Polygon community, a decentralized app (Dapp) layer for ethereum, has introduced that Polygon ID, one of many first identification platforms powered by zero-knowledge (ZK) cryptography, will likely be prepared earlier than the year-end.
A zero-knowledge expertise permits verifying knowledge corresponding to transactions and private data or identification with out handing over management of the data.
The blockchain-based ID for decentralized and self-sovereign fashions has zero-knowledge native protocols for final consumer privateness, is scalable and personal on-chain verification to spice up decentralized apps and decentralized finance, and is open to present requirements and ecosystem improvement.
Polygon ID leverages the Iden3 protocol and Circom ZK toolkit. Moving ahead, each of the tasks will likely be sponsored by Polygon whereas preserving the unique spirit of neighborhood initiatives to supply open-source protocols and instruments to the broader ecosystem of builders.
“Polygon ID is personal by default, presents on-chain verification and permissionless attestation. There is nothing within the digital identification area now that ticks all these bins,” said Mihailo Bjelic, Polygon’s co-founder. “It is also a great showcase for how zero-knowledge proofs can help us create a better world.”
Polygon ID is predicted for use by organiZations and companies, for identification and belief administration functions, corresponding to KYC (Know Your Customer) and digital wallets, the place customers can authenticate themselves to blockchain-based purposes, with out offering passwords or knowledge to each such software individually.
The ID can even permit for the development of latest types of reputations like a decentralized credit score rating for monetary primitives and social funds in DeFi; decentralized Sybil rating, voting energy/delegation, and domain-expertise repute for DAOs to allow new decision-making and governance fashions; participant repute profile for Web3 video games; personal and censorship-resistant P2P communication and interactions for social purposes.
According to the corporate’s said timeline, the proof-of-concept (PoC) has been developed and the entire Polygon ID platform is scheduled to be prepared within the third quarter of 2022.
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