․bit Raises $13M to Build Cross-Chain Decentralized Identity Protocol

2 years ago

.bit (did.id) has raised $13 cardinal to physique a cross-chain decentralized individuality protocol. The Series A round, completed 1 twelvemonth aft the startup’s launch, was from CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ.

.bit’s open-source blockchain protocol volition supply permissionless decentralized recognition for idiosyncratic users and DAOs. Over the past 12 months, the project’s idiosyncratic and developer communities person experienced beardown growth. Almost 100 mainstream wallets and dApps person already integrated with .bit and much than 38k autarkic addresses person registered for much than 110k .bit accounts.

In the web2 era, societal profiles are stored connected centralized databases by tech giants who tin revoke entree oregon change information astatine will. Accounts whitethorn beryllium blocked oregon deactivated astatine immoderate time, starring to censorship and deplatforming. Utilizing web3 technology, .bit volition empower individuals to genuinely ain and power their data. Users volition bask individuality sovereignty, some arsenic backstage persons and arsenic firm entities.

Initial applications for .bit’s decentralized individuality protocol see Cryptocurrency transfer, decentralized domain resolution, idiosyncratic illustration display, etc. It is expected that .bit volition yet beryllium utilized arsenic rank and credential absorption for DAOs, brands and IPs, celebrities and fans, clubs and communities.

Further usage cases for .bit’s decentralized individuality merchandise see supporting the 1 cardinal citizens who deficiency ineligible identification. This makes it intolerable for them to beryllium their identity, get basal authorities benefits oregon healthcare, enroll successful education, oregon workout their close to vote.

As a cross-chain solution, .bit has supported Ethereum, Tron, Binance Smart Chain, Nervos CKB, and Polygon. In the future, .bit volition screen each mainstream nationalist chains specified arsenic Bitcoin, Dogecoin, Polkadot, Solana, etc., arsenic good arsenic bundle and hardware devices that enactment asymmetric encryption algorithms.

Forthcoming features nether improvement besides see NameDAO, which volition delegate a information of .bit protocol’s gross to DAOs and sub-accounts that volition beryllium issued to DAO members, marque adopters, and loyal supporters to fortify web3 communities, and further little the threshold for registering accounts, 4-9 digits relationship disposable to 100% and unfastened up 3 digits accounts, which volition denote the circumstantial rules connected the authoritative Twitter precise soon.

About .bit

.bit is simply a cross-chain decentralized individuality protocol launched successful July 2021. It has boasts implicit 110k accounts and integrated with 100+ wallets and dApps specified arsenic 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 galore others. The startup comprises a tiny squad of 10 dispersed crossed the U.S., China, and Singapore, led by Tim Yoeh, Specer Shaw, Jeff Jin, Kyle Wright, who were colleagues astatine Tencent. Most of .bit’s members person extended acquisition successful the Web3 industry.

For much information, find .bit online:

Website: https://did.id
Twitter: @dotbitHQ
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
NameDAO Website: https://namedao.xyz