this technology, from sybil resistance to combat bots to compliance with regulations like The Markets in Crypto-Assets Regulation (MiCA) in Europe. The explosion of real-world asset tokenization and governance in web3 further underscores the need for secure, verifiable identities. 

Digital wallets with identity features are becoming more common due the new regulations approved this year like eiDAS2.0 regulation and the EU Digital Identity Wallet, and the upcoming regulations demanding age verification across various platforms in different countries.

Don't miss out on hearing David Z., the CEO of Privado ID, talk about the vision, new features, partners, and goals in more detail:

3. Privado ID Product Roadmap: the Infrastructure Layer for Open Ecosystems of Verifiable Data Exchange

Privado ID's mission remains to become an open ecosystem of interoperable verifiable data, and now we are adding a vital business dimension. Sebastian Rodriguez, CPO of Privado ID, took the stage to discuss the product vision and share the project's future goals. Here are some of the key points from his presentation:

Building the Infrastructure Layer for Identity and Open Ecosystem for Data Exchange:

Privado ID is working on shifting the relationship between credential providers and trusted data providers from a peer-to-peer model to one that focuses on the applications that use the data. Users must consent before sharing their information, and this technology makes this process easier by placing Privado ID at the center of these interactions.

The company aims to transform inefficient, siloed data exchanges into an open ecosystem. In this marketplace, applications connect to a single point, adhering to unified rules and accessing a vast pool of verifiable data. This shift will enhance interoperability and data reusability, simplifying processes for applications and users alike.

“We want to be an infrastructure layer for identity. Once we have this ecosystem, any identity project can just plug and play into a huge ecosystem of already onboarded interoperable credentials”.

^{Sebastian Rodriguez, CPO at Privado ID.}

Release 7: Removing the Blockers!

Release 7 marks a significant milestone. Privado ID has made it easier for applications to use their identity technology and improved the user experience with the launch of the new Identity Web Wallet. 

This update has made it easier for applications to integrate their identity technology by simplifying the authorization process, reducing the number of customer interactions from 9 to just 4, making in-app identity verification 50% faster.

Key features of this new release included:

• Enhanced user experience, reducing friction in verification processes.
• Introduction of a more flexible protocol that supports custom networks.
• An embedded marketplace for credential offering, enabling a seamless interaction between users, issuers, and verifiers.
• Improved payment rails, with fees distributed within the ecosystem.
• On-chain verification, ensuring secure and transparent credential validation.

Privado ID Product Roadmap

The roadmap of the project focuses on three phases: now, next and later.

• Now: the immediate focus is on iterating the web wallet to ensure it's user-friendly and integrated smoothly with issuers. The goal is to make the experience as seamless as possible, eventually enabling a marketplace-driven model with embedded payment rails.
• Next: plans include developing an identity chain to provide a unified identifier across blockchains and expanding compliance to meet broader standards like those in Europe.
• Later: the vision extends to becoming a decentralized infrastructure for identity, focusing on interoperability, payment facilitation, and credential offering. The goal is to support any identity project with a plug-and-play approach, integrating seamlessly into the broader ecosystem.

Privado ID continues to drive innovation in identity management, making it easier and safer for users and applications to connect.

Make sure to catch Sebastian Rodriguez, CPO at Privado ID, as he discusses the product roadmap in more detail here:

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Now it's time to explore the discussion panels we held with leaders from different industries, sectors, and regions around the world.

4. ZK Identity On-Chain: Introducing Privacy with Zero-Knowledge Proofs

To start off the panel series, four great experts and industry leaders were invited to discuss the challenges, projects, and technologies surrounding on-chain identity. The debate was led by Ravi Agrawal, director of Growth at Privado ID. And the participants were: 

• Kyle Weiss, CEO at Passport XYZ (formerly Gitcoin Passport).
• Florian Le Goff, CEO at Synaps and Founder of Anima
• Simon Brown, Blockchain Ecosystem Advisor at Consensys and Co-founder of Verax
• Alessandro Raboni, Head of Growth at Transak

The conversation revolved around incorporating privacy into on-chain identity systems using zero knowledge proofs (ZKP), and the importance of understanding unique humanity within web3. As key learnings:

Privacy and Security: 

Emphasis on the need for privacy-preserving identity solutions to protect users from potential misuse of their data by both criminals and governments, and the role of ZKP in ensuring data privacy while allowing for necessary verifications.

User Experience and Onboarding: 

One of the most prevalent topics, not only at this side event but throughout the entire EthCC, is the importance of streamlined, user-friendly identity verification processes. Enhancing user experience while balancing security and convenience in identity verification are top priorities for the adoption of decentralized identity. One example that emphasizes this is reusable KYC, that can improve user experience and reduce verification costs.

