On Wednesday (June 22), the distributed Ethereum scaling platform Polygon Microsoft announced that it will “launch the first iteration of Polygon ID – a private and independent identity solution based on zero data encryption”.
Polygon blog post began by explaining what problem they were trying to solve:
“Too often we have to exchange personal information in order to access basic online services. At the same time, developers need ways to ensure that their users interact with other real people on the platforms they participate in, along with many other identity-based needs.“
Introduced last month, Polygon ID “gives users complete control over their digital identity, allowing them to prove certain aspects of their identity without revealing personal information.”
Polygon ID is powered by zero data protocolwhich is “the method by which the other party (the witness) can prove to the other party (the verifier) that a particular allegation is true, while the witness avoids passing on any additional information other than the fact that the allegation is indeed true.”
Polygon says it has combined the Iden3 protocol and the Circom ZK toolkit “with the most powerful application of ZK technology that can run on mobile devices” and that Polygon ID “allows the expression of identity attributes as claims that can be used to create zkSNARK Proof to be private interacting with smart contracts, dApps, Web3 services and other identities to prove aspects of identity without disclosing personal information. “
Polygon’s blog post provided great news for decentralized autonomous organizations (DAOs):
“DAOs can now issue ecosystem-wide certificates of their members in a completely private and unauthorized manner. Thus, DAOs can verify the certificates of their users without having to collect any private information themselves, relying solely on the ZK certificate and the source of trust (issuer). These certificates can then be used by the administration to assist in decision making or in any other system, such as an incentive distribution system, e.g., targeted flight drops.“
Polygon says that “in the coming months, the Polygon ID ecosystem will grow to include a set of tools, platform services, and examples that developers can learn, test, and integrate into their applications or dApps, taking advantage of Polygon ID’s unique chain features.”
Here’s the broadcast yesterday:
As you can see from the five-day MATIC-USD price chart below on TradingView, the cryptocurrency Coinbase, shortly after Polygon’s announcement was released at approximately 4:00 PM UTC on June 22, the $ MATIC price began to rise, and by 6:00 AM UTC On June 23, it had risen to $ 0.5111. Currently (June 23rd at 7.58 UTC), $ MATIC is trading at around $ 0.50, up 25.78% over the past 24 hours.
h/t – CryptoGlobe