On March 29, Polygon, the layer two (L2) scaling answer that runs parallel with the Ethereum blockchain, has introduced a brand new id platform referred to as Polygon ID. Whereas the protocol is continues to be underneath improvement, Polygon ID is powered by zero-knowledge (ZK) cryptography and Polygon expects a public model of the ID pockets app and software program improvement equipment (SDK) to launch by Q2 2022.
Polygon Reveals ID Protocol Powered by ZK Expertise
Polygon has launched a brand new id platform referred to as Polygon ID that goals to bolster zero-knowledge id for Web3 functions. Within the huge world of cryptography, a zero-knowledge (ZK) proof permits a person to leverage a cryptographic verifier that allows the person (the prover) to show one thing is true with out revealing pointless data. Throughout the announcement regarding Polygon ID this week, Polygon mentioned the group has made ZK tech a “centerpiece of its strategic imaginative and prescient and has dedicated $1 billion to associated tasks.”
Based on Polygon, the protocol Polygon ID makes use of the Iden3 protocol and Circom ZK toolkit. The group says that sooner or later, each of the tasks will likely be sponsored by Polygon to be able to bolster open supply initiatives throughout all the ecosystem. Mihailo Bjelic, Polygon’s co-founder, defined in the course of the announcement that Polygon ID is a good way to focus on the advantages of ZK tech.
“Polygon ID is non-public by default, affords on-chain verification and permissionless attestation,” Bjelic mentioned in an announcement on Tuesday. “There’s nothing within the digital id area now that ticks all these containers. It is usually an incredible showcase for a way zero-knowledge proofs can assist us create a greater world.”
The Polygon group has been progressing an incredible deal in latest instances and in the course of the first week of February, Polygon raised $450 million from Sequoia Capital India, Softbank, and Shark Tank’s Kevin O’Leary. Previous to the fundraising with greater than 40 VC companies, Polygon introduced the acquisition of the Hermez Community (now Polygon Hermez) for $250 million in August 2021. In mid-December 2021, Polygon acquired the Mir Protocol for $400 million to be able to bolster “groundbreaking ZK rollup expertise.”
Polygon’s native token MATIC is presently the 18th largest crypto asset by way of market capitalization with $11.3 billion on the time of writing. 12 months-to-date, MATIC has gained 361% in opposition to the U.S. greenback and over the past two weeks, MATIC has risen 14.3%. The Polygon ID announcement particulars that there are 4 properties the protocol affords.
“Polygon ID has the next properties: [A] blockchain-based ID for decentralized and self-sovereign fashions, zero-knowledge native protocols for final person privateness, scalable and personal on-chain verification to spice up decentralized apps and decentralized finance, and [being] open to present requirements and ecosystem improvement,” the weblog announcement explains.
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