On Wednesday, Polygon announced they are jumping on the zero-knowledge proof train for their new Web3 ID service.
Polygon has announced Polygon ID, a web3 identification service on its Ethereum sidechain. The service authenticates user credentials for blockchain-based apps without revealing personal information. It will reach around 4 million users via launch partners, including Collab.Land, Fractal, Kaleido, and The Sandbox. Polygon Labs is integrating this service into Polygon zkEVM, which will be released this month.
Unlike rival identity solutions, Polygon ID uses zero-knowledge proofs (ZKPs). With ZKPs, sensitive information is not uploaded publicly to the blockchain in order to be validated. Consequently, ZKPs are becoming an increasingly popular technique in Web3.
Polygon bills this as a “fundamental change in the Internet’s trust model.” And they might not be wrong. Polygon ID offers benefits for both businesses and individuals. For businesses, it eliminates the challenges of managing user data. For individuals, it provides greater control over their identity and discretion in sharing personal data with institutions and private organizations.
In the announcement tweet, Polygon said “The future is self-sovereign.” A reference to the ecosystem-wide move towards self-sovereign identity (SSI).
SSI allows individuals to create and manage their own identities stored on a distributed ledger. The technique secures information using public-key cryptography, and individuals control what they disclose. SSI enables greater privacy and security while reducing the risk of identity theft and fraud. However, challenges to widespread adoption exist, including interoperability and ensuring accuracy. Nevertheless, SSI could transform digital identity and impact areas such as finance, digital voting, and healthcare.
What Are Zero-Knowledge Proofs?
Recently, ZKPs have become increasingly important in the blockchain industry. Using this technique, a user can prove they know something without actually revealing what they know. This makes it possible to provide evidence of ownership or authorization without disclosing any sensitive information.
ZKPs make blockchains faster and more scalable by allowing computations to be performed off-chain, verifying multiple proofs at the same time, and enabling more efficient data storage and retrieval.
Some blockchain layer 1s that use ZKPs include Zcash, Tezos, Cosmos, and Aleph Zero. More chains are exploring their implementation.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.