Polygon ID platform seeks to enhance self-agency and privacy in the Web3 space

Layer-2 Ethereum scaling answer, Polygon (MATIC) has announced the institution of Polygon ID, an identification platform designed to enhance the decentralized finance and decentralized utility (DApp) economies by offering customers larger privateness and sovereignty inside Web3.

Professed to be the primary identification platform of its form to undertake cryptographic-based zero-knowledge know-how, the platform will make the most of Iden3’s Circom ZK toolkit, together with zk-SNARK cryptography for the technology and the zk-Proof Request Language protocol to confirm the authenticity of the proposed declare.

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Customers of the platform can present proof of their identification when participating in actions comparable to preliminary coin choices, token airdrops, decentralized alternate (DEX) buying and selling, or these through which strict Know Your Buyer (KYC) necessities apply.

With the capability to introduce a Sybil-resistant one-vote-per-person mechanism, the use-cases also can develop past the DeFi sector, to the metaverse, gamify and nonfungible token (NFT) industries whereby asset authenticity is verified by way of on-chain, privatized claims.

The group is anticipating to deploy the general public model of the ID pockets app throughout Q2 of 2022, alongside options comparable to “Claims Issuance, Non-public Authentication, zk-Proof Era and Verification,” with the complete platform launch and accompanying SDK functionalities scheduled for the next quarter.

Associated: Here is how Polygon is difficult the constraints of Ethereum, as advised by co-founder Sandeep Nailwal

In November 2021, Polygon made a concerted effort to develop its zero-knowledge proof growth by pledging over $1 billion in direction of the know-how, a sum that included 250 million MATIC tokens for startup agency Mir.

On a video name with Cointelegraph, Rafal Nazarkiewicz, the product supervisor at Polygon Hermez and Polygon ID, shared unique insights into the technicalities and purported advantages of the know-how for blockchain advocates and shoppers, alike.

Talking on the significance of identification possession throughout the Web3 house, Nazarkiewicz argued that “identification is key for a lot of use-cases inside digital inclusion, and for the best to be acknowledged,” and that “in Web3, it is alleged to be non-public by default and decentralized,” earlier than affirming that not one of the content material of the claims, for instance, their private info, will likely be transacted or saved on-chain, solely the proof of validity.

The use-cases of identification techniques should not wholly restricted to on-chain actions, however may also be utilized within the interplay of conventional contract agreements, aNazarkiewicz reveals, comparable to “authorized possession for the suggest of switch of tokenized property comparable to securities, mental property and land titles.”

Maintain private particulars, private.

Introducing Polygon ID – a self-sovereign identification answer powered by zk cryptography.

– Full user-privacy
– Scalable on-chain verification
– Open attestation ecosystem
#OwnYourIdentity

TL;DR [1/7] pic.twitter.com/f5aFc5jRD7

— Polygon | $MATIC (@0xPolygon) March 29, 2022