Polygon Announces Zero-Knowledge Identity Platform for Web3

On March 29, Polygon, the furniture 2 (L2) scaling solution that runs parallel with the Ethereum blockchain, has announced a caller individuality level called Polygon ID. While the protocol is is inactive nether development, Polygon ID is powered by zero-knowledge (ZK) cryptography and Polygon expects a nationalist mentation of the ID wallet app and bundle improvement kit (SDK) to merchandise by Q2 2022.

Polygon Reveals ID Protocol Powered by ZK Technology

Polygon has introduced a caller individuality level called Polygon ID that aims to bolster zero-knowledge individuality for Web3 applications. In the immense satellite of cryptography, a zero-knowledge (ZK) impervious allows a idiosyncratic to leverage a cryptographic verifier that enables the idiosyncratic (the prover) to beryllium thing is existent without revealing unnecessary information. During the announcement concerning Polygon ID this week, Polygon said the squad has made ZK tech a “centerpiece of its strategical imaginativeness and has committed $1 cardinal to related projects.”

According to Polygon, the protocol Polygon ID utilizes the Iden3 protocol and Circom ZK toolkit. The squad says that successful the future, some of the projects volition beryllium sponsored by Polygon successful bid to bolster unfastened root initiatives crossed the full ecosystem. Mihailo Bjelic, Polygon’s co-founder, explained during the announcement that Polygon ID is simply a large mode to item the benefits of ZK tech.

“Polygon ID is backstage by default, offers on-chain verification and permissionless attestation,” Bjelic said successful a connection connected Tuesday. “There is thing successful the integer individuality abstraction present that ticks each these boxes. It is besides a large showcase for however zero-knowledge proofs tin assistance america make a amended world.”

The Polygon squad has been progressing a large woody successful caller times and during the archetypal week of February, Polygon raised $450 million from Sequoia Capital India, Softbank, and Shark Tank’s Kevin O’Leary. Prior to the fundraising with much than 40 VC firms, Polygon announced the acquisition of the Hermez Network (now Polygon Hermez) for $250 cardinal successful August 2021. In mid-December 2021, Polygon acquired the Mir Protocol for $400 cardinal successful bid to bolster “groundbreaking ZK rollup technology.”

Polygon’s autochthonal token MATIC is presently the 18th largest crypto plus successful presumption of marketplace capitalization with $11.3 cardinal astatine the clip of writing. Year-to-date, MATIC has gained 361% against the U.S. dollar and during the past 2 weeks, MATIC has risen 14.3%. The Polygon ID announcement details that determination are 4 properties the protocol offers.

“Polygon ID has the pursuing properties: [A] blockchain-based ID for decentralized and self-sovereign models, zero-knowledge autochthonal protocols for eventual idiosyncratic privacy, scalable and backstage on-chain verification to boost decentralized apps and decentralized finance, and [being] unfastened to existing standards and ecosystem development,” the blog announcement explains.

What bash you deliberation astir Polygon introducing a caller individuality level called Polygon ID? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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