The layer two (L2) scaling solution that has run parallel with Ethereum’s blockchain since March 29, has now unveiled a new identity platform called Polygon ID. Although the protocol is still in development, Polygon ID utilizes zero-knowledge (ZK) cryptography, and Polygon anticipates a public version of the ID wallet application and SDK to be available by Q2 2022.
Polygon Reveals ID Protocol Using ZK Technology
Polygon has introduced a new identity platform dubbed Polygon ID that aims to bolster zero-knowledge identity for Web3 applications. The zero-knowledge (ZK) proof is a method that uses a cryptographic verifier to enable a user (the prover) to prove that something is true without revealing unnecessary information. In its announcement about Polygon ID this week, the company said ZK tech is a “centerpiece of its strategic vision and has committed $1 billion to related projects.”
The Polygon ID protocol is based on the Iden3 protocol and Circom ZK toolkit. In the future, Polygon plans to support both projects in order to strengthen open source initiatives across all of its ecosystems. Mihailo Bjelic, a co-founder of Polygon, explained that Polygon ID is the perfect way to demonstrate the capabilities of ZK tech.
“Polygon ID is private by default, offers on-chain verification and permissionless attestation,”
“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.”
Bjelic said in a statement.
Polygon has made impressive progress in recent months, and during the first week of February, Polygon raised $450 million from Sequoia Capital India, Softbank, and Shark Tank’s Kevin O’Leary. Polygon announced the acquisition of Hermez Network (now Polygon Hermez) for $250 million in August 2021 prior to raising money from more than 40 venture capital firms. In mid-December 2021, Polygon acquired Mir Protocol for $400 million in an effort to enhance “groundbreaking ZK rollup technology.”
With a market capitalization of $11.3 billion at the time of writing, MATIC is Polygon’s native token that is currently ranked 18th in terms of market capitalization. MATIC has gained 361% against the U.S. dollar year-to-date, and it has risen 14.3% in the last two weeks. There are four properties offered by Polygon ID.
Polygon ID possesses the following properties, according to the blog announcement: a blockchain-based ID for decentralized and self-sovereign models, zero-knowledge native protocols for unmatched privacy, scalable and private on-chain verification that will boost decentralized apps and decentralized finance, and openness to existing standards.