Theoretically, a bar owner might utilize Polygon ID’s credential verification system to determine if a customer is of legal drinking age without ever having to see an identity card.
Participate in the most significant discussion in crypto and Web3 from April 26-28 in Austin, Texas. Polygon said on Wednesday that it has introduced a new Polygon ID solution based on Zero-Knowledge (ZK) technology that enables users to authenticate their identities or credentials without disclosing sensitive information.
Polygon is an expert in scaling methods for the Ethereum blockchain, notably the well-known Polygon PoS sidechain. According to the business, the new Polygon ID “toolset may be used by developers to unlock capabilities such as an improved signup user experience, aid in regulatory compliance, authenticate user identities, and limit access control to certain sections or features through token-gating.”
Zero-knowledge technology is a sort of encryption that is predicted to be one of the biggest innovations in the digital-asset market this year since it removes the need for consumers to frequently submit personal information to many websites and online apps. This development has long been seen as a crucial potential blockchain application.
“Providing identification in a manner that the typical customer can use is the holy grail of digital ID acceptance,” said David Schwartz, co-founder of Polygon. Before today, no other identification solution was able to deliver the scale required for the widespread use of ZK technology.
According to the project’s GitHub-hosted tutorial, the “identity holder” of Polygon ID has “claims” kept in a wallet. “Verifiable credentials” are cryptographically signed and provided by a “trusted and respectable source” to identity bearers. Next, a verifier examines the evidence submitted by the holder.
“A bar that needs to check your age to make sure you’re over 18 is the simplest kind of Verifier. According to the lesson, in the real world, the Identity Holder would need to produce identification and all of their personal information. “With Polygon ID, they merely want a confirmation of identity.”
Proofs may be performed either off-chain or on-chain via the use of smart contracts. According to the Polygon website, a Polygon ID wallet application and wallet software development kit (SDK) is available.
Also Read: Binance Makes Another Effort To Get A License To Provide Crypto Services In Singapore
Wallets