Polygon will be using ZK technology to keep user information private.
Ethereum scaling solution, Polygon has announced the launch of Polygon ID, its new privacy-focused identity solution. The blockchain network will use zero-knowledge (ZK) proofs to create a digital identity that doesn’t reveal users’ personal information.
According to a recent blog by Polygon, Polygon ID is the first-ever platform to be powered by zero-knowledge (ZK) cryptography, a privacy and blockchain scaling technology.
Polygon ID has the following properties:
- Blockchain-based ID for decentralized and self-sovereign models
- Zero-knowledge native protocols for ultimate user privacy
- Scalable and private on-chain verification to boost decentralized apps and decentralized finance
- Open to existing standards and ecosystem development
This will enable users to verify their identities without revealing sensitive personal information.
“Polygon ID is private by default, offers on-chain verification and permissionless attestation. There is nothing in the digital identity space now that ticks all these boxes. It is also a great showcase for how zero-knowledge proofs can help us create a better world.”Mihailo Bjelic, Polygon Co-Founder
The platform uses the Iden3 protocol and Circom ZK toolkit.
Polygon ID will allow for the construction of new forms of reputations such as decentralized credit score for financial primitives and social payments in DeFi; decentralized Sybil score, voting power/delegation and domain-expertise reputation for DAOs to enable new decision-making and governance models; player reputation profile for Web3 games; private and censorship-resistant P2P communication and interactions for social applications.
It can also be used for KYC (Know Your Customer) and KYB (Know Your Business), attestation.
As per the announcement, the platform is expected to launch in Quarter 2 of 2022 with some features. The full release will take place in Quarter 3.
Polygon is trying quite hard to catapult itself to the forefront of DeFi. It aims to become the internet of blockchains by empowering the Ethereum ecosystem. This will push the price of MATIC, its native token, higher. Currently, MATIC is trading for 1.68 USDT on Binance.
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