.bit Raises $13M To Create Cross-Chain Decentralized Identity Protocol

Bit Founding
Bit Founding

.bit (did.id) has raised $13 million to create a cross-chain decentralized identity protocol. Series A round completed one year after the startup's launch; It was led by CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital and SNZ.

.bit's open-source blockchain protocol will provide permissionless, decentralized identity identification for individual users and DAOs (Decentralized Autonomous Organization). Over the past 12 months, the project's user and developer communities have witnessed strong growth. To date, more than 38 independent addresses have registered for more than 110 .bit accounts, and nearly 100 mainstream wallets and decentralized applications have been integrated with .bit.
In the Web2 era, social profiles are stored in central databases by tech giants who can revoke access or change data at will. Accounts can be blocked or disabled at any time, leading to censorship and removal from the platform. Using Web3 technology, .bit will empower people to fully own and control their data. Users will enjoy identity independence as both private and legal entities.
Initial applications for .bit's decentralized identity protocol include cryptocurrency transfer, decentralized domain solution, personal profile view and more. Ultimately, .bit is expected to be used as membership and credentials management for DAOs, brands and IPs, celebrities and fans, clubs and communities.

Further use cases for .bit's decentralized identity product include supporting one billion citizens without legal identity. The absence of legal identity makes it impossible for these people to prove their identity, access basic public services or health care, enroll in school or exercise their right to vote.
.bit as a cross-chain solution; It supported Ethereum, Tron, Binance Smart Chain, Nervos CKB and Polygon. .bit in the future; Bitcoin, Dogecoin, Polkadot, Solana etc. It will also encompass software and hardware devices that support asymmetric encryption algorithms, as well as mainstream public chains such as
Among the upcoming features in development is NameDAO, which will allocate some of its .bit protocol revenue to DAOs and subaccounts. Sub-accounts will be given to DAO members, brand adopters and loyal supporters to strengthen Web3 communities, and it is also aimed to further lower the threshold for 100% usable 4-9 digit accounts with registered accounts and opening 3-digit accounts. Specific rules will be announced on the official Twitter account very soon.
about .bit
.bit is a cross-chain decentralized identity protocol launched in July 2021. It has over 110 thousand accounts and has Trust Wallet, Torus, TokenPocket, imToken, iToken, BitKeep, AlphaWallet, HyperPay, MathWallet, WePiggy, NFTSCan, NFTGO, Relation, ShowMe, UneMeta, Dtools, Evolution Land, UniPass, Mail3, Link3.io, Quest3 integrates with 0+ wallets and decentralized apps, including 5xEcho, Transit Swap, 0Degrees, cc100.network, COCH, SeekDID, DASLA, SuperDID and more. This new venture; It consists of a small team of 10 people across the US, China and Singapore led by Tim Yoeh, Specer Shaw, Jeff Jin and Kyle Wright, who were former Tencent colleagues. Most .bit members have extensive experience in the Web3 industry.

📩 17/08/2022 16:48

Be the first to comment

Leave a response

Your email address will not be published.