Interoperability: 

The conversation highlighted the importance of interoperable identity solutions that can function across various blockchains and ecosystems. For instance, on-chain attestations and registries as key tools for enabling data sharing and verification across different platforms.

Focus on Unique Humanity: 

There is a pressing need to develop solutions that can verify that users are real, to prevent Sybil attacks and other fraudulent activities. These solutions have potential applications in areas such as airdrop distribution, voting, and loyalty programs. Additionally, one way to prove you are a real user is with proof of uniqueness solution developed by Synaps, Privado ID, and Verax on Linea blockchain.

Integration with Ecosystems: 

Encouragement for developers to integrate identity solutions that are interoperable and privacy-preserving. The potential for using on-chain attestations to manage and verify data in a decentralized manner.

Regulatory Compliance: 

The impact of upcoming regulations like MiCA in Europe, which will require identity verification for certain transactions. The importance of building solutions that are compliant with regulatory standards.

“We are thinking about how we can use zero-knowledge proof to put data on chain so that the entire ecosystem can benefit, supporting the common good, but in a way that also protects the privacy of users."

^{Florian Le Goff, CEO at Synaps and Founder of Anima.}

For those interested in exploring this panel further and gaining more invaluable insights, it is recommended to watch the full video:

5. ZK Identity in Banking: the Critical Role that Financial Institutions Play in the Widespread Adoption of Decentralized Identity Systems

Bringing the financial world together at “The Moment of Trusted Identity” event was a great achievement and showed how this important sector in digital identity verification is now considering decentralized technologies. These technologies can make processes more efficient, protect user data, and lower costs, leading to a better customer experience.

Led by Antoni Martin, the COO and co-founder of Privado ID and former Deutsche Bank manager, this panel included representatives from well-known global organizations such as:

• Nisha Surendran, Emerging Solutions Lead at Citi
• Kaya Kanamori, Head of Business Planning at Sony Bank
• Christopher Noone, AG at Deutsche Bank
• Benjamin Chodroff, Head of Innovation Lab at HSBC

This panel discussion explored the game-changing possibilities of combining ZK identity with financial institutions. 

By tackling issues like privacy, compatibility, and following regulations, financial institutions can help drive the use of digital identity solutions, opening up new opportunities in the digital economy. 

Let's take a look at some of the main points covered in this conversation:

Private Markets and Asset Accessibility: 

The panel discussion highlighted two key points: a) the potential of blockchain to make private market assets more accessible to retail investors, and b) the importance of Selective Disclosure with ZK technology, which maintains privacy while enabling credential validation.

Banks as Custodians of Data: 

The conversation also discussed how banks, with Privado ID’s extensive data and regulatory compliance expertise, are well-positioned to manage digital identities. They addressed the challenges of applying known identities across different jurisdictions and explored how blockchain technology could potentially resolve these issues

“Self custody inevitably is part of that equation and helps solve a number of the regulatory compliance challenges that have plagued many of our products and services for many years."

^{Benjamin Chodroff, Head of Innovation Lab at HSBC.}

Integration of Digital Assets:

The crucial role that financial institutions play in the widespread adoption of Zero Knowledge (ZK) identity systems is key in all this journey. While ZK identity is primarily focused on Web3, Privado ID recognizes that integration with traditional financial institutions is essential for achieving broader acceptance.

Balancing Privacy and Compliance:

A key discussion focused on balancing user privacy with regulatory compliance. The panel highlighted Zero-Knowledge (ZK) proofs as essential for privacy-preserving identity verification, enabling trust without revealing personal data. They also stressed the need for interoperability and common standards to ensure broad adoption and seamless integration across platforms.

This is just a glimpse. Dive deeper into the key insights and takeaways from this discussion by clicking on the following video:

6. Digital Identity in Europe: Bridging Traditional Regulation with Decentralized Digital Identity

In this discussion, key figures from the European Blockchain Association, the European Commission, and GLEIF explored the evolving landscape of digital identity in Europe, particularly within the context of blockchain and decentralized technologies. 

Led by Otto Mora, Americas BD Lead at Privado ID, they were joined by experts such as:

• Eugenio Reggianini, Head of Growth at EBA
• Joachim Schwerin, Principal Economist at European Commission
• Ivan Marin, Business Development at GLEIF

Let's review some of the key points discussed in this conversation:

Future of Digital Identity in Europe:

This year, discussions on identity have centered on the future of digital product passports and integrating verifiable credentials into the European Digital Identity Wallet, driven by eIDAS 2.0. There’s growing interest in how decentralized technologies, such as zero-knowledge proofs, can enhance privacy and security while meeting regulatory requirements.

"The digital space is big enough to have any form of identity and norms that you would like to have. That's for you to decide who you are, with whom you are, and what you do”.

