To build an identity protocol that is cross-chain and decentralized,.bit (did.id), has raised $13,000,000 The Series A round, completed one year after the startup’s launch, was from CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ.
.bit’s open-source blockchain protocol will provide permissionless decentralized identification for individual users and DAOs. Over the past 12 months, the project’s user and developer communities have experienced strong growth. Nearly 100 wallets and other dApps are already integrated with the.bit platform. More than 38k addresses registered for more that 110k.bit account.
The web2 era has seen social profiles stored in centralized databases owned by tech giants that can alter or revoke data access. An account can be deactivated or blocked at will, which could lead to deplatforming and censorship. Individuals will be able to control and own their data through web3 technology. Both private individuals and corporate entities will have the ability to exercise identity sovereignty.
Initial applications for .bit’s decentralized identity protocol include Cryptocurrency transfer, decentralized domain resolution, personal profile display, etc. It is possible that.bit could eventually be used for membership management and credential management of DAOs brands and IPs as well as celebrities and fans and clubs and community.
Further use cases for .bit’s decentralized identity product include supporting the one billion citizens who lack legal identification. It is impossible to verify their identity, get basic healthcare benefits, enrollment in school, exercise the right to vote, and to obtain basic government benefits.
As an open-source cross-chain solution, Bit has provided support for Tron and Binance Smart Chains, Nervos CKB and Polygon. Future versions of.bit will include all major public blockchains such as Bitcoin and Polkadot.
Forthcoming features under development also include NameDAO, which will assign a portion of .bit protocol’s revenue to DAOs and sub-accounts that will be issued to DAO members, brand adopters, and loyal supporters to strengthen web3 communities, and further lower the threshold for registering accounts, 4-9 digits account available to 100% and open up 3 digits accounts, which will announce the specific rules on the official Twitter very soon.
In July 2021,.bit launched as a cross-chain identity protocol. The platform has more than 110k users and is integrated with 100+ wallets. Ten members of Tencent’s former team, Tim Yoeh (Specer Shaw), Jeff Jin and Kyle Wright lead the startup. Most of .bit’s members have extensive experience in the Web3 industry.
You can find more information at.
NameDAO website: http://namedao.xyz
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