Polygon Introduces a New Zero-Knowledge-Proof Identity Solution

Web3 is about to get its first identity platform focused on privacy. Polygon has revealed that it is developing a new zero-knowledge-proof-based identity solution to assist users in verifying their identities without disclosing sensitive personal information.

The new Polygon ID service will use Zero-Knowledge-proofs to cryptographically confirm a user’s identity without requiring the user to share documents like a passport or driver’s license with a third party. Polygon ID is currently in development, with a full release scheduled for the 3rd quarter of 2022.

Zero-knowledge proofs enable parties to prove the truth of information without revealing any details other than cryptographic proof. ZK-proofs have been used extensively in crypto projects due to their privacy-preserving properties, most notably in privacy blockchains such as Monero and Zcash.

ZK-proofs will be used by Polygon ID to prove a user’s identity for Know-Your-Customer verification. Previously, users had to submit personal documents each time they needed to pass KYC, introducing new vulnerabilities each time they shared their identification. Users can now prove their identity on-chain using ZK-proofs rather than exposing their personal information to companies requiring KYC by using Polygon ID.

“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,” 

Polygon co-founder Mihailo Bjelic said

He also emphasized how Polygon ID illustrates another way zero-knowledge proofs and cryptography can support the improvement of data security issues in existing Web2 applications.

KYC requirements are becoming increasingly important for companies to comply with local regulations as cryptocurrencies gain mainstream adoption. Yuga Labs, the creator of the Bored Ape Yacht Club, recently faced criticism from the NFT community for requiring KYC verification for its new Metaverse collaboration with Animoca Brands.

Companies can prevent illegal activities such as money laundering and tax evasion while also respecting their users’ privacy by providing a more private and secure method of KYC through ZK-proof-based solutions such as Polygon ID.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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