On March 29, Polygon, the layer two (L2) scaling resolution that runs parallel with the Ethereum blockchain, has introduced a brand new identification platform known 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 identification platform known as Polygon ID that goals to bolster zero-knowledge identification for Web3 functions. Within the huge world of cryptography, a zero-knowledge (ZK) proof permits a consumer to leverage a cryptographic verifier that allows the consumer (the prover) to show one thing is true with out revealing pointless info. Throughout the announcement regarding Polygon ID this week, Polygon stated the workforce 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 workforce says that sooner or later, each of the initiatives might be sponsored by Polygon with the intention 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 an effective way to spotlight the advantages of ZK tech.
“Polygon ID is non-public by default, presents on-chain verification and permissionless attestation,” Bjelic stated in a press release on Tuesday. “There may be nothing within the digital identification house now that ticks all these bins. It’s also an incredible showcase for the way zero-knowledge proofs will help us create a greater world.”
The Polygon workforce has been progressing an incredible deal in latest 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 with the intention to bolster “groundbreaking ZK rollup expertise.”
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 presents.
“Polygon ID has the next properties: [A] blockchain-based ID for decentralized and self-sovereign fashions, zero-knowledge native protocols for final consumer privateness, scalable and personal on-chain verification to spice up decentralized apps and decentralized finance, and [being] open to present requirements and ecosystem growth,” the weblog announcement explains.
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Source: Bitcoin News
