Sponsored
.bit (did.id) raised $13 million to build a cross-chain distributed identity protocol. The Series A round, completed a year after the startup’s launch, came from CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ.
The .bit open source blockchain protocol provides permissionless decentralized identification for individual users and DAOs. Over the past 12 months, the project’s user and developer community has experienced strong growth: nearly 100 mainstream wallets and dApps have already integrated with .bit, with over 38k independent addresses registered for over 110k .bit accounts.
In the Web2 era, social profiles are stored in a centralized database by technology giants that can revoke access and change data at will. Accounts can be blocked or disabled at any time, leading to censorship and de-platforming. .bit leverages web3 technology to allow individuals to truly own and control their data. Users can enjoy sovereignty over their identities, both as individuals and as a corporate entity.
Initial applications of the .bit distributed identity protocol include cryptocurrency transfer, decentralized domain resolution, and personal profile display. Eventually, it is expected that .bit will be used as membership and credential management for DAOs, brands and IPs, celebrities and fans, clubs and communities.
A further use case for .bit’s decentralized identity product is to support the one billion citizens who do not have legal identity documents. This makes it impossible for them to prove their identity, obtain basic government benefits and healthcare, enroll in education, and 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, and Solana, as well as software and hardware devices that support asymmetric encryption algorithms.
Future features under development include NameDAO, which allocates a portion of .bit protocol revenue to DAOs, and sub-accounts issued to DAO members, brand adopters, and loyal supporters to enhance the web3 community and further lower the threshold for account registration, and 4 to 9 digit accounts to 100% availability, and open 3-digit accounts, with specific rules to be announced shortly on official Twitter.
About .bit
.bit is a cross-chain decentralized identity protocol launched in July 2021, boasts over 110k accounts, and is supported by 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. Kyle Wright, all of whom were colleagues at Tencent, and a small team of 10 people spread across the U.S., China, and Singapore. Most of the .bit members have extensive experience in the web3 industry.
For more information, please visit .bit online.
Visit our website. https://did.id
Twitter Dotbit HQ
Discord https://discord.gg/did
GitHub https://github.com/dotbitHQ
Team Blog https://blog.did.id
Forum https://talk.did.id
Medium: https://medium.com/@dotbit
Name DAO Website. https://namedao.xyz
This is a sponsored post. Learn how to reach our audiencehere. Please read the following disclaimer.
Image Credits: Shutterstock, Pixabay, Wiki Commons
