Polygon, an Ethereum (ETH) focused Layer-2 decentralized scalability platform has disclosed the launch of a user privacy-focused identity solution dubbed Polygon ID for Web3 as announced in a recent blog post by the Polygon Team.
Polygon ID solution will operate on Zero-knowledge (ZK) proofs to give blockchain-based applications the ability to access users’ credentials while protecting their personal information. Zk-proof is a cryptographic technology that allows the verification of encrypted data while it remains hidden from the verifying party. It also allows users to show that their identity is true using only cryptographic proof.
The Polygon ID will be released completely in the third quarter of 2022 as it’s currently still being developed. With the continued mainstream acceptance and adoption of cryptocurrencies, Know-Your-Customer (KYC) provisions are an integral part of companies satisfying local regulators’ requirements.
Relying on ZK-Proofs’ privacy-preserving features, Polygon ID will assist users to pass the KYC verification process without sharing important private data every time the KYC process needs to be done for web3 applications and also avoid being exposed each time their information is shared. This new offering will enable users to save time while completing the compulsory government KYC traditions.
Aside from the identity solution that service provides, the new service can also be used to develop distinguished player profiles for Web3 games, private censorship-resistant peer-to-peer communication for social applications, and also create decentralized credit scores. According to Polygon, Polygon ID will be open source as blockchain protocol can tweak the project for its own specific uses.
Polygon ID could be to Web3 what OpenID is to Web2. With OpenID, users can access a new website without necessarily signing up for it but using an existing account like a Google account. Although OpenID shares users’ information, the upcoming Polygon ID affords users more privacy while authenticating a user on a third-party service.
The new service is a fulfillment of Polygon’s belief that users should be in charge of their digital identities and be empowered over the networks.