Polygon, an L2 scaling solution launched on the Ethereum blockchain, has unveiled its new identity platform, Polygon ID, powered by zero-knowledge (ZK) Cryptography.
However, the protocol is still under development with expectations of releasing a software development kit (SDK) and a public version of the ID wallet app in Q2 2022.
Polygon ID will facilitate ZK identity for Web3 applications. ZK proof prevents the revelation of unnecessary information by allowing the user to leverage a cryptographic verifier to prove the authenticity of something. The team said that they made ZK tech a “centerpiece of its strategic vision and has committed $1 billion to related projects.”
In addition, Polygon ID uses Circom ZK toolkit and Iden3 protocol.
In a statement on Tuesday, Mihailo Bjelic, Polygon’s co-founder, said:
“Polygon ID is private by default, offers on-chain verification and permissionless attestation, there is nothing in the digital identity space now that ticks all these boxes. It is also a great showcase for how zero-knowledge proofs can help us create a better world.”
The team has been making progressive moves lately where in the first week of February, Polygon managed to raise $450 million in fundraising from Softbank, Shark Tank’s Kevin O’ Leary, and Sequoia Capital India.
Before fundraising with more than 40 VC firms, In August 2021 Polygon announced the acquisition of Hermez Network for $250 million, and later in mid-December 2021, it got Mir protocol for $400 million to boost ZK rollup technology.
Polygon explained its four properties saying:
“Polygon ID has the following properties: [A] blockchain-based ID for decentralized and self-sovereign models, zero-knowledge native protocols for ultimate user privacy, scalable and private on-chain verification to boost decentralized apps, and decentralized finance, and [being] open to existing standards and ecosystem development.”