Polygon has launched Polygon ID, a new identification platform aimed at bolstering zero-knowledge identity for Web3 applications. A zero-knowledge (ZK) proof is a cryptographic validator that allows a user (the prover) to prove something is valid without revealing needless information in the universe of cryptography.
In its announcement about Polygon ID, Polygon said that ZK tech is a “central focus of its strategic vision” and that the company has dedicated $1 billion to related projects. Polygon ID is based on the Iden3 system, and the Circom ZK toolkit said the platform. Polygon will support the two projects in the future to support open-source efforts across the ecosystem. During the announcement, Polygon co-founder Mihailo Bjelic explained that Polygon ID is an excellent method to promote the benefits of ZK technology.
Bjelic said that Polygon ID is “private by default, supports on-chain verification, and permissionless authentication.” “There isn’t anything in the digital identification area that checks all of these criteria.” It’s also a fantastic example of how zero-knowledge proofs can aid in the creation of a better world.”
Polygon has made significant development by raising $450 million from various investors in recent months. Also, Polygon purchased the Mir Protocol for $400 million in mid-December 2021 to enhance “Innovative ZK rollup technology.”
According to the Polygon ID release, the protocol has four properties: a blockchain featured ID for the decentralized and self-governing models, a zero-knowledge native protocol for quality user privacy, a scalable private on-chain confirmation to promote the decentralized app and its finances, and openness to industry standards and ecosystem growth.