dotBit Raises $13M Series A

Published on: 19.08.2022
dotBit Raises $13M Series A

dotBit Raises $13M Series A funding to build cross-chain decentralized identity protocol. The funding round was led by 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. The .bit accounts, and nearly 100 mainstream wallets and Dapps have integrated with .bit.

Users have never really controlled or even owned our identity online or offline. In the Web2 world, social accounts used to present who they related to others are stored on centralized tech giants, who can easily revoke or tamper with the data. Platforms can block their accounts at any time. Refuse to provide services, and thus remove users from their own social graphs.

.bit is excited and confident to be a part of the challenging work. 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
Cross-chain

.bit believes that Web3 is not only about blockchain, and blockchain is not only about one specific public chain. As Web3 citizens, they need a cross-chain unified decentralized identity solution. What makes .bit stand out from its competitors is a combination of cross-chain features 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 Cross-culture

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.

Furthermore, .bit team commits 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 an equal chance to enter the Web3 ecosystem safely.

Cross-verse

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.

ABOUT .bit

.bit is a blockchain base, open source, decentralize cross-chain account system.  Provides a worldwide unique naming system with a .bit suffix. Use in different scenarios, such as cryptocurrency transfer, domain name resolution, identity authentication, etc. The .bit to its core is a set of smart contracts on blockchains, but as a product, it comes with a strong ecosystem.

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