Polygon Introduces Privacy Centric ZK-Proof Identity Solution Platform for Web 3.0

Ethereum Layer-2 scalability solution Polygon is taking some key measures in order to addresses privacy and data sharing matters as we proceed ahead with the Web 3.0 industry.

On Wednesday, March 30, Polygon announced the launch of Polygon ID, a decentralized digital identity platform giving users absolute control over their personal information. Polygon calls it “the self-sovereign, decentralized and private identity for the next iteration of the Internet” or the Web 3.0.

Polygon said that the new digital identity platform - Polygon ID - will be powered by the zero-knowledge (ZK) cryptography, a scalability and privacy technology solution for the blockchain networks.

Polygon says that it has committed $1 billion in several such projects while keeping ZK the centerpiece of its strategic vision.

The Polygon ID is basically a blockchain-based ID verification platform having decentralized self-sovereign models. The native zero-knowledge protocols provide ultimate user privacy. Polygon ID is also open to existing standards as well as ecosystem developments. Furthermore, it offers scalability and on-chain verification to boost decentralized apps (Apps) and decentralized finance (DeFi).

Polygon stated that its ID verification platform leverage the Iden3 protocol and Circom ZK toolkit. Speaking of this development, Mihailo Bjelic, Polygon’s co-founder said: 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. It is also a great showcase for how zero knowledge proofs can help us create a better world.”

The Polygon ID platform empowers users to reclaim their privacy with access control that is based on proving verifiable information instead of sharing it with the verifier.

The announcement also notes: “Polygon ID allows for the construction of new forms of reputations. Some examples include decentralized credit score for financial primitives and social payments in DeFi; decentralized sybil score, voting power / delegation and domain-expertise reputation for DAOs to enable new decision-making and governance models; player reputation profile for Web3 games; private and censorship-resistant P2P communication and interactions for social applications”.

Polygon is planning to fully release this Polygon ID platform by the end of this year of 2022.