On Wednesday 30 March in Dubai, in conjunction with Binance Blockchain Week, Polygon launched Polygon ID, Zero-Knowledge Identity for Web3.
Polygon ID: Launch and Features
Polygon ID puts the control and use of one’s identity on the web and specifically web3 in the hands of the user; an autonomous, decentralized and private identity.
This product takes us a significant step forward in digital identity while protecting user privacy.
Here’s how it works
Basically, through ZK Proofs, this tool generates an “avatar” of one’s personal data without showing one’s sensitive data, thus enabling free access and use of the web3.
This is the first ever identity platform powered by zero-knowledge cryptography (ZK), a privacy-restricting technology and blockchain. ZK thus becomes a centerpiece of Polygon’s strategic vision, which has invested $1 billion in related projects. Polygon ID is the latest product in this rapidly growing portfolio.
To date, users have to agree to KYC (Know Your Customer) or else services will be blocked to those who do not agree.
With KYC, the user basically gives their personal data, documents, etc. to third parties in defiance of privacy. Mihailo Bjelic, co-founder of Polygon said:
“The Polygon ID is private by default, it offers verification on the chain and attestation without authorization. There is nothing in the digital identity space now that it ticks all these boxes. It is also a great showcase for how zero knowledge tests can help us create a better world”.
Vision and Principles
You can’t do anything on the web now without your digital identity, and while web3 was originally outside of this, it now requires you to use it.
Polygon ID ensures that your identity remains concealed and allows you to make the most of all possibilities without fear of theft or misuse of sensitive data.
One’s identity thus passes from the hands of the service provider to those of the person returning central.
There is also the possibility of switching from one identity to another without the involvement of a third party.
The service offered is set to revolutionize the web3 and the way this opportunity is understood, giving a new impetus to those who to date were afraid for their identity, documents or personal data.
Polygon ID is the first to arrive, but obviously, as often happens, it will not be the only one and will have to be updated, optimizing the product offered in the future to keep up with the times.
The effect on MATIC’s value
As of today, MATIC’s value stands at $1.67, but investors and analysts around the world expect it to rise in the medium term and even in the short term due to the company’s ability to innovate and provide an increasingly high-performance offering, including with regard to product diversification.
In the last 24 hours alone, the token has gained 1%, which is an excellent result these days, given the economic and geopolitical situation on the planet today.
The highs are a long way off ($2.80) but forecasts say they are within reach in the short to medium term, perhaps even in relation to the advent of Polygon ID.
Source: https://en.cryptonomist.ch/2022/03/31/polygon-id-zk-identity-web3/