Polygon Revamps ID Verification with Web3: All You Need to Know

Polygon, created by a staff of Indian builders, has emerged amongst common blockchains that isn’t solely environment friendly, but in addition setting pleasant. The staff behind Polygon has now launched a brand new function known as the zero-knowledge proofs (ZK proofs) service, that will give the method of id-verification a Web3 twist. The title of this service is Polygon ID. The platform had begun to work on this service round twelve months in the past and its launch was formally introduced on Wednesday, March 1.

Using Polygon ID can allow anybody to turn out to be an issuer, verifier, or a holder of a Web3 id. To put issues in perspective, KYC suppliers and DAOs act as issuers. While decentralised apps (dApps) classify as verifiers, Polygon customers are categorised as holders.

Users of the Polygon ID service shall be in a position to confirm their identities on-line, that will be safeguarded by cryptographic methods. This would stop their private particulars like names, telephone numbers, and electronic mail IDs from being handed to or saved with third-party firms.

“Developers are one step closer to solving the issue of digital trust with the release of the Polygon ID self-sovereign identity infrastructure stack. Developers can unlock a host of new use cases by leveraging Polygon ID. The applications range from Proof of Uniqueness to immediate onboarding that could be used by Decentralised Autonomous Organisation (DAOs) and Decentralised Finance (DeFi),” Polygon Labs wrote in an official weblog put up.

The Polygon ID will present nodes for issuers, software program developer equipment (SDK) for verifiers, a pockets SDK for pockets creators, in addition to a pockets app that works on the eco-friendly blockchain that’s up to be used by the holders.

The goal behind releasing the Polygon ID is to add a quotient of belief among the many members of the Web3 group, who’re liable to share their private info with the crypto corporations they’re associating with.

“For businesses leveraging Polygon ID, this may mean the end of headaches dealing with user data management. For individuals, it means greater control over their own identity and discretion in how they use their personal data to answer questions from institutions and private organisations,” the put up by Polygon Labs additional added.

Other Web3 processes like e-commerce buyer onboarding, password-less login, and under-collateralised lending have been named amongst different beneficiaries of the Polygon ID.

“Compliance without sacrificing privacy with zero-knowledge technology, developers can leverage zero-knowledge technology within their existing compliance processes without sacrificing user privacy,” the weblog famous.

Some firms have already been utilizing the Polygon ID service. These embrace Clique, a digital passport software, in addition to DePay, a P2P funds software, amongst different corporations.