polygonal, the Ethereum scaling solution, has announced the creation of Polygon ID, an identity platform designed to complement the economics of decentralized finance and decentralized applications (DApps), To offer users more privacy and sovereignty in Web 3.0.
The platform, billed as the first identity platform of its kind to adopt zero-knowledge cryptography-based technology, will use Iden3’s Circom ZK toolset, which includes zkSNARK cryptography for generation and the zkProof Request Language protocol to verify authenticity claim to review the proposal.
Platform users can prove their identity when participating in activities such as initial coin offerings or ICOs, token airdrops and decentralized exchanges or DEXs or those that have strict know-your-customer requirements.
The team expects to release the public version of the ID wallet app in Q2 2022. along with features like “claim granting, private authentication, zkProof generation and verification”; while the release of the full platform and accompanying SDK functionalities is planned for the following quarter.
in November 2021, Polygon made a concerted effort to expand its zero-knowledge-proof development by providing over $1 billion worth of such technology. a sum that includes 250 million MATIC tokens for the startup Mir.
Polygon co-founder, Michael Bjelic, shared some thoughts on the technical aspects and alleged benefits of the technology for consumers:
“Polygon ID uses private keys by default, offers on-chain verification and permissionless notarization. There is nothing in the field of digital identity that meets all of these requirements. It’s also a great example of how zero-knowledge proof can help us “to create a better world”.
Keep personal information, personal.
Introducing Polygon ID – a self-sovereign identity solution powered by zk cryptography.
-Complete user privacy
Scalable on-chain verification
-Open attestation ecosystem
TL;DR [1/7] pic.twitter.com/f5aFc5jRD7
—polygon | $MATIC (@0xPolygon) March 29, 2022
Keep personal information personal.
Introducing Polygon ID: an autonomous identity solution based on zero-knowledge cryptography.
– Complete user privacy
-Scalable on-chain verification
– Open attestation ecosystem