․bit Raises $13M to Build Cross-Chain Decentralized Identity Protocol – Sponsored Bitcoin News

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.bit (did.id) has raised $13 million to build a decentralized cross-chain identity protocol. 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. During the last 12 months, the project’s user and developer environments have experienced strong growth. Almost 100 mainstream wallets and dApps have already integrated with .bit and more than 38,000 independent addresses are registered for more than 110,000 .bit accounts.

In the web2 era, social profiles are stored in centralized databases by technology giants who can revoke access or change data at will. Accounts can be blocked or disabled at any time, leading to censorship and deplatforming. Using web3 technology, .bit will empower individuals to truly own and control their data. Users will enjoy identity sovereignty, both as individuals and as corporate entities.

Initial applications for .bit’s decentralized identity protocol include cryptocurrency transfer, decentralized domain resolution, personal profile viewing, 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 society.

Additional 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, get basic public 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 common public chains such as Bitcoin, Dogecoin, Polkadot, Solana, etc., as well as software and hardware devices that support asymmetric encryption algorithms.

Future features in development also include NameDAO, which will allocate a portion of the .bit protocol’s revenue to DAOs and sub-accounts that will be issued to DAO members, brand users and loyal supporters to strengthen the web3 community, further lowering the threshold for registration accounts, 4-9 digit account available for 100% and open up 3 digit accounts, which will announce the specific rules on the official Twitter very soon.

About .bit

.bit is a decentralized cross-chain identity protocol launched in July 2021. It has over 110,000 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 consists of a small team of ten spread across the US, 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 the Web3 industry.

For more 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:

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