Polygon Announces ZK-Proof-Based Identity Solution for Web3

Key Insights:

• Polygon has announced that it is working on a new ZK proof-based identity solution.
• ZK-proofs have been used in privacy blockchains like Monero and Zcash.
• MATIC’s price saw a slight pullback at press time.   

The decentralized Ethereum scaling platform Polygon has announced the launch of its new privacy-focused identity solution. The platform’s unique Polygon ID uses zero-knowledge (ZK) proofs to create a digital identity that doesn’t reveal users’ personal information.

Privacy-Focused Identity Platform

A recent blog shared by Polygon Team highlights that the new identity platform ‘is the first-ever to be powered by zero-knowledge (ZK) cryptography, privacy, and blockchain scaling technology.’

Polygon revealed on March 29 that it is working on the ZK-proof-based identity solution that will help users verify their identities without revealing sensitive personal information. This development toward user privacy aligns with the firm’s vision. 

Polygon has made ZK a centerpiece of its strategic vision and has committed $1 billion to related projects. Polygon ID is the firm’s latest add-on and is scheduled for a full release in Q3 2022. 

Zero-knowledge proofs allow users to prove their identity without delving into extra details or personal documents except for cryptographic proof. ZK-proofs have been used in privacy blockchains like Monero and Zcash owing to their privacy-preserving properties. 

Notably, the Polygon ID ZK-proofs will be used to prove a users’ identity for Know-Your-Customer verification. Thus, eliminating the procedure of sharing government identification or other important documents. 

Mihailo Bjelic, Polygon’s Co-founder, in a press release, 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. It is also a great showcase for how zero-knowledge proofs can help us create a better world.”

Polygon Securing User Identity

The recent developments put Polygon in the league of secure blockchains, which could aid the adoption of its native token, MATIC. The firm also suggested possible future applications of its identity solution, including creating decentralized credit scores, player reputation profiles for Web3 games, and private, censorship-resistant peer-to-peer communication for social applications. 

Notably, BTC’s recent consolidation curbed most coins’ upward momentum at press time. MATIC, too, noted 1.18% daily losses trading at $1.68 at press time.