diff --git a/.github/workflows/ci.yml b/.github/workflows/ci.yml
index bd3737a49f4..f9dcb413822 100644
--- a/.github/workflows/ci.yml
+++ b/.github/workflows/ci.yml
@@ -72,7 +72,7 @@ jobs:
           tool: tomlq
 
       - name: Enforce version in `workspace.dependencies` matches latest version
-        if: env.CRATE != 'libp2p'
+        if: env.CRATE != 'libp2p' && env.CRATE != 'libp2p-identity'
         run: |
           PACKAGE_VERSION=$(cargo metadata --format-version=1 --no-deps | jq -e -r '.packages[] | select(.name == "'"$CRATE"'") | .version')
           SPECIFIED_VERSION=$(tomlq "workspace.dependencies.$CRATE.version" --file ./Cargo.toml)
diff --git a/Cargo.lock b/Cargo.lock
index 512fb637071..16959ee0179 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -617,6 +617,12 @@ dependencies = [
  "futures-lite",
 ]
 
+[[package]]
+name = "bs58"
+version = "0.4.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "771fe0050b883fcc3ea2359b1a96bcfbc090b7116eae7c3c512c7a083fdf23d3"
+
 [[package]]
 name = "bs58"
 version = "0.5.0"
@@ -1330,6 +1336,18 @@ dependencies = [
  "signature 1.6.4",
 ]
 
+[[package]]
+name = "ecdsa"
+version = "0.15.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "12844141594ad74185a926d030f3b605f6a903b4e3fec351f3ea338ac5b7637e"
+dependencies = [
+ "der 0.6.1",
+ "elliptic-curve 0.12.3",
+ "rfc6979 0.3.1",
+ "signature 2.0.0",
+]
+
 [[package]]
 name = "ecdsa"
 version = "0.16.6"
@@ -2256,7 +2274,7 @@ dependencies = [
  "base64 0.21.2",
  "clap",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "serde",
  "serde_json",
  "zeroize",
@@ -2313,7 +2331,7 @@ dependencies = [
  "libp2p-floodsub",
  "libp2p-gossipsub",
  "libp2p-identify",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-kad",
  "libp2p-mdns",
  "libp2p-metrics",
@@ -2344,7 +2362,7 @@ version = "0.2.0"
 dependencies = [
  "async-std",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-swarm",
  "libp2p-swarm-derive",
  "libp2p-swarm-test",
@@ -2362,7 +2380,7 @@ dependencies = [
  "futures-timer",
  "instant",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-request-response",
  "libp2p-swarm",
  "libp2p-swarm-test",
@@ -2378,7 +2396,7 @@ dependencies = [
  "async-std",
  "libp2p-core",
  "libp2p-identify",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-ping",
  "libp2p-swarm",
  "libp2p-swarm-derive",
@@ -2398,12 +2416,12 @@ dependencies = [
  "futures",
  "futures-timer",
  "instant",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-mplex",
  "libp2p-noise",
  "log",
  "multiaddr",
- "multihash",
+ "multihash 0.17.0",
  "multistream-select",
  "once_cell",
  "parking_lot",
@@ -2434,7 +2452,7 @@ dependencies = [
  "libp2p-core",
  "libp2p-dns",
  "libp2p-identify",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-noise",
  "libp2p-ping",
  "libp2p-plaintext",
@@ -2474,7 +2492,7 @@ dependencies = [
  "env_logger 0.10.0",
  "futures",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "log",
  "parking_lot",
  "smallvec",
@@ -2491,7 +2509,7 @@ dependencies = [
  "fnv",
  "futures",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-swarm",
  "log",
  "quick-protobuf",
@@ -2520,7 +2538,7 @@ dependencies = [
  "hex_fmt",
  "instant",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-noise",
  "libp2p-swarm",
  "libp2p-swarm-test",
@@ -2550,7 +2568,7 @@ dependencies = [
  "futures",
  "futures-timer",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-swarm",
  "libp2p-swarm-test",
  "log",
@@ -2562,20 +2580,44 @@ dependencies = [
  "void",
 ]
 
