As a seasoned researcher with over two decades of experience in the tech industry, I find myself consistently impressed by the rapid evolution and innovation in the digital identity space. The recent acquisition of Trinsic’s decentralized identity assets by Dentity is yet another testament to this exciting trajectory.
Santa Monica, CA, December 12th, 2024, Chainwire
This agreement unites leading figures from the industry and paves the way for a new chapter in the development of decentralized digital identities.
Identity is thrilled to reveal that it has taken over Trinsic’s decentralized identity resources, paving the way for an extensive growth in Web3 identity solutions. These resources symbolize cutting-edge infrastructure for decentralized identities on a global scale, empowering countless developers to incorporate user-managed identity components into their projects. By making this acquisition, Identity aspires to bolster its status as a leading force in the field of decentralized identity on a global level.
According to Jeff Schwartz, the CEO of Dentity, Trinsic’s platform transforms the way people manage and disperse their personal data. This acquisition moves us a step nearer to building a safer, more secure digital realm where individuals have complete control over their identity. There’s even a possibility that they could generate income from it, rather than allowing Big Tech to do so.
Riley Hughes, one of Trinsic’s co-founders, stated that among all the products developed on their decentralized identity platform, Dentity has been the most successful. With its large user base and network of partners, Didentity offers a great opportunity for Trinsic’s technology to impact even more people, making it an ideal choice for this platform to achieve its full potential.
Dentity has integrated with Trinsic’s Identity Acceptance Network, allowing for effortless identity confirmation using digital IDs in web3 wallets such as Didentity, mobile driver’s licenses, and eID apps. This partnership grants access to over 100 million consumers to Dentity’s products and ecosystem collaborators instantly through Trinsic’s network.
The Need for Digital Identity
Amidst growing concerns about cybercrime such as fraud, online deception, and identity theft, digital identity presents a robust response. Incidents of online grooming crimes have escalated by 89%, while romance scams have soared by 160%. This surge in fraud underscores a significant hurdle: the internet’s anonymity, which serves as a weapon for malicious users and a hindrance to trust.
A decentralized identity system offers a means to establish trust online, enabling individuals to selectively disclose essential details when shopping, trading, dating, or engaging in Web3 activities. For the first time, people have direct control over their personal data, eliminating intermediaries who profit from consumer information.
The Timing
More and more consumers are expressing discontent with the way big tech firms manage their data. A significant majority of people (over 75%) don’t feel secure about Big Tech handling their personal details, and they’re calling for greater autonomy over their digital existence. Gartner anticipates that by 2026, approximately half a billion smartphone users will routinely employ a digital identity wallet, underscoring the burgeoning demand for decentralized digital identification systems.
By merging Trinsic’s robust identity tech with Density’s consumer applications and outreach platforms, we can expedite the acceptance of reusable, authenticated digital identities. This collaboration aids in the fight against fraud, simplifies online transactions, and empowers users to control their personal data more effectively.
According to Schwartz, as online fraud escalates and consumers increasingly seek secure, privacy-focused options, it’s ideal for Dentity to expand its services.
A Multi-Billion Dollar Opportunity
By 2027, the digital identity market is predicted to be worth $325 billion. With this recent acquisition, Dentity now has a strategic advantage to claim a portion of that market value. This transaction not only opens up fresh avenues for growth but also allows Didentity and its partners to expand more swiftly and connect with a broader base of developers eager to incorporate decentralized identity solutions into their systems.
Our aim for the evolution of Web3 and digital identity is to put power in the hands of individuals, minimize online deceit, and create a safer, more dependable internet environment. We’re constructing a future where digital trust is straightforward, safe, and controlled by the user themselves.
About Dentity
Dentity simplifies the process of establishing trust in digital environments by allowing individuals to construct and administer their online identities effortlessly. It empowers users to create, manage, and authenticate their identity credentials, enabling them to securely share sensitive data with the entities they engage with. Dentity operates one of the world’s most sophisticated decentralized identity frameworks, which allows numerous developers to incorporate user-managed identity features into their platforms. With Dentity, millions of consumers have complete control and ownership over their digital identities. For more details, visit www.dentity.com.
About Trinsic
Trinsic is pioneering as the initial network for identity acceptance, speeding up identity confirmation by 10 times for a massive consumer base of 95 million people. Their product serves as an entrance point into numerous identity networks, mobile driver’s licenses, and eID applications. Businesses utilize Trinsic to review a digital ID ahead of requesting users to submit a physical ID document for verification. Since its inception in 2019, Trinsic has garnered $9.4 million in funding from Georgian, Kickstart Seed Fund, Osage Venture Partners, and prominent angel investors within the identity sector. For more information, please visit trinsic.id.
Contact
Founder and CEO
Jeff Schwartz
Dentity
jeffrey@dentity.com
818-481-9161
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2024-12-12 19:48