Polygon launches web3 identification service using zero-knowledge proofs
TL;DR Polygon, the Ethereum sidechain, has released a web3 identification service called Polygon ID that allows blockchain-based applications to authenticate user credentials without compromising personal information. It uses zero-knowledge proofs to keep data encrypted and hidden from the verifying party. It is supported by crypto and NFT projects such as Kaleido, Fractal and Collab.Land, and could be beneficial for compliance use cases such as KYC/AML checks.
Polygon, the Ethereum sidechain, released a web3 identification service called Polygon ID that will allow blockchain-based applications to authenticate user credentials without compromising personal information.
Polygon-based crypto and NFT projects such as Kaleido, Fractal and Collab.Land, have already shown support for Polygon ID, which is accompanied with a developer toolkit. The offering can verify user data for blockchain apps while maintaining privacy on-chain; it uses zero-knowledge proofs, which can authenticate data while keeping it encrypted and hidden from the verifying party.
Polygon ID could be beneficial in compliance use cases such as the "Know Your Client" process required for centralized exchanges, permissioned DeFi platforms, as well as fiat payments for on-ramp and off-ramp. It works alongside Polygon's wallet.
"Polygon ID enables compliance for both web2 and web3 industries which strengthens the regulatory framework through KYC/AML checks. The reusability and self sovereignty of credentials also reduces the cost, time and complexity of user onboarding and user verification," a project spokesperson said in a statement.