The growth of decentralized finance (DeFi) and non-fungible tokens (NFTs) has been tremendous, but it has been limited by concerns about security and user privacy. Polygon, the layer-2 scaling solution developer, has launched a new product based on zero-knowledge proofs called Polygon ID. The product operates as an identity infrastructure for facilitating and securing connections between decentralized applications and Web3 users.
Polygon ID follows principles of self-sovereign identity by default, enabling organizations to issue verifiable credentials on users and recipient organizations to verify such claims through a toolkit built into the identity ecosystem. The product has been in development for over a year since its initial announcement, and this latest release is now publicly available. Polygon also says that they will be releasing an open-source software development kit for Polygon ID.
Zero-Knowledge identity stacks have been around for some time, and Polygon joins the likes of Quadrata and IDNTTY in the field, resolving the often problematic relationship between privacy and anonymity, especially in the crypto space. As a non-interactive zero-knowledge proof process, Polygon ID enables users to send and receive information without compromising their own security and privacy over blockchain transactions.
One can think of it as a transactional validation layer without the requirement of personal information within the transaction record, while still retaining provenance and trust both on-chain and off-chain through smart contracts.
In the crypto space, there has been a contentious variable in the need to reveal user-specific information, especially given the proliferation of centralized exchanges which required users to submit proofs of identity via KYC (know-your-customer) frameworks. These frameworks are implemented because of compliance and policy for regulation, often associated or managed by central banks for the financial protection of consumers.
“What sets Polygon ID apart from most other decentralized ID frameworks is its implementation of zero-knowledge technology, allowing users to verify their identities or other credentials without necessarily revealing sensitive information,” Polygon stated.
Polygon claims that their new product can be utilized by developers to “unlock features such as an enhanced signup user interface, assist in regulatory compliance, help verify user identities and restrict access control to certain areas or features via token-gating.” The Polygon ID identity infrastructure will be comprised of four primary tools: a Verifier SDK, an Issuer Node, a Wallet SDK, and a Wallet App.
Web3 protocols and community management platforms such as Kaleido, Fractal, and Collab.Land have already pledged support for the new infrastructure toolset. Other Web3 and metaverse platforms such as The Sandbox and Guild.xyz are also already creating integrations and onboarding processes for Polygon ID.
Polygon ID is the future of Web3 identity infrastructure. It ensures that users are able to enjoy the benefits of blockchain technology without compromising their privacy and security. With its implementation of zero-knowledge technology, users can verify their identities or other credentials without revealing sensitive information.
This new infrastructure toolset will unlock features for developers and ensure that Web3 protocols are more accessible to the average user. With more platforms integrating Polygon ID, it is set to become an integral part of the Web3 ecosystem.