MATIC pumps 23% on launch of Polygon ID solution

Polygon (MATIC) is up 23% over the last 24 hours, spiking as high as $0.51 to mark an 11-day high.

MATIC is the top-100’s biggest gainer, followed by Cosmos and the Sandbox, which are up 14% and 13% over the same period, respectively.

A driver behind MATIC’s surge is the launch of a new identity solution incorporating zero-knowledge technology that claims to “flip the internet’s trust model.”

“Today, we’re launching the first iteration of Polygon ID – a private and self-sovereign identity solution powered by zero-knowledge cryptography.”

Polygon ID allows verification without revealing personal information

Polygon ID offers Decentralized Autonomous Organizations (DAOs) the ability to check individual identities.

The current model of identity verification relies on users giving data directly to entities. However, Polygon ID  enables users to verify particular aspects of their identity without revealing personal information via zero-knowledge proof technology — thanks to zkSNARK-proof technology.

“Polygon ID puts users in complete control of their digital identity, allowing them to prove specific aspects of their identity without revealing any personal information.“

zkSNARK-proof, or Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, refers to a situation where the user demonstrates, using mathematical proof, that they are who they say they are without handing over identity documents. The entity is satisfied with the user’s identity via zk proof without needing to see actual documents.

Polygon ID represents a step forward in Polygon’s vision for a Web3 decentralized governance structure. In line with the primary tenet of Web3, Polygon said this technology puts users “fully in control of their own data.”

“A self-sovereign identity can be understood as one where a user is fully in control of their own data. “

Other developments

On Wednesday, luxury car maker Bentley Motors announced an NFT drop on “the carbon neutral Polygon network.”

The collection consists of 208 NFTs featuring artwork from Bentley Design, offering the holder “unique access and exclusive rewards.”

The automaker said this marks their first step into the Web3 space, and other ventures, including NFCs (non-fungible chips), online gaming, Metaverse applications, and blockchain technology, will follow.

Commenting on the collaboration, Polygon CEO Ryan Wyatt said Polygon is well placed to help Bentley secure its Web3 future while helping the brand achieve its carbon-neutral goals.

“By embracing this novel tech, Bentley secures its position in the next iteration of the internet, and doing so via Polygon’s carbon-neutral network will assist the automaker on its journey toward attaining carbon-neutrality by 2030.”