Decentralized identity represents an innovative approach based on blockchain to achieve effective identity management. This method utilizes decentralized identifiers and verifiable credential to enable trusted authentication, free circulation of identity information, and self-sovereign control over identity data functionalities. The current decentralized identity systems rely on entirely anonymous identifiers, lacking robust identity regulation. Furthermore, they face challenges such as identity attribute leakage during verifiable credential presentation and the issuers' struggle to reliably revoke credentials. To address these issues, efficient and practical schemes have been designed based on BBS signature, zero-knowledge proof, dynamic accumulator and blockchain technology: one for decentralized identifiers management and the other for verifiable credential privacy protection, both of which are supervised and revocable. The former ensures the privacy of subject identity while achieving regulatability and revocability of identity data by regulator. The latter facilitates selective disclosure of anonymous credentials and reliable revocation. A security analysis shows that the proposed scheme meets anonymity, non-forgeability, regulatory reliability, and revocability reliability, and offers comprehensive and effective privacy protection measures. The experimental results demonstrate that the algorithms designed operate at a millisecond level, which satisfies the demands of blockchain identity management scenarios.