Layer 2 Ethereum Scaling Solution, Polygon (MATIC) Has announced the establishment of Polygon ID, an identity platform designed to complement the decentralized finance and decentralized application (DApp) economies by offering users greater privacy and sovereignty within Web3.
The platform is believed to be the first identity platform of its kind to adopt zero-knowledge cryptography-based technology and will use Iden3’s Circom ZK toolkit, including zk-SNARK cryptography for generation and the zk-Proof Request Language protocol for Verification of the authenticity of the proposed claim.
Users of the platform can prove their identity when participating in activities such as initial coin offerings, token airdrops, decentralized exchange trading (DEX) or those that have strict Know Your Customer (KYC) requirements.
With the ability to adopt a Sybil-resistant one-vote-per-person mechanism, use cases can also be extended beyond the DeFi sector to the Metaverse, Gamify, and Nonfungible Token (NFT) industries, with asset authenticity over on-chain, privatized claims.
The team expects to deliver the public release of the ID wallet app in Q2 2022, along with features such as Claims Issuance, Private Authentication, zk-Proof Generation and Verification, with the full platform release and accompanying SDK functionalities planned for following quarter.
In November 2021, Polygon made a concerted effort to expand its zero-knowledge-proof development by pledging over $1 billion to the technology, a sum included in it 250 million MATIC tokens for the startup company Mir.
In a video call with Cointelegraph, Rafal Nazarkiewicz, product manager at Polygon Hermez and Polygon ID, provided exclusive insight into the technicalities and purported benefits of the technology for blockchain advocates and consumers alike.
Speaking about the importance of identity ownership in the Web3 space, Nazarkiewicz argued that “identity is fundamental to many use cases within digital inclusion and to the recognition of rights” and that “in Web3 it is meant to be private by default and decentralized” before assuring that no content of the claims, for example their personal data, will be processed or stored in the chain, only the proof of validity.
The use cases of identification systems are not entirely limited to on-chain activities, but can also be used in the interplay of traditional contractual agreements, as aNazarkiewicz reveals, such as: intellectual property and land titles.”
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
https://cointelegraph.com/news/polygon-id-platform-seeks-to-enhance-self-agency-and-privacy-in-the-web3-space The Polygon ID platform seeks to improve self-governance and privacy in the Web3 space