SINGAPORE, Aug. 15, 2022 /PRNewswire/ — .bit (did.id) has raised $13 million to build cross-chain decentralized identity protocol. The Series A round, completed one year after the startup’s launch, 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 identification for individual users and DAOs. Over the past 12 months, the project’s user and developer communities have experienced strong growth. Almost 100 mainstream wallets and dApps have already integrated with .bit and more than 38k independent addresses have registered for more than 110k .bit accounts.
In the web2 era, social profiles are stored on centralized databases by tech giants who can revoke access or alter data at will. Accounts may be blocked or deactivated at any time, leading to censorship and deplatforming. Utilizing web3 technology, .bit will empower individuals to truly own and control their data. Users will enjoy identity sovereignty, both as private persons and as corporate entities.
Initial applications for .bit’s decentralized identity protocol include Cryptocurrency transfer, decentralized domain resolution, personal profile display, etc. It is expected that .bit will eventually be used as membership and credential management for DAOs, brands and IPs, celebrities and fans, clubs and communities.
Further use cases for .bit’s decentralized identity product include supporting the one billion citizens who lack legal identification. This makes it impossible for them to prove their identity, obtain basic government benefits or healthcare, enroll in 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 mainstream public chains such as Bitcoin, Dogecoin, Polkadot, Solana, etc., as well as software and hardware devices that support asymmetric encryption algorithms.
Forthcoming features under development include NameDAO, which will assign a portion of .bit protocol revenue to DAOs, and sub-accounts which 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 accounts available to 100% and open up 3 digits accounts, which will announce the specific rules on the official Twitter very soon.
About .bit
.bit is a cross-chain decentralized identity protocol launched in July 2021. It has boasts over 110k accounts and integrated with 100+ wallets and dApps such as Trust Wallet, Torus, TokenPocket, imToken, iToken, BitKeep, AlphaWallet, HyperPay, MathWallet, WePiggy, NFTSCan, NFTGO, Relation, ShowMe, UneMeta, Dtools, Evolution Land, UniPass, Mail3, Link3, Quest3, 0xEcho, Transit Swap, 5Degrees, cc0.network, COCH, SeekDID, DASLA, SuperDID and many others. The startup comprises a small team of ten spread across the U.S., China, and Singapore, led by Tim Yoeh, Specer Shaw, Jeff Jin, Kyle Wright, who were colleagues at Tencent. Most of .bit’s members have extensive experience in Web3 industry.
Donate To The Indian Sun
Dear Reader,The Indian Sun is an independent organisation committed to community journalism. We have, through the years, been able to reach a wide audience especially with the growth of social media, where we also have a strong presence. With platforms such as YouTube videos, we have been able to engage in different forms of storytelling. However, the past few years, like many media organisations around the world, it has not been an easy path. We have a greater challenge. We believe community journalism is very important for a multicultural country like Australia. We’re not able to do everything, but we aim for some of the most interesting stories and journalism of quality. We call upon readers like you to support us and make any contribution. Do make a DONATION NOW so we can continue with the volume and quality journalism that we are able to practice.
Thank you for your support.
Best wishes,
Team The Indian Sun
