Ethereum’s leading sidechain, Polygon (MATIC), has recently launched Polygon ID, a web3 identity service that enables applications built on blockchain technology to validate user credentials without risking personal data. The Polygon ID self-sovereign identity infrastructure stack will bring developers one step closer to resolving the problem of digital trust, according to the official announcement.
ZK Proof Powered Polygon ID Launched
The official release states that the use of Polygon ID could be advantageous in compliance use cases like “Know Your Customer (KYC)” process that is required for centralized exchanges, permissioned DeFi protocols, as well as fiat payments gateways facilitating on & off-ramps. Moreover, it can also be implemented in customer onboarding for e-commerce platforms, password-free login, use by banks as a method to issue undercollateralized loans, and use in decentralized autonomous organizations (DAOs). Additionally, it can be used in conjunction with Polygon’s wallet.
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This may mean that firms that employ Polygon ID will no longer have to cope with the problems associated with user data maintenance. For individuals, this involves having a greater degree of control over their own identity as well as more leeway in the manner in which they utilize their personal data to respond to inquiries posed by public and commercial organizations.
A spokesperson representing the project was quoted as saying:
Polygon ID enables compliance for both web2 and web3 industries which strengthens the regulatory framework through KYC/AML checks.
“The reusability and self sovereignty of credentials also reduces the cost, time and complexity of user onboarding and user verification”, he further added.
Polygon (MATIC) Price Surge Ahead?
Grail, DePay, Kaleido, Fractal, and Clique are examples of polygon-based crypto and NFT initiatives that have already demonstrated their support for Polygon ID, which comes with developer tools. The solution leverages zero-knowledge rollups, commonly referred to as ZK Proofs, which authenticate data while keeping it encrypted and concealed from the verifier — it validates user data for Dapps while retaining privacy on-chain.
The technical team behind Polygon Labs has included the identification toolkit technology into the Polygon zkEVM, which is scheduled to be released towards the end of this month. The Polygon community has largely welcomed this new development, and market observers anticipate a substantial price surge in the days coming up to the launch. As things stand, the price of Polygon (MATIC) is currently trading at $1.24 which represents an increase of 4.22% over the past 24 hours, in contrast to a drop of 8.15% over the last seven days, according to CoinGape’s crypto market tracker.
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