Polygon Announces Zero-Knowledge Identity Platform for Web3

On March 29, Polygon, the layer two (L2) scaling resolution that runs parallel with the Ethereum blockchain, has introduced a brand new id platform known as Polygon ID. While the protocol is continues to be below improvement, Polygon ID is powered by zero-knowledge (ZK) cryptography and Polygon expects a public model of the ID pockets app and software program improvement package (SDK) to launch by Q2 2022.

Polygon Reveals ID Protocol Powered by ZK Technology

Polygon has launched a brand new id platform known as Polygon ID that goals to bolster zero-knowledge id for Web3 purposes. In the huge world of cryptography, a zero-knowledge (ZK) proof permits a person to leverage a cryptographic verifier that allows the person (the prover) to show one thing is true with out revealing pointless data. During the announcement regarding Polygon ID this week, Polygon mentioned the group has made ZK tech a “centerpiece of its strategic imaginative and prescient and has dedicated $1 billion to associated tasks.”

According to Polygon, the protocol Polygon ID makes use of the Iden3 protocol and Circom ZK toolkit. The group says that sooner or later, each of the tasks will probably be sponsored by Polygon so as to bolster open supply initiatives throughout all the ecosystem. Mihailo Bjelic, Polygon’s co-founder, defined throughout the announcement that Polygon ID is a good way to spotlight the advantages of ZK tech.

“Polygon ID is personal by default, presents on-chain verification and permissionless attestation,” Bjelic mentioned in a press release on Tuesday. “There is nothing within the digital id house now that ticks all these packing containers. It can be an awesome showcase for the way zero-knowledge proofs may help us create a greater world.”

The Polygon group has been progressing an awesome deal in current instances and throughout the first week of February, Polygon raised $450 million from Sequoia Capital India, Softbank, and Shark Tank’s Kevin O’Leary. Prior to the fundraising with greater than 40 VC companies, Polygon introduced the acquisition of the Hermez Network (now Polygon Hermez) for $250 million in August 2021. In mid-December 2021, Polygon acquired the Mir Protocol for $400 million so as to bolster “groundbreaking ZK rollup expertise.”

Polygon’s native token MATIC is at the moment the 18th largest crypto asset when it comes to market capitalization with $11.3 billion on the time of writing. Year-to-date, MATIC has gained 361% in opposition to the U.S. greenback and over the last two weeks, MATIC has risen 14.3%. The Polygon ID announcement particulars that there are 4 properties the protocol presents.

“Polygon ID has the next properties: [A] blockchain-based ID for decentralized and self-sovereign fashions, zero-knowledge native protocols for final person privateness, scalable and personal on-chain verification to spice up decentralized apps and decentralized finance, and [being] open to present requirements and ecosystem improvement,” the weblog announcement explains.

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