Polygon has launched Polygon ID, the new layer two (L2) scale solution for Ethereum. Although the protocol is still in development, Polygon ID uses zero-knowledge cryptography (ZK). Polygon anticipates that a public version will be available by Q2 2022.
Polygon Reveals ZK Technology’s ID Protocol
Polygon introduced Polygon ID, a platform that provides zero-knowledge identification for Web3 applications. A zero-knowledge proof (ZK), in the world of cryptography allows users to use a cryptographic verifyer that allows them to confirm something without divulging unnecessary information. During the announcement concerning Polygon ID this week, Polygon said the team has made ZK tech a “centerpiece of its strategic vision and has committed $1 billion to related projects.”
Polygon claims that the Polygon ID protocol uses the Iden3 protocol as well the Circom ZK toolskit. Polygon will sponsor both projects in future to support open-source initiatives throughout the ecosystem. Mihailo Bjelic, Polygon’s co-founder, explained during the announcement that Polygon ID is a great way to highlight the benefits of ZK tech.
“Polygon ID is private by default, offers on-chain verification and permissionless attestation,” Bjelic said in a statement on Tuesday. “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.”
The Polygon team has been progressing a great deal in recent times and during the first week of February, Polygon raised $450 million from Sequoia Capital India, Softbank, and Shark Tank’s Kevin O’Leary. Polygon also announced the purchase of Hermez Network, which was prior to its fundraising efforts with over 40 VC firms. Polygon HermezIn August 2021, the Mir Protocol was purchased by Polygon for $250 Million. In mid-December 2021, Polygon acquired the Mir Protocol for $400 million in order to bolster “groundbreaking ZK rollup technology.”
Polygon’s native token MATIC is currently the 18th largest crypto asset in terms of market capitalization with $11.3 billion at the time of writing. MATIC is up 361% year to date against the U.S. dollars. MATIC rose 14.3% in the last 2 weeks. Polygon ID announced that it offers four properties.
“Polygon ID has the following properties: [A]Decentralized, self-governing models with blockchain ID. It uses zero-knowledge native protocols that ensure user privacy. The private, on-chain encryption allows for scalable verification. [being] open to existing standards and ecosystem development,” the blog announcement explains.
Polygon ID is a brand new identity platform. What are your thoughts? Comment below and let us know how you feel about the subject.
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