Polygon, an Ethereum sidechain, has published a web3 identification service called Polygon ID for blockchain-based apps to authenticate user credentials without compromising personal information.
Today, we’re proud to announce the release of the open-source, Polygon ID Identity Infrastructure! 🎉
This is the first decentralized identity platform using zero-knowledge (ZK) to issue credentials on-chain, making it secure and privacy-preserving to power identity on web3.
— David Schwartz (@davidsrz) March 1, 2023
Kaleido, Fractal, and Collab.Land are polygon-based crypto, and NFT projects have already shown support for Polygon ID accompanied by a developer toolkit. The offering can verify user data for blockchain applications while maintaining privacy on-chain; it employs zero-knowledge proofs to authenticate data while keeping it encrypted and concealed from the party performing the verification.
Compliance use cases that could benefit from Polygon ID include “Know Your Client” processes for centralised exchanges, permissioned DeFi platforms, and on-ramp and off-ramp fiat payments. It complements the wallet offered by Polygon.
According to a project spokesperson, Polygon ID enables conformance for web2 and web3 industries, strengthening the regulatory framework via KYC/AML checks. Besides, the reusability and autonomy of credentials reduce the cost, time and complexity of user onboarding and verification.
The primary architects of Polygon Labs have integrated this identity toolkit technology into Polygon zkEVM, which is scheduled to be released later this month.