+[[package]]
+name = "libp2p-identity"
+version = "0.1.2"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "9e2d584751cecb2aabaa56106be6be91338a60a0f4e420cf2af639204f596fc1"
+dependencies = [
+ "asn1_der",
+ "bs58 0.4.0",
+ "ed25519-dalek",
+ "libsecp256k1",
+ "log",
+ "multiaddr",
+ "multihash 0.17.0",
+ "p256 0.12.0",
+ "quick-protobuf",
+ "rand 0.8.5",
+ "ring",
+ "sec1 0.3.0",
+ "serde",
+ "sha2 0.10.6",
+ "thiserror",
+ "void",
+ "zeroize",
+]
+
 [[package]]
 name = "libp2p-identity"
 version = "0.2.0"
 dependencies = [
  "asn1_der",
  "base64 0.21.2",
- "bs58",
+ "bs58 0.5.0",
  "criterion",
  "ed25519-dalek",
  "hex-literal",
  "libsecp256k1",
  "log",
- "multiaddr",
- "multihash",
+ "multihash 0.19.0",
  "p256 0.13.2",
  "quick-protobuf",
  "quickcheck-ext",
@@ -2607,7 +2649,7 @@ dependencies = [
  "instant",
  "libp2p-core",
  "libp2p-identify",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-noise",
  "libp2p-swarm",
  "libp2p-swarm-test",
@@ -2636,7 +2678,7 @@ dependencies = [
  "futures",
  "if-watch",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-noise",
  "libp2p-swarm",
  "libp2p-swarm-test",
@@ -2660,7 +2702,7 @@ dependencies = [
  "libp2p-dcutr",
  "libp2p-gossipsub",
  "libp2p-identify",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-kad",
  "libp2p-ping",
  "libp2p-relay",
@@ -2680,7 +2722,7 @@ dependencies = [
  "env_logger 0.10.0",
  "futures",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-muxer-test-harness",
  "libp2p-plaintext",
  "libp2p-tcp",
@@ -2714,7 +2756,7 @@ dependencies = [
  "futures",
  "futures_ringbuf",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "log",
  "once_cell",
  "quick-protobuf",
@@ -2740,7 +2782,7 @@ dependencies = [
  "instant",
  "libp2p-core",
  "libp2p-dns",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-quic",
  "libp2p-request-response",
  "libp2p-swarm",
@@ -2768,7 +2810,7 @@ dependencies = [
  "futures-timer",
  "instant",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-swarm",
  "libp2p-swarm-test",
  "log",
@@ -2787,7 +2829,7 @@ dependencies = [
  "futures",
  "futures_ringbuf",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "log",
  "quick-protobuf",
  "quickcheck-ext",
@@ -2801,7 +2843,7 @@ version = "0.23.0"
 dependencies = [
  "futures",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-noise",
  "libp2p-swarm",
  "libp2p-tcp",
@@ -2827,7 +2869,7 @@ dependencies = [
  "futures-timer",
  "if-watch",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-muxer-test-harness",
  "libp2p-noise",
  "libp2p-tcp",
@@ -2855,7 +2897,7 @@ dependencies = [
  "futures-timer",
  "instant",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-ping",
  "libp2p-plaintext",
  "libp2p-swarm",
@@ -2883,7 +2925,7 @@ dependencies = [
  "instant",
  "libp2p-core",
  "libp2p-identify",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-noise",
  "libp2p-ping",
  "libp2p-swarm",
@@ -2910,7 +2952,7 @@ dependencies = [
  "futures_ringbuf",
  "instant",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-noise",
  "libp2p-swarm",
  "libp2p-swarm-test",
@@ -2939,7 +2981,7 @@ dependencies = [
  "instant",
  "libp2p-core",
  "libp2p-identify",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-kad",
  "libp2p-ping",
  "libp2p-plaintext",
@@ -2977,7 +3019,7 @@ dependencies = [
  "futures",
  "futures-timer",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-plaintext",
  "libp2p-swarm",
  "libp2p-tcp",
@@ -2998,7 +3040,7 @@ dependencies = [
  "if-watch",
  "libc",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "log",
  "socket2 0.5.3",
  "tokio",
@@ -3013,7 +3055,7 @@ dependencies = [
  "hex",
  "hex-literal",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-swarm",
  "libp2p-yamux",
  "rcgen 0.10.0",
@@ -3065,12 +3107,12 @@ dependencies = [
  "hex-literal",
  "if-watch",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-noise",
  "libp2p-ping",
  "libp2p-swarm",
  "log",
- "multihash",
+ "multihash 0.17.0",
  "quick-protobuf",
  "quick-protobuf-codec",
  "quickcheck",
@@ -3098,7 +3140,7 @@ dependencies = [
  "futures-rustls 0.22.2",
  "libp2p-core",
  "libp2p-dns",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-tcp",
  "log",
  "parking_lot",
@@ -3316,7 +3358,7 @@ dependencies = [
  "data-encoding",
  "log",
  "multibase",
- "multihash",
+ "multihash 0.17.0",
  "percent-encoding",
  "serde",
  "static_assertions",
@@ -3351,6 +3393,16 @@ dependencies = [
  "unsigned-varint",
 ]
 
