Polygon is launching a brand new privacy-focused id resolution. Polygon ID makes use of zero-knowledge proofs to create a digital id that doesn’t have to expose customers’ private info.
Introducing Polygon ID
Web3 is about to get its first privacy-focused id platform.
Polygon has revealed it’s engaged on a brand new zero-knowledge proof-based id resolution to assist customers confirm their identities with out revealing delicate private info.
The brand new Polygon ID service will use ZK-proofs to cryptographically affirm a person’s id with out requiring them to share paperwork similar to a passport or driver’s license with a 3rd get together. Polygon ID is at the moment in growth and is scheduled for a full launch within the third quarter of 2022.
Zero-knowledge proofs enable events to show that info is true with out revealing any particulars besides a cryptographic proof. Due to their privacy-preserving properties, ZK-proofs have been utilized many occasions in crypto tasks, most notably in privateness blockchains like Monero and Zcash.
With Polygon ID, ZK-proofs might be used to show a customers’ id for Know-Your-Buyer verification. Beforehand, customers would wish to submit private paperwork each time they wanted to move KYC, creating new vulnerabilities every time they shared their identification. By utilizing Polygon ID, customers not want to show their private info to firms requiring KYC and might as an alternative show their id on-chain utilizing ZK-proofs.
“Polygon ID is personal by default, gives on-chain verification and permissionless attestation. There’s nothing within the digital id area now that ticks all these bins,” Polygon co-founder Mihailo Bjelic mentioned in a Tuesday press launch. He additionally highlighted how Polygon ID showcases one other method zero-knowledge proofs and cryptography may also help enhance on information safety issues in current Web2 purposes.
Along with KYC purposes, Polygon has additionally urged a number of different methods its id resolution can be utilized. Attainable future purposes embrace creating decentralized credit score scores, participant repute profiles for Web3 video games, and personal, censorship-resistant peer-to-peer communication for social purposes. Polygon ID might be open supply, full with its personal software program developer equipment, permitting any blockchain protocol to develop its personal customized use instances.
As cryptocurrencies achieve extra mainstream adoption, KYC necessities have gotten important for firms to adjust to native laws. Lately, Bored Ape Yacht Membership creator Yuga Labs confronted criticism from the NFT neighborhood for requiring KYC verification for its new Metaverse collaboration with Animoca Manufacturers. By offering a extra personal and safe technique of KYC by means of ZK-proof-based options like Polygon ID, firms can stop unlawful actions similar to cash laundering and tax evasion whereas additionally respecting their customers’ privateness.
Disclosure: On the time of writing, the writer didn’t personal any cryptocurrency talked about on this piece.
