polygon: Polygon launches Web3 ID to keep personal details private

Synopsis

Polygon ID is expected to be used by organizations and businesses, for identity and trust management purposes, where users can authenticate themselves to blockchain-based applications, without providing passwords or data to every application individually.

New Delhi: Polygon network has said that the ‘Polygon ID’ will be ready before the year end. It is one of the first identity platforms powered by zero-knowledge (ZK) cryptography for privacy and blockchain scaling technology.

Polygon ID is expected to be used by organizations and businesses, for identity and trust management purposes, where users can authenticate themselves to blockchain-based applications, without providing passwords or data to every application individually.

According to the company’s stated timeline, the proof-of-concept (PoC) has been developed and the complete Polygon ID platform is scheduled to be ready in the third quarter of 2022.
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Polygon is a decentralized app (Dapp) layer for Ethereum. Sandeep Nailwal and Jaynti Kanani of Indian Origin are among the co-founders of the crypto technology.

Polygon ID leverages the Iden3 protocol and Circom ZK toolkit It is open to existing standards and ecosystem development.

Moving forward, both of the projects will be sponsored by Polygon while keeping the original spirit of community initiatives to provide open-source protocols and tools to the broader ecosystem of developers.

The blockchain-based ID for decentralized and self-sovereign models has Zero-knowledge native protocols for ultimate user privacy, is scalable and private on-chain verification to boost decentralized apps and decentralized finance.

“Polygon ID is private by default, offers on-chain verification and permissionless attestation. There is nothing in the digital identity space now that ticks all these boxes,” said Mihailo Bjelic, Polygon’s co-founder.

Polygon ID will allow for the construction of new forms of reputations like a decentralized credit score for financial primitives and social payments in DeFi; decentralized Sybil score, voting power and domain-expertise reputation for DAOs.

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Updated: 03/31/2022 — 05:00