Polygon network has announced new Polygon ID, which it claims will help in keeping users' personal details private.
It is one of the first identity platforms powered by zero-knowledge (ZK) cryptography, the decentralised and private identity by Polygon is slated for a 2022-end rollout. The Bangalore-based firm claims that move is necessitated in order to enable its users to transact Ethereum cryptocurrency without compromising their personal data.
Zero-knowledge cryptography allows authentication without passwords, which is more secure since there are no passwords that can be stolen to compromise accounts. So, general details such as transactions and personal information are verifiable without handing over control of the information.
“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,” 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.”
It is to be mentioned that Polygon is a decentralised app (Dapp) layer for Ethereum and Sandeep Nailwal and Jayanti Kanani are among the co-founders of the crypto technology.
As revealed by Polygon on its blogsite, Polygon ID is a Blockchain-based ID for decentralised and self-sovereign models which has zero-knowledge native protocols for ultimate user privacy and is scalable and private on-chain verification to boost decentralised apps and decentralised finance. It is also open to existing standards and ecosystem development.
Furthermore, Polygon ID leverages the Iden3 protocol and Circom ZK toolkit. In the future course of action, both of the projects will be sponsored by Polygon while keeping the original spirit of community initiatives to provide open-source protocols and tools to the broader ecosystem of developers, as per its claims.