Known as Crypto Matic, Polygon today launched an identification service called Polygon ID. This allows applications built on top of the blockchain to verify user information without providing information about that information.
That sounds futuristic: without having to look at the information, companies can still know that you are you and that you have permission to access your account. Does this deliver on one of blockchain’s biggest promises?
Polygon ID is used immediately
There are already applications and projects based on cryptography and NFT using Polygon ID. One such company is Kaleido, which builds specialized blockchains for companies using Polygon technology.
Fractal also uses the polygon ID directly. Fractal provides tools for game developers who want to develop games on the blockchain. Think of wallet integrations between blockchains and video games that enable trading of cryptocurrencies and NFTs.
Collab.Land has also announced that it will use Polygon ID. In its simplest form, Collab.Land is a bot for Discord or Telegram. It offers a variety of cryptography-related commands, such as improving group dynamics or sharing public addresses and minting new tokens.
These three companies see value in keeping identity information private while still being able to identify you.
evidence of no knowledge
Polygon ID maintains privacy on the blockchain using zero-knowledge proofs that can authenticate data, keeping it encrypted and hidden from the verifying party.
Zero-knowledge technology is a much-anticipated form of encryption, as it eliminates the need for individuals to routinely share personally identifiable information across various websites or online applications. This breakthrough has long been seen as an important potential use case for blockchains.
How can polygon ID be used?
The polygon ID can be useful for compliance departments. Any company that sells crypto or facilitates crypto trading must have a customer knowledge policy. Sure, centralized exchanges like Coinbase and Binance are quick to scold if this is incorrect.
Governments and banks are very afraid that money will be laundered or that cryptocurrencies and money will end up with parties they do not agree with. Polygon ID works with Polygon Wallet.
According to the company, the new Polygon ID toolset can be used by developers via token gating “to build features such as an improved login UI, assist with regulatory compliance, verify user identity and control access.” .” to specific areas or to limit functions”. .’
The latter is interesting because only if you have a certain token in your wallet and can prove it, you have access to, for example, a website or trading opportunities.
Koers Matic has not yet responded
The website says:
“Polygon ID enables compliance for the Web2 and Web3 industries and strengthens the regulatory framework through KYC/AML checks. Credential reuse and self-management reduce the cost, time and complexity of user onboarding and authentication.”
We look forward to seeing if the price of Matic, Polygon’s coin, will rise as a result. It’s quiet on that front for now.
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Source: Btc Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
