https://thedefiant.io/polygon-decentralized-id-service
Polygon, a popular scaling solution for Ethereum, has launched its long-awaited zero-knowledge-powered ID protocol.
The service uses zero-knowledge proofs (ZKPs), an advanced form of cryptography used to preserve privacy on-chain, allowing users to verify their identity without publicly exposing sensitive information.
Polygon says developers can use its ID service to launch exclusive content for verified users and meet regulatory compliance obligations.
“Using Polygon ID, developers can allow their users to perform KYC verification in a decentralized manner,” the team said. “This innovative system utilizes ZK Proofs to create a digital identity that confirms access rights without necessarily disclosing personal information to a third party.”
The decentralized identity service will roll out to an estimated 4M users via Polygon ID’s launch partners, including Collab.Land — a community-management system, The Sandbox — a metaverse game, Fractal — an identity solution, and Kaleido — a web3 infrastructure firm.
KYC Solution
Polygon aims to provide a solution for Know-Your-Customer (KYC) checks that are becoming increasingly commonplace across the web3 ecosystem.
“KYC requires users to provide third parties with a litany of personally-identifying information such as passports, government-issued IDs, and biometric data,” Polygon said. “The requirement to hold this data places a burden on third-party services to properly store and secure it — while facing the risk of privacy and data breaches.”
Polygon ID differs from rival identity solutions through its adoption of zero-knowledge proofs (ZKPs). ZKPs allow information to be validated without requiring sensitive information to be publicly uploaded on the blockchain.
Polygon Bets Big On ZK Technology
Polygon allocated $1B towards ZK development in August 2021. The funds were earmarked for acquiring products, hiring talent, and developing new services.
The team announced it was developing a ZK-powered identity service in March 2022, following the acquisition of scaling solutions Hermez and Mir in August and December of the previous year.
Last July, Polygon entered the race to deliver an Ethereum Virtual Machine (EVM)-compatible rollup powered by ZKPs.
Rollups are the leading scaling technology for Ethereum and work by bundling together transactions on Layer 2 before submitting them to the mainnet for finalization. The EVM is Ethereum’s core smart contract engine, with EVM compatibility meaning that developers can easily port their code between Ethereum and Layer 2.
Polygon’s zkEVM is expected to launch its public mainnet on March 27.
In this article, we will first review the different applications of ZKPs. We will then discuss where the next phase of this technology is headed, as well as some startup ideas that could benefit from this technology.
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