Layer-2 Ethereum scaling solution, Polygon (MATIC) has announced the creation of Polygon ID, an identity platform designed to complement the economies of decentralized finance and decentralized applications (DApps) by offering users greater privacy and sovereignty within Web3.
Billed as the first identity platform of its kind to adopt zero-knowledge cryptography-based technology, the platform will use Iden3’s Circom ZK toolkit, including zk-SNARK cryptography for generation and the zk-Proof Request Language protocol to verify the authenticity of the proposed claim.
Platform users can provide proof of their identity when engaging in activities such as Initial Coin Offerings, Token Airdrops, Decentralized Exchanges (DEXs) or those in which requirements strict know-your-customer (KYC) requirements apply.
With the ability to introduce a Sybil-resistant one-vote-per-person mechanism, use cases may also extend beyond the DeFi sector, to the metaverse, gamification, and non-fungible token (NFT) industries. ) where the authenticity of assets is verified via on-chain, privatized claims.
The team plans to roll out the public version of the ID wallet app in the second quarter of 2022, along with features like “claim issuance, private authentication, zk generation and verification. -Proof,” with the full platform release and associated SDK features planned for next quarter.
Related: Here’s How Polygon Challenges Ethereum’s Limits, As Co-Founder Sandeep Nailwal Said
In November 2021, Polygon made a concerted effort to expand its zero-knowledge proof development by pledging over $1 billion for the technology, a sum that included 250 million MATIC tokens for start-up Mir.
During a video call with Cointelegraph, Rafal Nazarkiewicz, Product Manager at Polygon Hermez and Polygon ID, shared exclusive insights into the technical aspects and the technology’s purported benefits for blockchain advocates and consumers.
Speaking on the importance of identity ownership in the web3 space, Nazarkiewicz argued that “identity is fundamental to many use cases in digital inclusion, and to the right to be recognized”, and that “in Web3 it is supposed to be private by default and decentralized”, before stating that no content of the claims, for example their personal information, will be processed or stored on chain, only proof of validity.
The use cases for ID systems are not entirely limited to on-chain activities, but can also be used in the interaction of traditional contractual agreements, reveals aNazarkiewicz, such as “legal ownership for the transfer of tokenized assets such as securities, intellectual property and land titles”.
Keep personal, personal details.
Introducing Polygon ID – a self-sovereign identity solution powered by zk cryptography.
– Complete user privacy
– On-chain scalable verification
– Open attestation ecosystem
TL; DR [1/7] pic.twitter.com/f5aFc5jRD7
— Polygon | $MATIC (@0xPolygon) March 29, 2022