- Polygon ID allows developers to build privacy products.
- The new Polygon product users zero-knowledge proofs.
- Around 20 crypto companies are already building with Polygon ID.
Polygon (MATIC), one of the leading Ethereum scaling projects, has released a new product to increase privacy and security for blockchain users.
Polygon announced on Wednesday that it had launched Polygon ID, a decentralized and self-sovereign identity infrastructure stack that developers can use to build privacy products.
Polygon ID uses zero-knowledge proofs, a technology that enables one party to prove to another party that something is true without relieving what it is. For example, a person can prove to an institution that he or she is at least 18 years old without revealing his or her actual age or other personal details.
Polygon also uses the zero-knowledge proof technology for its zkEVM scaling solution set to launch on March 27.
“For businesses leveraging Polygon ID, this may mean the end of headaches dealing with user data management. For individuals, it means greater control over their own identity and discretion in how they use their personal data to answer questions from institutions and private organizations.”
Polygon ID, fully open-source and self-sovereign, can verify DAO membership, improve traditional KYC, e-commerce customer onboarding, passwordless login, undercollateralized lending, and portable avatars and reputation management.
Around 20 crypto companies are already building with Polygon ID, including The Sandbox, Grail, and Guild.xyz.
The launch of the new product failed to help Polygon’s native token MATIC to get out of the market-wide slump. MATIC is trading at $1.20, down 4% in the last 24 hours, according to data from Coingecko.
On the Flipside
- Some industry observers have criticized Polygon for its wide range of products, saying that it prevents the team from focusing on the most important project, the zkEVM scaling solution.
Why You Should Care
Crypto is all about decentralization, privacy, and self-sovereignty. Having the opportunity to remain anonymous yet follow the law on the internet is vital to spurring crypto adoption. Users and developers might look closely at Polygon ID to see whether they can contribute to its development.
Read more about Polygon’s latest developments:
Polygon (MATIC) Down 17% in the Last Seven Days Ahead of zkEVM Launch
Read more about the recent crypto price action:
Crypto Fear and Greed Index at Highest Level Since Bitcoin Hit $69,000
