Polygon Unveils Zero-Knowledge Web3 Identification Solution
Polygon, an Ethereum sidechain, has released Polygon ID, a web3 recognition solution for blockchain-based applications to validate user information without violating privacy.
Kaleido, Fractal, and Collab.Land are polygon blockchain-powered cryptocurrencies, and NFT initiatives have already demonstrated their backing for Polygon ID alongside a developer infrastructure. It utilizes zero-knowledge proofs to validate information while maintaining it encrypted and hidden from the party conducting the validation.
“Know Your Client” protocols for centralized exchanges, permissioned DeFi networks, and on-ramp and off-ramp fiat payments are examples of regulatory use scenarios that could gain from Polygon ID. It matches the wallet that Polygon offers.
Polygon ID allows compliance for web2 and web3 sectors, bolstering the regulatory regime through KYC/AML checks, as per a endeavor spokesperson. In addition, the reusability and independence of identities decrease the expense, duration, and complication of user enrollment and validation. This identification toolkit technology has been integrated into Polygon zkEVM, which is going to be available at the end of the month.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.