On March 29, Polygon, the layer two (L2) scaling solution that runs alongside the Ethereum blockchain, announced a new identity platform called Polygon ID. While the protocol is still under development, Polygon ID is powered by zero-knowledge (ZK) cryptography and Polygon expects a public version of the ID wallet app and SDK ( SDK) be released by Q2 2022.
Polygon reveals identification protocol based on ZK technology
Polygon introduced a new identity platform called Polygon ID which aims to enforce zero-knowledge identity for Web3 applications. In the wide world of cryptography, a zero-knowledge (ZK) proof allows a user to take advantage of a cryptographic verifier that allows the user (the prover) to prove something to be true without revealing unnecessary information. When announcing Polygon ID this week, Polygon said the team has made ZK technology a “centerpiece of its strategic vision and has committed $1 billion to related projects.”
According to Polygon, the Polygon ID protocol uses the Iden3 protocol and Circum ZK toolbox. The team says that going forward, both projects will be sponsored by Polygon to bolster open source initiatives across the ecosystem. Mihailo Bjelic, co-founder of Polygon, explained during the announcement that Polygon ID is a great way to highlight the benefits of ZK technology.
“Polygon ID is private by default, offers on-chain verification and permissionless attestation,” Bjelic said in a statement Tuesday. “There is nothing left in the digital identity space that ticks all those boxes. It’s also a great showcase for how zero-knowledge evidence can help us create a better world.
The Polygon team has come a long way lately and in the first week of February, Polygon raised $450 million from Sequoia Capital India, Softbank and Shark Tank’s Kevin O’Leary. Prior to raising funds from more than 40 venture capital firms, Polygon announced the acquisition of the Hermez network (now Polygon Hermez) for $250 million in August 2021. In mid-December 2021, Polygon acquired the Mir protocol for $400 million to bolster the “revolutionary ZK deployment technology.”
Polygon’s native token, MATIC, is currently the 18th largest crypto asset by market capitalization with $11.3 billion at the time of writing. Year-to-date, MATIC has gained 361% against the US dollar and over the past two weeks, MATIC is up 14.3%. The Polygon ID announcement clarifies that there are four properties offered by the protocol.
“Polygon ID has the following properties: [A] Blockchain-based ID for decentralized and self-sovereign models, native zero-knowledge protocols for ultimate user privacy, scalable and private on-chain verification to boost decentralized applications and decentralized finance, and [being] open to existing standards and ecosystem development,” the blog announcement explains.
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