On the 29th of March, 2022, Polygon revealed a new ID platform known as Polygon ID. The Polygon identity platform (Polygon ID) runs on zero-knowledge (ZK) cryptography as the Protocol is still developing. Polygon expects the public variant of the ID wallet application and software development kit to become public knowledge by the second quarter of 2022.
Polygon ID Protocol To Be Powered By ZK Technology
Polygon has proposed a new identity platform known as Polygon ID that is poised at bolstering zero-knowledge identity for applications running on web3. Cryptography is a whole big community, and having a zero-knowledge (ZK) proof enables a user (aka. the prover) to prove the authenticity of a particular thing without exposing any irrelevant info. This week, during the announcement about Polygon ID, Polygon asserted that their team has converted Zero-Knowledge (ZK) tech into “a spotlight of its tactical vision and had invested a billion dollars to similar projects.”
Polygon has said that the protocol Polygon ID uses the Iden3 Protocol and Circom Zero-knowledge (ZK) toolkit. According to Polygon’s team, Polygon would sponsor the two projects in the future. This sponsorship would support open source initiatives throughout the whole ecosystem. Polygon’s co-founder, Mihailo Bjelic, elaborated in detail during the announcement of the Polygon ID. Bjelic said that an excellent way to focus on the merits of Zero-knowledge (ZK) tech is Polygon.
On Tuesday, Mihailo said that the “Polygon identity platform by default is private, verifies on the blockchain and free entry attestation.” “There is the absence of anything that can mark all the boxes.” It is a great way to show how Zero-knowledge (ZK) proofs can aid us in creating an exceptional world”.
Recently, the Polygon team has seen significant progress in diverse areas. In February, the first week, Polygon generated a whopping $450M from Shark Tank’s Kevin O’Leary, Softbank, and Sequoia Capital India. Before this fundraising with over forty VC firms, Polygon announced the acquisition of a network called Hermez.
In essence, the Hermez network became the Polygon Hermez. This Hermez Network was purchased at $250M in August 2021. That same 2021, around December, Polygon obtained the Mir Protocol for $400M to support “innovative zero-knowledge rollup technology.”
MATIC, the native token of Polygon, is presently the eighteenth largest cryptocurrency asset based on market capitalization with $11.3M . From the beginning of 2021 to this day, MATIC has significantly progressed against the United States dollar by 361 percent. And in the last two weeks, MATIC rose by 14.3%.
Polygon ID has several properties, and they include ID based on the blockchain for Decentralised and Independent models, Zero-knowledge (ZK) native protocols for total privacy of the users, and flexible and private verification on the blockchain to enhance decentralized applications and decentralized finance. Additionally, being accessible to standards already in place and the development of the ecosystem.