Polygon's Co-founder Introduces Polygon ID
In a press release, the co-founder of Polygon, Mihailo Bjelic also stated,
“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.”
The co-founder also shared the news of the newly launched solution on Twitter.
Privacy Focused Platform
The official website of Polygon shared a recent blog post that highlighted the newly launched Polygon ID to be the first-ever solution driven by zero-knowledge-based proofs with elements including (ZK) “cryptography, privacy, and blockchain scaling technology.”
The new solution is constructed in a way that users are allowed to take ownership of their digital identities without exposing personal information. The company’s most recent addition Polygon ID is scheduled to release in Q3 2022.
The shift towards consumer privacy is consistently aligned with the vision of Polygon. Polygon has made zero-knowledge a focal point of its strategic ambitions, investing $1 Billion in related initiatives.
Due to its privacy-preserving qualities, ZK-proofs have been adopted in privacy blockchains such as Monero and ZCash. Polygon ID ZK-proofs will also be utilized to validate a user’s identification for KYC verification. Thereby, the method of sharing government identity or other necessary documents is not required anymore.
Polygon’s Possible Future
The recent developments have added Polygon to the league of secure blockchain, which may assist in the adoption of its native token, MATIC.
The scaling platform has also indicated that its identification solution could be used to create decentralized credit scores, player reputation profiles for Web3 gaming platforms, and private, censorship-resistant peer-to-peer communication for social applications in the future.