+[[package]]
+name = "multihash"
+version = "0.19.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "2fd59dcc2bbe70baabeac52cd22ae52c55eefe6c38ff11a9439f16a350a939f2"
+dependencies = [
+ "core2",
+ "unsigned-varint",
+]
+
 [[package]]
 name = "multihash-derive"
 version = "0.8.1"
@@ -3375,7 +3427,7 @@ dependencies = [
  "futures",
  "futures_ringbuf",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.2",
  "libp2p-plaintext",
  "libp2p-swarm",
  "libp2p-yamux",
@@ -3570,6 +3622,18 @@ dependencies = [
  "sha2 0.10.6",
 ]
 
+[[package]]
+name = "p256"
+version = "0.12.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "49c124b3cbce43bcbac68c58ec181d98ed6cc7e6d0aa7c3ba97b2563410b0e55"
+dependencies = [
+ "ecdsa 0.15.1",
+ "elliptic-curve 0.12.3",
+ "primeorder 0.12.1",
+ "sha2 0.10.6",
+]
+
 [[package]]
 name = "p256"
 version = "0.13.2"
@@ -3578,7 +3642,7 @@ checksum = "c9863ad85fa8f4460f9c48cb909d38a0d689dba1f6f6988a5e3e0d31071bcd4b"
 dependencies = [
  "ecdsa 0.16.6",
  "elliptic-curve 0.13.4",
- "primeorder",
+ "primeorder 0.13.1",
  "sha2 0.10.6",
 ]
 
@@ -3834,6 +3898,15 @@ version = "0.2.17"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "5b40af805b3121feab8a3c29f04d8ad262fa8e0561883e7653e024ae4479e6de"
 
+[[package]]
+name = "primeorder"
+version = "0.12.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "0b54f7131b3dba65a2f414cf5bd25b66d4682e4608610668eae785750ba4c5b2"
+dependencies = [
+ "elliptic-curve 0.12.3",
+]
+
 [[package]]
 name = "primeorder"
 version = "0.13.1"
diff --git a/Cargo.toml b/Cargo.toml
index 8400238368d..98e5e264421 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -70,7 +70,7 @@ libp2p-dns = { version = "0.40.0", path = "transports/dns" }
 libp2p-floodsub = { version = "0.43.0", path = "protocols/floodsub" }
 libp2p-gossipsub = { version = "0.45.0", path = "protocols/gossipsub" }
 libp2p-identify = { version = "0.43.0", path = "protocols/identify" }
-libp2p-identity = { version = "0.2.0", path = "identity" }
+libp2p-identity = { version = "0.1.0" }
 libp2p-kad = { version = "0.44.0", path = "protocols/kad" }
 libp2p-mdns = { version = "0.44.0", path = "protocols/mdns" }
 libp2p-metrics = { version = "0.13.0", path = "misc/metrics" }
diff --git a/identity/CHANGELOG.md b/identity/CHANGELOG.md
index d808b466ceb..fcf8bf6ba81 100644
--- a/identity/CHANGELOG.md
+++ b/identity/CHANGELOG.md
@@ -13,6 +13,14 @@
 
 - Remove deprecated items. See [PR 3928].
 
