- Polygon announces a new identity platform called Polygon ID, the public version of the ID wallet app and software development kit is anticipated by the second quarter of this year.
- Polygon Id is a great way to specify the benefits of Zk technology, highlights Polygon’s co-founder Mihailo Bjelic.
- Polygon ID announcement further specifies the four properties that the protocol facilitates.
Polygon, the layer two scaling solution that operates parallel with the Ethereum blockchain has recently announced a new identity platform named Polygon ID.
What Exactly Is Polygon ID?
This new platform focuses on intensifying zero-knowledge identity for Web3 Applications. Zero-Knowledge is a concept that facilitates the user to have a cryptographic verifier that allows the user to prove that a certain thing is true without disclosing any unnecessary information.
Polygon anticipates the public version of the ID wallet app and software development kit to roll out by the second quarter of this year.
According to the announcement about the Polygon ID, Polygon highlighted that the team has made the Zk technology a centerpiece of its strategic vision and has vowed about $1 billion to projects related.
Polygon signified that the protocol Polygon ID uses the Iden3 protocol and Circom Zk toolkit. The team highlights that in the coming future, both of the projects would be sponsored by Polygon to boost open source initiatives concerning the whole ecosystem.
According to Polygon’s co-founder Mihailo Bjelic, Polygon Id is a great way to specify the benefits of Zk technology. And that Polygon Id is private by default and provides on-chain verification and permissionless attestation. Presently, there is nothing in the virtual identity space that ticks all these boxes. It is a great showcase for how zero-knowledge proofs can facilitate them in creating a better world.
The Polygon ID announcement further specifies that there are four properties that the protocol facilitates, which are blockchain-based ID for decentralized and self-sovereign models, zero-knowledge native protocols for user privacy, open to current standards and ecosystem development, and scalable and private on-chain verification to enhance decentralized app (DApps) and decentralized finance (DeFi).
Polygon network and its team have been growing by leaps and bounds lately. It also announced the acquisition of the Hermez Network changed to Polygon Hermez now, last year in August. In December 2021, it also acquired the Mir Protocol to intensify the groundbreaking Zk Rollup technology.
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Source: https://www.thecoinrepublic.com/2022/04/02/polygon-announces-new-identity-platform-for-web3-embracing-zk-tech/