- The service will authenticate accounts
- In this case, personal data will not be disclosed.
Polygon company released a Web3 identity service called Polygon ID. With its help, users will be able to verify accounts, while not using personal information.
Such an innovation can verify user data on the blockchain while maintaining privacy. It uses the so-called “zero-knowledge” technology. That is, you can authenticate data by keeping it encrypted and hidden from the relying party.
The firm is not the only one using this method of verification. Polygon-based crypto and NFT projects Kaleido, Fractal and Collab.Land have supported Polygon ID and are already using it on their platforms.
The technology can be useful in passing KYC, which is required for centralized exchanges. Also for on-ramp and off-ramp fiat payments.
A project spokesperson said in a statement:
“Polygon ID ensures compliance with both the Web2 and Web3 industry, which is strengthening the regulatory framework through KYC checks. The ability to reuse credentials also reduces the time and complexity of registering and verifying users.”
Core developers at Polygon Labs have already integrated this technology into the Polygon zkEVM, which is expected to launch in late February.