.bit Raises $13M Series A Funding to Build Cross-chain Decentralized Identity Protocol
On the first anniversary of launching .bit, we are excited to announce that .bit has closed $13 million in a Series A funding round from CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ.
.bit, an open-sourced decentralized identity protocol built on the blockchain, is committed to providing permissionless and irrevocable decentralized identity for individual users and DAOs, establishing the awareness of identity sovereignty around the world. With the joint effort from the development team and the community during the past year, .bit has achieved a breakthrough from 0 to 1 and reached rapid growth for both user and active developer communities. So far, more than 38k independent addresses have registered for more than 110k .bit accounts, and nearly 100 mainstream wallets and Dapps have integrated with .bit (please check here).
Users have never really controlled or even owned our identity online or offline. In Web2 world, social accounts used to present who we are or how we relate with others are stored on centralized tech giants, who can easily revoke or tamper with the data. Platforms can block our accounts at any time, refuse to provide services, and thus remove users from their own social graphs.
According to World Bank, nearly one billion people in the world have no form of legal identity, meaning they cannot prove who they are, not able to obtain basic national healthcare or benefits, not able to accept fair education, and not able to own suffrage rights. The exclusion of these people from access to legal identification is one of the most crucial global human rights challenges.
The emergence of blockchain technology, with the permissionless and irrevocable features, makes it possible for us to truly own and control our data and identities. Permissionless means that we can own an identity on the blockchain at any time, and no one can stop us; Irrevocability means that no one can erase the identity we already have. We will thus realize identity sovereignty, both as individuals and as organizations.
We are excited and confident to be a part of the challenging work of building the infrastructure for Web3 identity protocol.
To construct the leading decentralized identity system and expand the adoption of the decentralized identity, .bit team will apply the funds and resources to the following areas:
We believe that Web3 is not only about blockchain, and blockchain is not only about one specific public chain. As Web3 citizens, we need a cross-chain unified decentralized identity solution. What makes .bit stand out from its competitors is a combination of cross-chain feature and cryptographic level security. It means any public chain or even non-blockchain users can adopt .bit as their decentralized identities and switch their accounts among chains.
.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.
The world is culturally diverse with multiple languages and writing systems. People should be able to register their decentralized identities with the languages they prefer for daily use. However, similar characters shared among different writing systems provide possibilities for fraud.
.bit Team is committed to the challenging task of supporting all the writing systems in the world while preventing scams and frauds as much as possible, so that users from different cultures in the world can own reliable decentralized identities and get equal chance to enter Web3 ecosystem safely.
Cryptocurrency transfer, decentralized domain resolution, personal profile display, etc. are only parts of the usage scenarios of .bit. As an identity protocol, .bit could be widely used as membership and credential management for DAOs, brands and IPs, celebrities and fans, clubs and communities, etc.
.bit is a unified identity for users to take into different spaces including centralized and decentralized applications. The team will build a series of robust tools to help all types of application developers to integrate with .bit easily, which ultimately provides users with an exceptional experience.
To encourage people with different cultural backgrounds to use decentralized identity and improve cultural diversity in Web3, we initiate the concept of NameDAO. By handing over a portion of the .bit protocol revenue to the DAOs, the team aims to motivate more people around the world to spread their culture and better access Web3 through NameDAO.
Visit https://namedao.xyz for more information.
We encourage you to issue sub-accounts to DAO members, brand adopters, fans, etc., to strengthen the bonding within communities in a Web3 style.
Visit https://www.did.id/sub-account for more information.
4–9 digits account available to 100%; open up 3 digits account
We always insist on gradually increasing the availability of .bit accounts as the global influence of the project expands. Such a strategy brought an unsatisfactory registration experience to users to some extent, but it also reflects our determination to launch .bit in a fair way.
Now, .bit has integrated with the leading wallets and Dapps, and the community is growing strong and active. We think it is time to further lower the threshold for registering accounts.
We will announce the specific rules on the official Twitter @dotbitHQ very soon.
Let’s explore, WAGMI!
Having a name chosen by your parents will be like having a marriage arranged by your parents. It’s not the modern thing to do, and a sign of a very conservative traditional family.
— 《Non-Assigned Names》Kevin Kelly
If you believe decentralized identity is critical to the future world, and what .bit is doing intrigues or excites you, welcome to join us for discussion through:
Team Blog: blog.did.id