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Polygon's ID platform aims to promote zero-knowledge identity for Web3 apps

 


Polygon, an L2 scaling solution launched on the Ethereum blockchain, has unveiled its new identity platform, Polygon ID, based on zero-knowledge (ZK) cryptography.


However, the protocol is still under development, with a software development kit (SDK) and public version of the ID wallet app expected to be released in Q2 2022.


Polygon-ID

Polygon ID facilitates ZK identity for Web3 applications. ZK Proof prevents disclosure of unnecessary information by allowing the user to use a cryptographic verifier to prove the authenticity of something. The team said it has made ZK Tech a "centerpiece of its strategic vision and committed $1 billion to related projects."


In addition, Polygon ID uses the Circom ZK toolkit and the Iden3 protocol.


In a statement Tuesday, Polygon co-founder Mihailo Bjelic said:


“Polygon ID is private by default, offers on-chain verification and permissionless notarization, there is now nothing in the digital identity space that ticks all of those boxes. It's also a great example of how zero-knowledge proof can help us create a better world.”


The team has made strides recently as Polygon managed to raise $450 million in donations from Softbank, Shark Tank's Kevin O'Leary and Sequoia Capital India in the first week of February.


Before raising funds with more than 40 VC firms, in August 2021, Polygon announced the acquisition of Hermez Network for USD 250 million, and later, in mid-December 2021, it received the Mir protocol for USD 400 million to acquire the ZK Promote rollup technology.


Polygon explained its four properties by saying:


“Polygon ID has the following characteristics: [A] blockchain-based ID for decentralized and self-determined models, native zero-knowledge protocols for ultimate user privacy, scalable and private on-chain verification to promote decentralized applications and decentralized finance and [be] open to existing standards and ecosystem development.”

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