Layer 2 Ethereum scaling solution, Polygon announced the creation of Polygon ID, an identity platform designed to complement the decentralized finance and decentralized application (dApp) economy by giving users greater privacy and sovereignty in Web3.
As the first identity platform of its kind to use zero-knowledge cryptographic technology, the platform will use the Iden3 Circom ZK toolkit, including zkSNARK cryptography for generation and the zkProof query language protocol for verifying the authenticity of the proposed assertion.
Platform users can provide proof of their identity when participating in activities such as initial coin offerings, token giveaways, decentralized exchanges or DEXs, trading, or those where strict know-your-customer, KYC requirements apply.
With the ability to implement a Sibyl-resistant “one vote per person” mechanism, use cases could also expand beyond the DeFi sector, into the metaverse, gamification, and non-fungible token (NFT) industries, where assets are authenticated through on-chain, privatized applications.
The team plans to roll out the public version of the ID wallet app in the second quarter of 2022 along with features such as “Claim Issuance, Private Authentication, zkProof Generation and Verification”, with a full platform release and related SDK features scheduled for the next quarter.
Related: Here’s how Polygon is defying the limits of Ethereum, as co-founder Sandeep Nailwal revealed.
In November 2021, Polygon made a concerted effort to scale up its zero-knowledge development by donating over $1 billion to develop the technology, including 250 million MATIC tokens for startup Mir.
During a video call with Cointelegraph, Rafal Nazarkiewicz, Product Manager at Polygon Hermez and Polygon ID, shared exclusive insights into the technical features and perceived benefits of the technology for both blockchain advocates and consumers.
Speaking about the importance of owning an identity in the Web3 space, Nazarkiewicz argued that “identity is fundamental to many use cases within digital inclusion as well as the right to recognition” and that “in Web3 it should be private by default.” and decentralized” before confirming that none of the content of the claims, such as their personal information, will be shared or stored on-chain, only proof of validity.
Use cases for identity systems are not entirely limited to online activities, but can also be used in conjunction with traditional contractual arrangements that Nazarkiewicz discloses, such as “legal ownership of an offer to transfer tokenized assets such as securities, intellectual property, and titles to earth.”
Keep personal data, personal. Introducing Polygon ID, an independent identity solution powered by the zk cryptocurrency. – Complete user privacy – Scalable online verification – #OwnYourIdentity Open Attestation Ecosystem TL;DR [1/7] pic.twitter.com/f5aFc5jRD7 — Polygon |$MATIC (@0xPolygon) March 29, 2022