^{Joachim Schwerin, Principal Economist at European Commission.}

Top-Down vs. Decentralized Approaches:

Two main approaches to digital identity are emerging in Europe. The top-down approach, exemplified by eiDAS, focuses on traditional systems and public services. In contrast, the decentralized approach, favored by web3 advocates, emphasizes the importance of flexible, user-defined identities, reflecting the shift towards a more decentralized digital space.

Exciting Developments and Challenges Ahead:

There are several efforts focused on making digital transactions simpler and more secure for both individuals and businesses. However, challenges remain, especially when it comes to ensuring that decentralized methods can work alongside existing regulatory systems.

If you're interested in learning more, it is encouraged to explore the key insights and takeaways from this discussion by watching the video below:

7. Product Demos: Time to Get Hands-on and Check Out Some Groundbreaking Features in Action!

During "The Moment of Trusted Identity by Privado ID," three impressive product demonstrations highlighted the full range of what Privado ID technology can do. These were presented by partners and industry leaders, including Transak, Verax, and Sony Bank, who shared their strategic approach to using decentralized identities.

Participants in these product demonstrations:

• Florian Le Goff, CEO at Synaps and Founder of Anima
• Simon Brown, Blockchain Ecosystem Advisor at Consensys and Co-founder of Verax
• Alessandro Raboni, Head of Growth at Transak
• Kaya Kanamori, Head of Business Planning at Sony Bank
• Matthew Van Niekerk, CEO at SettleMint

Let’s dive into the main takeaways of these product demos:

Private Proof of Uniqueness: a Game-Changing Step in the Fight Against Bots and Fake Accounts

The presentation began by introducing and showcasing the integration of Proof of Uniqueness with Synaps and Verax, emphasizing its value beyond just Proof of Humanity. This integration leverages Verax as a database for humanity attestations, enabling any dapp within the Linea ecosystem to quickly verify if the owner of a wallet address is a human.

"What makes this integration special is that it not only proves humanity but also uniqueness, a concept that can significantly enhance the security and integrity of the ecosystem."

^{Simon Brown, Blockchain Ecosystem Advisor at Consensys and Co-founder of Verax.}

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Reusable KYC: Simplifying UX and Unifying Data 

Another huge milestone was presented during this presentation, the collaboration between Privado ID and Transak to enable reusable KYC. This solution allows users to tokenize their identity and verify specific attributes like age using zero-knowledge proofs, enhancing privacy and user experience. This reusable KYC can be applied across different apps, streamlining processes and unlocking numerous use cases in the industry.

Sony Bank: Pioneering Web3 with NFTs, Green Bonds, and Stablecoin Innovations

Sony Bank, known for its internet banking service in Japan, is expanding into the web3 space by integrating entertainment services with financial functions. The company has successfully launched initiatives such as NFT distributions at concerts, security token offerings (STOs) with green bonds, and esports sponsorships, all of which have enhanced user engagement.

Privado ID is currently in the early stages of a Proof of Concept (PoC) with Sony Bank and SettleMint, focusing on issuing stablecoins while addressing regulatory, privacy, and technological challenges. This PoC aims to create a new token standard for regulated tokens, contributing to the development of the wider ecosystem.

In summary, these product demos highlighted the critical importance of privacy, security, and compatibility for digital identity solutions. By leveraging cutting-edge technologies like zero-knowledge proofs and collaborating with well-known platforms, the Privado ID effort is setting new standards and creating new applications in the web3 space, advancing decentralized identity solutions.

Be sure to catch the product demo presentations featuring Transak, Verax, Synaps, Sony Bank, and SettleMint: 

8. What’s Next for Privado ID?

Privado ID has many challenges ahead, and among its top priorities, the following can be highlighted:

• Issue 100 million credentials: first in the roadmap, conquer web3, we have all the tools to solve the top web3 use cases. Later, going to web2.
• An identity chain for cross-blockchain compatibility: and compliance with global standards to address both web3 and corporate use cases.
• Become fully compliant: like EUDI Compliant wallet.
• Infrastructure layer for identity: allow any identity project just to plug and play into an open ecosystem for interoperable credentials.
• Protocol governance decentralization: ensuring that the system operates as an open infrastructure rather than a centralized entity.

The Moment of Trusted Identity: Simplifying Digital Identity for Millions

In conclusion, Privado ID's first side event at EthCC marks an important step in making digital identity secure and accessible for millions of users. With strong backing from global financial institutions and regulatory bodies, we are set to revolutionize identity verification through zero-knowledge proofs and privacy-preserving technologies. Key innovations include Proof of Uniqueness, reusable KYC, and integrating digital credentials in banking and Europe. As we move forward, our goals are to issue 100 million credentials, ensure cross-blockchain compatibility, and create a simple, decentralized identity system. Privado ID is set to play a key role in bringing secure and private digital identity to everyday users in Web3 and beyond.

Book a demo with our Business Development team to get started.

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