Singapore (ots/PRNewswire) – .bit (did.id) has raised $13 million to build a cross-chain decentralized identity protocol. The Series A round, which closed a year after the company’s launch, was led by CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital and SNZ.
.bit’s open-source blockchain protocol will enable permission-free decentralized identification for individual users and DAOs. Over the past 12 months, the project’s user and developer communities have seen strong growth. To date, more than 38,000 independent addresses have registered for more than 110,000 .bit accounts, and nearly 100 mainstream wallets and DApps have integrated .bit (more information here).
In the Web2 age, social profiles are stored in centralized databases by tech giants who can revoke or change access to the data at will. Accounts can be suspended or disabled at any time, leading to censorship and deplatforming. Using web3 technology, .bit will empower every individual to truly own and control their data. Users will enjoy identity sovereignty, both as individuals and businesses.
Initial applications for .bit’s decentralized identity protocol include cryptocurrency transfer, decentralized domain resolution, personal profile viewing, etc. It is expected that .bit will be used in the long term as membership and credential management for DAOs, brands and IPs, celebrities and fans, associations and communities.
Other use cases for .bit’s decentralized identity product include helping one billion citizens who cannot legally identify themselves. This makes it impossible for them to prove their identity, receive basic government services or healthcare, register for education or exercise their right to vote.
As a cross-chain solution, .bit has supported Ethereum, Tron, Binance Smart Chain, Nervos CKB, and Polygon. In the future, .bit will cover all popular public chains such as Bitcoin, Dogecoin, Polkadot, Solana, etc., as well as software and hardware devices that support asymmetric encryption algorithms.
Features under development include NameDAO, which allocates a portion of .bit protocol revenue to DAOs. Sub-accounts issued to DAO members, brand users, and loyal supporters to empower web3 communities and further lower the account registration threshold, make 4- to 9-digit accounts 100% available, and open 3-digit accounts. The exact rules will be announced soon on the official Twitter account.
Information about .bit
.bit is a decentralized identity protocol launched in July 2021. It has over 110,000 accounts and can be used with more than 100 wallets and apps such as Trust Wallet, Torus, TokenPocket, imToken, iToken, BitKeep, AlphaWallet, HyperPay, MathWallet, WePiggy, NFTSCan, NFTGO, Relation, ShowMe, UneMeta, Dtools, Evolution Land, UniPass, Mail3, Link3.io, Quest3, 0xEcho, Transit Swap, 5Degrees, cc0.network, COCH, SeekDID, DASLA, SuperDID and many others integrate. The startup consists of a small team of ten people spread across the U.S., China and Singapore, led by Tim Yoeh, Specer Shaw, Jeff Jin and Kyle Wright, who were previously colleagues at Tencent. Most members of .bit have extensive experience in the Web3 industry.
For more information, visit .bit online:
Team Blog: https://blog.did.id
NameDAO website: https://namedao.xyz
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