THELOGICALINDIAN - Polygon ID will advice users canyon KnowYourCustomer analysis after absolute acute information
Polygon is ablution a new privacy-focused character solution. Polygon ID uses zero-knowledge proofs to actualize a agenda character that doesn’t charge to admit users’ claimed information.
Introducing Polygon ID
Web3 is about to get its aboriginal privacy-focused character platform.
Polygon has appear it is alive on a new zero-knowledge proof-based character band-aid to advice users verify their identities after absolute acute claimed information.
The new Polygon ID account will use ZK-proofs to cryptographically affirm a user’s character after acute them to allotment abstracts such as a authorization or driver’s authorization with a third party. Polygon ID is currently in development and is appointed for a abounding absolution in the third division of 2022.
Zero-knowledge proofs allow parties to prove that advice is accurate after absolute any capacity except a cryptographic proof. Because of their privacy-preserving properties, ZK-proofs accept been activated abounding times in crypto projects, best conspicuously in aloofness blockchains like Monero and Zcash.
With Polygon ID, ZK-proofs will be acclimated to prove a users’ character for Know-Your-Customer verification. Previously, users would charge to abide claimed abstracts every time they bare to canyon KYC, creating new vulnerabilities anniversary time they aggregate their identification. By application Polygon ID, users no best charge to betrayal their claimed advice to companies acute KYC and can instead prove their character on-chain application ZK-proofs.
“Polygon ID is clandestine by default, offers on-chain analysis and permissionless attestation. There is annihilation in the agenda character amplitude now that ticks all these boxes,” Polygon co-founder Mihailo Bjelic said in a Tuesday columnist release. He additionally accent how Polygon ID showcases addition way zero-knowledge proofs and cryptography can advice advance on abstracts aegis problems in absolute Web2 applications.
In accession to KYC applications, Polygon has additionally appropriate several added means its character band-aid can be used. Possible approaching applications accommodate creating decentralized acclaim scores, amateur acceptability profiles for Web3 games, and private, censorship-resistant peer-to-peer advice for amusing applications. Polygon ID will be accessible source, complete with its own software developer kit, acceptance any blockchain agreement to advance its own custom use cases.
As cryptocurrencies accretion added boilerplate adoption, KYC requirements are acceptable capital for companies to accede with bounded regulations. Recently, Bored Ape Yacht Club architect Yuga Labs faced criticism from the NFT association for acute KYC analysis for its new Metaverse accord with Animoca Brands. By accouterment a added clandestine and defended adjustment of KYC through ZK-proof-based solutions like Polygon ID, companies can anticipate actionable activities such as money bed-making and tax artifice while additionally apropos their users’ privacy.
Disclosure: At the time of writing, the columnist did not own any cryptocurrency mentioned in this piece.