+- Remove `PeerId::try_from_multiaddr`.
+  `multiaddr::Protocol::P2p` is now type-safe and contains a `PeerId` directly, rendering this function obsolete.
+  See [PR 3656].
+
+- Remove `PeerId::is_public_key` because it is unused and can be implemented externally.
+  See [PR 3656].
+
+[PR 3656]: https://github.com/libp2p/rust-libp2p/pull/3656
 [PR 3850]: https://github.com/libp2p/rust-libp2p/pull/3850
 [PR 3715]: https://github.com/libp2p/rust-libp2p/pull/3715
 [PR 3863]: https://github.com/libp2p/rust-libp2p/pull/3863
diff --git a/identity/Cargo.toml b/identity/Cargo.toml
index 1235f0f54be..ca987c6b7b2 100644
--- a/identity/Cargo.toml
+++ b/identity/Cargo.toml
@@ -17,8 +17,7 @@ bs58 = { version = "0.5.0", optional = true }
 ed25519-dalek = { version = "1.0.1", optional = true }
 libsecp256k1 = { version = "0.7.0", optional = true }
 log = "0.4"
-multiaddr = { version = "0.17.1", optional = true }
-multihash = { version = "0.17.0", default-features = false, features = ["std"], optional = true }
+multihash = { version = "0.19.0", optional = true }
 p256 = { version = "0.13", default-features = false, features = ["ecdsa", "std", "pem"], optional = true }
 quick-protobuf = "0.8.1"
 rand = { version = "0.8", optional = true }
@@ -37,7 +36,7 @@ secp256k1 = [ "dep:libsecp256k1", "dep:asn1_der", "dep:rand", "dep:sha2", "dep:z
 ecdsa = [ "dep:p256", "dep:rand", "dep:void", "dep:zeroize", "dep:sec1" ]
 rsa = [ "dep:ring", "dep:asn1_der", "dep:rand", "dep:zeroize" ]
 ed25519 = [ "dep:ed25519-dalek", "dep:rand", "dep:zeroize" ]
-peerid = [ "dep:multihash", "dep:multiaddr", "dep:bs58", "dep:rand", "dep:thiserror", "dep:sha2" ]
+peerid = [ "dep:multihash", "dep:bs58", "dep:rand", "dep:thiserror", "dep:sha2" ]
 
 [dev-dependencies]
 quickcheck = { workspace = true }
diff --git a/identity/src/peer_id.rs b/identity/src/peer_id.rs
index 184b75aa785..60ded4ad37c 100644
--- a/identity/src/peer_id.rs
+++ b/identity/src/peer_id.rs
@@ -18,8 +18,6 @@
 // FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER
 // DEALINGS IN THE SOFTWARE.
 
-use multiaddr::{Multiaddr, Protocol};
-use multihash::{Code, Error, MultihashGeneric};
 use rand::Rng;
 use sha2::Digest as _;
 use std::{convert::TryFrom, fmt, str::FromStr};
@@ -30,7 +28,7 @@ use thiserror::Error;
 /// Must be big enough to accommodate for `MAX_INLINE_KEY_LENGTH`.
 /// 64 satisfies that and can hold 512 bit hashes which is what the ecosystem typically uses.
 /// Given that this appears in our type-signature, using a "common" number here makes us more compatible.
-type Multihash = MultihashGeneric<64>;
+type Multihash = multihash::Multihash<64>;
 
 #[cfg(feature = "serde")]
 use serde::{Deserialize, Serialize};
@@ -80,9 +78,9 @@ impl PeerId {
     }
 
     /// Parses a `PeerId` from bytes.
-    pub fn from_bytes(data: &[u8]) -> Result<PeerId, Error> {
+    pub fn from_bytes(data: &[u8]) -> Result<PeerId, ParseError> {
         PeerId::from_multihash(Multihash::from_bytes(data)?)
-            .map_err(|mh| Error::UnsupportedCode(mh.code()))
+            .map_err(|mh| ParseError::UnsupportedCode(mh.code()))
     }
 
     /// Tries to turn a `Multihash` into a `PeerId`.
@@ -100,25 +98,13 @@ impl PeerId {
         }
     }
 
