Polygon has announced the launch of a new privacy-focused identity solution called Polygon ID. The solution will use ZCash’s Proof-of-Knowledge technology to encrypted a user’s identity.
That way, you won’t need to require customers to share documents like a passport or driver’s license.
According to the cryptocurrency developers, Polygon ID is currently under development. The launch is scheduled for the third quarter of 2022.
Zero knowledge (ZK) proofs allow parties to prove that information is true without revealing any details except encrypted proof.
Polygon
Due to the privacy-preserving properties, ZK proofs have been used many times in crypto projects, particularly on privacy-focused blockchains like Monero and Zcash.
“Polygon ID is private by default, offers on-chain verification and permissionless attestation. There’s nothing in the digital identity space right now that ticks all those boxes,” said Polygon co-founder Mihailo Bjelic.
In addition, he highlighted that Polygon ID shows another way in which zero-knowledge proofs and encryption can help improve data security issues in existing Web2 applications.
In addition to KYC checks, Polygon has also suggested several other ways to use their identity solution.
Possible future applications include creating decentralized credit scores, player reputation profiles for Web3 games, and private, censorship-resistant peer-to-peer communication for social applications.
According to the team, Polygon ID will be open source and will have a software developer kit. This will allow any blockchain protocol to develop its own use cases.
Price forecast for BTC 2022 – 2026
