Ethereum layer 2 solutions provider Polygon has now developed a new technology that aims to preserve user privacy.
Leveraging the zero-knowledge proof technology, Polygon is launching Polygon ID, a new identity platform that allows access to dApps requiring customer verification (KYC) without revealing any personal information.
A blog post shared by the Polygon team revealed several features of the new solution. Since Polygon ID uses zero-knowledge proofs, users will be identified based on computational proofs rather than sharing verifiable credentials with Web3 platforms. It enables on-chain authentication and eliminates the need to rely on a centralized intermediary.
“Polygon ID is private by default, offers on-chain verification and permissionless attestation. There is nothing in the digital identity space now that ticks all these boxes,” said Mihailo Bjelic, Polygon’s co-founder in the blog post. “It is also a great showcase for how zero-knowledge proofs can help us create a better world.”
According to the layer 2 platform, the latest privacy solution will have individual benefits for every web3 protocol, including DeFi platforms, web3 social media, DAOs, NFTs, and more.
Last year, Polygon acquired two zero-knowledge proof (ZK) projects, Hermez and Mir to accelerate its development in space. In addition, it has also allocated $1 billion to ramp up ZK-rollup-related technological efforts.