Polygon launches web3 identification service using zero-knowledge proofs

Quick Take

  • Polygon released a web3 identification service that can authenticate user credentials without revealing personal data.
  • The team said that its ID solution will be useful for blockchain-related Know Your Customer checks.
Polygon, the Ethereum sidechain, released a web3 identification service called Polygon ID that will allow blockchain-based applications to authenticate user credentials without compromising personal information.
 
Polygon-based crypto and NFT projects such as Kaleido, Fractal and Collab.Land, have already shown support for Polygon ID, which is accompanied with a developer toolkit. The offering can verify user data for blockchain apps while maintaining privacy on-chain; it uses zero-knowledge proofs, which can authenticate data while keeping it encrypted and hidden from the verifying party. 
 
Polygon ID could be beneficial in compliance use cases such as the "Know Your Client" process required for centralized exchanges, permissioned DeFi platforms, as well as fiat payments for on-ramp and off-ramp. It works alongside Polygon's wallet.
 
"Polygon ID enables compliance for both web2 and web3 industries which strengthens the regulatory framework through KYC/AML checks. The reusability and self sovereignty of credentials also reduces the cost, time and complexity of user onboarding and user verification," a project spokesperson said in a statement.
 
Polygon Labs' core developers have integrated this identity toolkit technology into Polygon zkEVM, which is expected to launch later this month.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is The Block’s Crypto Ecosystems Editor and has spent over seven years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal can be reached on Twitter at @vishal4c and via email at [email protected]

Editor

To contact the editors of this story:
Nathan Crooks at
[email protected]
Andrew Rummer at
[email protected]