Polygon has simply launched a brand new self-sovereign, zero-knowledge proof (ZKP) identification service. Known as Polygon ID, the answer will allow customers to confirm their credentials and identification with out ever revealing any private data.
The answer goals to front-run the know-your-customer (KYC) regulation that may put unimaginable stress on cryptocurrency firms across the globe.
A decentralized resolution for KYC
Privateness and anonymity are the cornerstone of Web3 tradition, representing every thing its customers maintain pricey. Nevertheless, the massive progress seen within the Web3 market, pushed by DeFi and NFT industries, has made it a goal for regulators.
Market watchdogs across the globe have been racing to control the burgeoning trade and acquire some semblance of management over its fast-growing market. This push for regulation interprets into extra stringent KYC necessities for firms working within the Web3 sphere.
For crypto service suppliers, KYC means requiring their customers to supply personally-identifying data resembling passports, government-issued IDs, and biometric information. And whereas this relieves the stress from regulators, it presents a slew of different issues, which embrace infringement of privateness and information leak dangers.
This rising concern is what Polygon got down to handle with its new ID resolution. Polygon ID is likely one of the first such options to be powered by zero-knowledge (ZK) cryptography and represents the primary milestone in Polygon’s formidable roadmap for 2022.
The scalable blockchain platform has made zero-knowledge cryptography the centerpiece of its strategic imaginative and prescient for the following couple of years and has dedicated $1 billion to fund tasks exploring and implementing the know-how. Polygon ID, the corporate instructed Crypto, is the most recent product on this quickly rising portfolio.
The ID resolution will leverage the Iden3 protocol and the Circom ZK toolkit to supply a decentralized and self-sovereign platform for organizations, companies, and customers. It may be used to assemble quite a lot of identification and belief providers, together with dAccess-as-a-Service, KYC and KYB attestation, in addition to distribution channels.
For end-users, Polygon ID provides a decentralized solution to KYC by enabling them to create a digital identification that may affirm their entry rights with out divulging their private data. Polygon instructed Crypto that this can be a main step ahead over conventional types of digital identification because it removes all redundancy and middlemen from the method.
“Polygon ID is personal by default, provides on-chain verification and permissionless attestation. There may be nothing within the digital identification house now that ticks all these packing containers,” stated Mihailo Bjelic, Polygon’s co-founder. “It is usually an awesome showcase for the way zero data proofs will help us create a greater world.”
It additionally permits for the development of recent types of fame, opening up new prospects for firms within the Web3 house. In line with Polygon, its new ID resolution can be utilized to supply decentralized credit score scores for monetary primitives and social funds in DeFi and allow a decentralized Sybil rating that might create new decision-making and governance fashions in DAOs. Polygon ID is also used to create participant fame profiles for Web3 video games and facilitate personal P2P communication and interactions on social functions.
Polygon’s handy privateness set that’s set to be delivered this yr
Based mostly on the expressible declare commonplace, Polygon ID provides benefits over different types of digital verification resembling NFTs and verifiable credentials (VCs).
Whereas NFTs have turn into ubiquitous within the Web3 world, they lack the privateness and cost-efficiency wanted to make them an efficient verification resolution. Verifiable credentials, alternatively, provide the next diploma of privateness as they permit selective disclosure and may assist ZK cryptography. Nevertheless, they’re restricted with regards to expressibility and composability—all options required when implementing verification options to advanced functions.
And whereas zk-proof-based identification options provide considerably extra advantages and functions, their complexity usually stands in the way in which of mainstream adoption. Polygon ID has drastically lowered the complexity that comes with the usage of Circom 2.0 and created a way more streamlined resolution.
This permits the onboarding for builders and companions to happen through the ID consumer toolkit, which is able to include native apps, SDKs, and white label options. On-chain personal verification is finished utilizing zkProof Request Language, whereas identities can concern claims by means of the relayer, a singular mannequin that reduces the price of person claims.
To assist all of those options, Polygon ID might be structured as a set of instruments and platform providers. The product portfolio will embrace the Polygon ID Pockets app, the Polygon ID platform, and the Polygon ID Join, a public service platform that allows entry integration throughout person wallets and apps.
By the tip of the week, Polygon is ready to ship a proof of idea for the Polygon DAO. Subsequent quarter, the market ought to see the general public launch of the ID Pockets app and the Polygon ID SDK, whereas the total launch of the Polygon ID platform and the SDK for customized use circumstances ought to occur this fall.