Polygon introduces first identity privacy platform

The Polygon (MATIC/USD) network announced the launch of Web3 ID, the first zero-knowledge cryptography powered platform that keeps personal details private, Invezz learned from a press release. The cutting-edge blockchain scaling technology will be ready before the end of the year.

Scalable and open to current and future standards

The blockchain-based ID for self-sovereign and decentralized models is scalable and features private on-chain verification to boost DeFi and dApps, has zero-knowledge native protocols for ultimate user privacy, and is open to current and future standards and ecosystems.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Polygon’s Web3 ID uses the Iden3 protocol and Circom ZK toolkit. In the future, Polygon will sponsor both these projects. At the same time, the network will continue to provide open-source protocols and tools to the broader ecosystem of developers in keeping with the original spirit of community initiatives.

Mihailo Bjelic, Polygon’s co-founder commented:

Polygon ID is private by default, offers on-chain verification and permissionless attestation. There is nothing in the digital identity space now that ticks all these boxes. It is also a great showcase for how zero-knowledge proofs can help us create a better world.

Product used for identity and trust purposes

Businesses and other organizations are expected to use Polygon ID for identity and trust management purposes such as digital wallets and KYC (Know Your Customer). It will allow people to verify their ID to blockchain-based applications without having to provide passwords or personal details to every single one they use.

Building decentralized credit scores and more

The network will also make it possible to create new features, such as a decentralized credit score and social payments in DeFi, voting power, decentralized Sybil score, and domain-expertise reputation for DAOs.

This will allow for new governance and decision-making models, private and censorship-resistant P2P communication and social app interactions, and player reputation profile for Web3 games.

Polygon announced that the proof-of-concept (PoC) is ready. The Polygon ID platform will be fully functional in the third quarter of this year.