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 growth, Polygon ID is powered by zero-knowledge (ZK) cryptography and Polygon expects a public model of the ID pockets app and software program growth package (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 info. In the course of the announcement regarding Polygon ID this week, Polygon stated the staff has made ZK tech a “centerpiece of its strategic imaginative and prescient and has dedicated $1 billion to associated initiatives.”
In line with Polygon, the protocol Polygon ID makes use of the Iden3 protocol and Circom ZK toolkit. The staff says that sooner or later, each of the initiatives will likely be sponsored by Polygon in an effort to bolster open supply initiatives throughout the complete ecosystem. Mihailo Bjelic, Polygon’s co-founder, defined in the course of the announcement that Polygon ID is a good way to spotlight the advantages of ZK tech.
“Polygon ID is personal by default, gives on-chain verification and permissionless attestation,” Bjelic stated in an announcement on Tuesday. “There’s nothing within the digital id house now that ticks all these packing containers. It is usually a terrific showcase for the way zero-knowledge proofs may help us create a greater world.”
The Polygon staff has been progressing a terrific deal in current 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 corporations, 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 in an effort to bolster “groundbreaking ZK rollup know-how.”
Polygon’s native token MATIC is at present 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% towards 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 gives.
“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 current requirements and ecosystem growth,” the weblog announcement explains.
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