On March 29, Polygon, the layer two (L2) scaling resolution that runs parallel with the Ethereum blockchain, has introduced a brand new id platform referred to as Polygon ID. Whereas the protocol is remains to be below 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 equipment (SDK) to launch by Q2 2022.
Polygon Reveals ID Protocol Powered by ZK Know-how
Polygon has launched a brand new id platform referred to as Polygon ID that goals to bolster zero-knowledge id 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 data. In the course of the announcement regarding Polygon ID this week, Polygon stated the crew has made ZK tech a “centerpiece of its strategic imaginative and prescient and has dedicated $1 billion to associated tasks.”
In response to Polygon, the protocol Polygon ID makes use of the Iden3 protocol and Circom ZK toolkit. The crew says that sooner or later, each of the tasks will likely be sponsored by Polygon so as to bolster open supply initiatives throughout all the ecosystem. Mihailo Bjelic, Polygon’s co-founder, defined through the announcement that Polygon ID is a good way to focus on the advantages of ZK tech.
“Polygon ID is personal by default, gives on-chain verification and permissionless attestation,” Bjelic stated in a press release on Tuesday. “There’s nothing within the digital id area now that ticks all these containers. It’s also an excellent showcase for a way zero-knowledge proofs will help us create a greater world.”
The Polygon crew has been progressing an excellent deal in latest occasions and through 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 companies, 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 so as to bolster “groundbreaking ZK rollup know-how.”
Polygon’s native token MATIC is presently the 18th largest crypto asset by way of market capitalization with $11.3 billion on the time of writing. Yr-to-date, MATIC has gained 361% in opposition to the U.S. greenback and over the last two weeks, MATIC has risen 14.3%. The Polygon ID announcement particulars that there are 4 properties the protocol gives.
“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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