The long-awaited zero-knowledge-powered ID system has now been released by Polygon, a well-liked scaling solution for Ethereum.
Zero-knowledge proofs (ZKPs), a sophisticated kind of encryption designed to maintain anonymity on-chain, are employed by the service to enable users to authenticate their identity without disclosing private information to the public. According to Polygon, developers may utilize its ID service to provide special content for verified customers and satisfy legal requirements.
According to the company, developers may provide decentralized KYC verification for their customers using Polygon ID. With the help of ZK Proofs, this cutting-edge technology establishes a digital identity that verifies access privileges without necessarily giving personal information to third parties.
Polygon ID’s ID Product Powered By ZK Proofs
Via the launch partners of Polygon ID, including Collab, the decentralized identity service will be made available to an estimated 4 million users. the metaverse game The Sandbox, the community management system Land, the identification solution Fractal, and the web3 infrastructure company Kaleido.
Know-Your-Customer (KYC) checks are becoming more and more ubiquitous throughout the web3 ecosystem, and Polygon intends to offer a solution.
According to Polygon, KYC compels users to give third parties a plethora of personally identifying information, including passports, government-issued IDs, and biometric information. Third-party services must appropriately keep and secure this data while running the risk of privacy and data breaches because of the necessity to hold this data. In contrast to competing identification systems, Polygon ID uses zero-knowledge proofs (ZKPs). ZKPs enable information validation without requiring private data to be posted publicly on the blockchain.
In August 2021, Polygon authorized $1 billion for ZK development. The money was set aside for purchasing goods, recruiting staff, and creating new services. After purchasing scaling solutions from Hermez and Mir in August and December of the previous year, the team said in March 2022 that it was creating an identity service driven by ZK. Polygon entered the competition to provide an Ethereum Virtual Machine (EVM)-compatible rollup powered by ZKPs in July of last year.
