All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Projects including Blockchain Lock, Bloock, Clique, Collab.Land, DePay, Fractal ID, Grail, and Kaleido are currently building with the Polygon ID.
- According to the announcement, DAO can be able to verify membership without the need to disclose their identity.
The scaling upgrade from the Ethereum layer 2 solutions provider Polygon – the zero-knowledge Ethereum scaling machine (zkEVM) was recently confirmed to be launched on March 27. As the crypto community is getting ready for this occasion, Polygon has launched a web3 identity service, Polygon ID in a bid to solve the problems of digital trust. According to the announcement, Polygon ID would enable applications built on blockchain technology to validate users without putting personal data at risk. Also, businesses leveraging these services would have fewer problems in user data management.
It means greater control over their own identity and discretion in how they use their data to answer questions from institutions and private organizations. Polygon ID enables developers to accomplish what previously has not been possible online: enabling trust and verification while delivering a user-friendly experience and maintaining the veil of privacy.
The official announcement also mentions some projects currently building with the Polygon ID. These include Blockchain Lock, Bloock, Clique, Collab.Land, DePay, Fractal ID, Grail, Kaleido, etc. The previous version of the Polygon ID tooling has already been used by some third-party builders and thousands of users at hackathons.
Some use cases of the Polygon ID
Its ability to enable developers to build self-sovereign, decentralized and private identity solutions makes it unique in the blockchain industry. Last March, it was announced that Polygon ID is now available under an open-source license to the public. It also stated that it was fully serviced. This means anyone can become an issuer using the Polygon ID infrastructure stack. The updated version offers developers building for end users the option to allow users to prove that they are humans without disclosing personal information. Additionally, users can have the option for a ‘passwordless’ login to avoid falling prey to hackers. Developers can take advantage of the zero-knowledge technology within their compliance processes without putting user privacy in danger.
The public release adds four new tools to the Polygon ID Toolset: Verifier SDK (for verifiers), Issuer Node (for issuers), Wallet SDK (for wallet builders), and Wallet App (for devs and end users). This helps developers integrate decentralized identity into their applications while also being Web3 native. All of these tools are made available under the open source AGPL license.
The announcement further mentions some use cases for polygon ID developers. According to them, DAO can be able to verify membership without the need to disclose their identity. In addition, the ID provides an identity layer for e-commerce customers to enable payment security and reduce the cost of storing customer payment data.
A spokesperson of the project confirmed:
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 reduce the cost, time, and complexity of user onboarding and user verification.
MATIC price still in bearish mode
The announcement has had a minimal impact on the price of MATIC as the asset is 12 percent down in the last seven days with a current price of $1.2. However, this, coupled with the launch of zkEVM in late March could send the price to $10 depending on the investors’ response.