-    /// Tries to extract a [`PeerId`] from the given [`Multiaddr`].
-    ///
-    /// In case the given [`Multiaddr`] ends with `/p2p/<peer-id>`, this function
-    /// will return the encapsulated [`PeerId`], otherwise it will return `None`.
-    pub fn try_from_multiaddr(address: &Multiaddr) -> Option<PeerId> {
-        address.iter().last().and_then(|p| match p {
-            Protocol::P2p(hash) => PeerId::from_multihash(hash).ok(),
-            _ => None,
-        })
-    }
-
     /// Generates a random peer ID from a cryptographically secure PRNG.
     ///
     /// This is useful for randomly walking on a DHT, or for testing purposes.
     pub fn random() -> PeerId {
         let peer_id = rand::thread_rng().gen::<[u8; 32]>();
         PeerId {
-            multihash: Multihash::wrap(Code::Identity.into(), &peer_id)
-                .expect("The digest size is never too large"),
+            multihash: Multihash::wrap(0x0, &peer_id).expect("The digest size is never too large"),
         }
     }
 
@@ -131,19 +117,6 @@ impl PeerId {
     pub fn to_base58(&self) -> String {
         bs58::encode(self.to_bytes()).into_string()
     }
-
-    /// Checks whether the public key passed as parameter matches the public key of this `PeerId`.
-    ///
-    /// Returns `None` if this `PeerId`s hash algorithm is not supported when encoding the
-    /// given public key, otherwise `Some` boolean as the result of an equality check.
-    pub fn is_public_key(&self, public_key: &crate::PublicKey) -> Option<bool> {
-        use multihash::MultihashDigest as _;
-
-        let alg = Code::try_from(self.multihash.code())
-            .expect("Internal multihash is always a valid `Code`");
-        let enc = public_key.encode_protobuf();
-        Some(alg.digest(&enc) == self.multihash)
-    }
 }
 
 impl From<crate::PublicKey> for PeerId {
@@ -246,12 +219,15 @@ impl<'de> Deserialize<'de> for PeerId {
     }
 }
 
+/// Error when parsing a [`PeerId`] from string or bytes.
 #[derive(Debug, Error)]
 pub enum ParseError {
     #[error("base-58 decode error: {0}")]
     B58(#[from] bs58::decode::Error),
-    #[error("decoding multihash failed")]
-    MultiHash,
+    #[error("unsupported multihash code '{0}'")]
+    UnsupportedCode(u64),
+    #[error("invalid multihash")]
+    InvalidMultihash(#[from] multihash::Error),
 }
 
 impl FromStr for PeerId {
@@ -260,7 +236,9 @@ impl FromStr for PeerId {
     #[inline]
     fn from_str(s: &str) -> Result<Self, Self::Err> {
         let bytes = bs58::decode(s).into_vec()?;
-        PeerId::from_bytes(&bytes).map_err(|_| ParseError::MultiHash)
+        let peer_id = PeerId::from_bytes(&bytes)?;
+
+        Ok(peer_id)
     }
 }
 
@@ -268,14 +246,6 @@ impl FromStr for PeerId {
 mod tests {
     use super::*;
 
-    #[test]
-    #[cfg(feature = "ed25519")]
-    fn peer_id_is_public_key() {
-        let key = crate::Keypair::generate_ed25519().public();
-        let peer_id = key.to_peer_id();
-        assert_eq!(peer_id.is_public_key(&key), Some(true));
-    }
-
     #[test]
     #[cfg(feature = "ed25519")]
     fn peer_id_into_bytes_then_from_bytes() {
@@ -299,30 +269,4 @@ mod tests {
             assert_eq!(peer_id, PeerId::from_bytes(&peer_id.to_bytes()).unwrap());
         }
     }
-
-    #[test]
-    fn extract_peer_id_from_multi_address() {
-        let address = "/memory/1234/p2p/12D3KooWGQmdpzHXCqLno4mMxWXKNFQHASBeF99gTm2JR8Vu5Bdc"
-            .to_string()
-            .parse()
-            .unwrap();
-
-        let peer_id = PeerId::try_from_multiaddr(&address).unwrap();
-
-        assert_eq!(
-            peer_id,
-            "12D3KooWGQmdpzHXCqLno4mMxWXKNFQHASBeF99gTm2JR8Vu5Bdc"
-                .parse()
-                .unwrap()
-        );
-    }
-
-    #[test]
-    fn no_panic_on_extract_peer_id_from_multi_address_if_not_present() {
-        let address = "/memory/1234".to_string().parse().unwrap();
-
-        let maybe_empty = PeerId::try_from_multiaddr(&address);
-
-        assert!(maybe_empty.is_none());
-    }
 }