On March 29, Polygon, the layer two (L2) scaling resolution that runs parallel with the Ethereum blockchain, has introduced a brand new identification platform referred to as Polygon ID. Whereas the protocol is remains to be beneath improvement, Polygon ID is powered by zero-knowledge (ZK) cryptography and Polygon expects a public model of the ID pockets app and software program improvement equipment (SDK) to launch by Q2 2022.
Polygon Reveals ID Protocol Powered by ZK Expertise
Polygon has launched a brand new identification platform referred to as Polygon ID that goals to bolster zero-knowledge identification for Web3 purposes. Within the huge world of cryptography, a zero-knowledge (ZK) proof permits a consumer to leverage a cryptographic verifier that allows the consumer (the prover) to show one thing is true with out revealing pointless data. In the course of the announcement regarding Polygon ID this week, Polygon stated the workforce has made ZK tech a “centerpiece of its strategic imaginative and prescient and has dedicated $1 billion to associated initiatives.”
In response to Polygon, the protocol Polygon ID makes use of the Iden3 protocol and Circom ZK toolkit. The workforce says that sooner or later, each of the initiatives will likely be sponsored by Polygon in an effort to bolster open supply initiatives throughout your entire ecosystem. Mihailo Bjelic, Polygon’s co-founder, defined throughout the announcement that Polygon ID is an effective way to focus on the advantages of ZK tech.
“Polygon ID is non-public by default, presents on-chain verification and permissionless attestation,” Bjelic stated in a press release on Tuesday. “There may be nothing within the digital identification area now that ticks all these packing containers. It’s also an excellent showcase for a way zero-knowledge proofs might help us create a greater world.”
The Polygon workforce has been progressing an excellent deal in current instances and throughout the first week of February, Polygon raised $450 million from Sequoia Capital India, Softbank, and Shark Tank’s Kevin O’Leary. Previous to the fundraising with greater than 40 VC corporations, Polygon introduced the acquisition of the Hermez Community (now Polygon Hermez) for $250 million in August 2021. In mid-December 2021, Polygon acquired the Mir Protocol for $400 million in an effort to bolster “groundbreaking ZK rollup expertise.”
Polygon’s native token MATIC is at present the 18th largest crypto asset when it comes to market capitalization with $11.3 billion on the time of writing. 12 months-to-date, MATIC has gained 361% in opposition to the U.S. greenback and over the past two weeks, MATIC has risen 14.3%. The Polygon ID announcement particulars that there are 4 properties the protocol presents.
“Polygon ID has the next properties: [A] blockchain-based ID for decentralized and self-sovereign fashions, zero-knowledge native protocols for final consumer privateness, scalable and personal on-chain verification to spice up decentralized apps and decentralized finance, and [being] open to present requirements and ecosystem improvement,” the weblog announcement explains.
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