On Wednesday, June 22, Ethereum decentralized scaling platform Polygon announced that it is “launching the first iteration of Polygon ID – a private, self-sovereign identity solution powered by zero-knowledge cryptography “.
Polygon’s blog post started by explaining the problem they were trying to solve:
“Too often we are forced to trade personal data for access to the most basic services on the web. At the same time, developers need ways to ensure their users interact with other real people on the platforms they participate in, among many other identity-based needs.“
Polygon ID, which was introduced last month, “gives users full control of their digital identity, allowing them to prove specific aspects of their identity without revealing any personal information.”
Polygon ID is powered by the zero-knowledge protocol, which is “a method by which one party (the prover) can prove to another party (the verifier) that a given statement is true while the prover avoids transmitting any information additional aside from the fact that the statement is indeed true.
Polygon says it has combined the Iden3 protocol and the Circom ZK toolkit to “create the most powerful application of ZK technology that can run on a mobile device”, and that Polygon ID “enables the expression of attributes identity in the form of claims that can be used to generate zkSNARK evidence to privately interact with smart contracts, dApps, Web3 services, and other identities to prove aspects of identity without disclosing any personal information.
Polygon’s blog post went to bring good news to Decentralized Autonomous Organizations (DAOs):
“DAOs can now issue ecosystem-wide attestations about their members completely privately and without permission. Therefore, DAOs can verify attestations about their users without needing to collect private information, relying only on ZK evidence and the trusted source (the issuer). These certificates can then be used in the context of governance to help decision-making, or any other system such as the distribution of incentives, for example, targeted airdrops.“
Polygon states that “over the next few months, the Polygon ID ecosystem will grow to include a set of tools, platform services, and samples for developers to learn, test, and integrate their apps or dApps by leveraging the unique on-chain capabilities of Polygon ID.
Here is what was posted yesterday:
As you can see in the five-day MATIC-USD price chart below from TradingView, on the Coinbase crypto exchange, shortly after Polygon’s announcement around 4:00 p.m. UTC on June 22, the $MATIC price began to surge, and by 6:00 UTC on June 23, it had surged to $0.5111. Currently (as of 07:58 UTC June 23), $MATIC is trading around $0.50, up 25.78% in the last 24 hours.