- With this new undertaking, Polygon will likely be specializing in non-public and safe interactions of customers on Internet 3.0.
- Polygon ID customers the ZK Proof expertise for private information and ID verification with out handing over the management of knowledge.
Polygon, the Layer-2 scalability answer for Ethereum has been engaged on some key developments catering to the upcoming revolution of Internet 3.0. On Wednesday, March 30, Polygon introduced its new id verification platform powered by zero-knowledge (ZK) cryptography.
Through the use of the ZK proofs, the Polygon ID creates a digital id with enhanced safety and privateness for customers’ private data. As famous by Polygon in its official weblog publish, the brand new platform ‘is the first-ever to be powered by zero-knowledge (ZK) cryptography, privateness, and blockchain scaling expertise’.
The ZK expertise permits information verification for transactions and private identification with out handing over the management of the knowledge. This additionally aligns with Polygon’s imaginative and prescient of providing higher consumer privateness. Polygon stated that it’ll proceed to work on the ZK expertise and it has already dedicated greater than $1 billion to associated tasks. It added that this ID platform is the most recent in its rising portfolio. Talking on this growth, Mihailo Bjelic, co-founder at Polygon stated:
Polygon ID is non-public by default, gives on-chain verification and permissionless attestation. There may be nothing within the digital id house now that ticks all these packing containers. Additionally it is an important showcase for the way zero data proofs might help us create a greater world.
Key properties of the Polygon ID platform
The Polygon ID platform will leverage the Circom ZK toolkit and the Iden3 protocol. Polygon additionally added that going forward, it will likely be sponsoring each these tasks. In addition to, Polygon explains that its ID platform has 4 main properties:
- Blockchain-based ID ensures decentralized and self-sovereign fashions
- Final consumer privateness with zero-knowledge native protocols
- Non-public on-chain verification with scalability to spice up decentralized apps (DApps) and decentralized finance (DeFi)
- Additionally open to current requirements and ecosystem growth.
It additional provides that Polygon ID will permit constructing new types of popularity. This consists of social funds in decentralized finance (DeFi) or decentralized credit score scores for monetary primitives. It additionally consists of examples like voting energy delegation or decentralized cibil rating.
Extra examples as talked about within the weblog publish are “domain-expertise popularity for DAOs to allow new decision-making and governance fashions; participant popularity profile for Web3 video games; non-public and censorship-resistant P2P communication and interactions for social purposes”.
Polygon says that it is rather a lot doable to cryptographically confirm the id popularity on-chain in a privacy-preserving trend. Additionally, it could possibly assist to remove the necessity for middlemen in executing consumer interactions. Polygon ID will even permit for validation by privately fascinating with NFTs or generic Sensible Contracts.
The product portfolio for Polygon ID features a pockets app, an ID platform, and an ID join.
Associated: Polygon secures $450M funding to pursue scalability and Internet 3.0 aspirations, MATIC jumps 10%