Polygon, a much sought-after upgrade solution in terms of Ethereum, has finally and successfully been able to launch its long-awaited, zero-knowledge-boosted ID protocol. Zero-knowledge proofs (ZKPs), which are used by the service, are a very modern type of cryptography that helps keep privacy on the chain. This, in turn, provides the opportunity for users to be able to authenticate their individual identities, simultaneously preventing sensitive information from being leaked.
According to the members of the Polygon team, all connected users can utilize its ID service to launch specific content in the case of authenticated users while keeping up with the regulatory factors. With the Polygon ID, developers can provide their users with decentralized KYC authentication. This creative system utilizes the ZK proofs for building a digital identity that grants connectivity rights without divulging personal information to any third party. The ID service will be forwarded to approximately 4 million users through their associates, Collab.Land, The Sandbox, and Kaleido.
Polygon is working on addressing the Know-Your-Customer (KYC) checks, which, at the present moment in time, are extremely common in terms of the Web3 ecosystem. There is a requirement for KYC to be able to offer third parties an entire retinue of personal identification-related information. It becomes a problem for third parties to hold on to the collected data. Along with that, there also remains the factor of data leaks. The Polygon ID is unlike other identity solutions because it adopts zero-knowledge proofs (ZKPs). This, in turn, provides information authentication, so there is no need to upload sensitive information to the blockchain.
Polygon, for its part, had set aside an amount of $1 billion for the effective development of ZK sometime in August 2021. This amount was meant for the acquisition of products as well as for hiring purposes and the development of new services. In March 2022, the team was involved in creating a ZK-boosted identity service. In July 2022, the entity had plans to launch an Ethereum Virtual Machine (EVM)-compatible rollup boosted by ZKPs.
Rollups happen to be the absolute top upgrading technology for Ethereum, and they function by bringing together Layer 2 transactions, following which they are forwarded to the mainnet for completion. Ethereum is the prime smart contract engine where Ethereum is concerned, having EVM compatibility. This signifies the fact that developers can post their code among Ethereum and Layer 2. Polygon’s zkEVM will be delivering its public mainnet sometime in March 2023.
