Ethereum scaling platform Polygon has introduced a decentralised identity service.
The platform, which enables developers to build dApps with low transaction fees, said Polygon ID allows users to ‘know-your-customer’ – verifying their credentials and identity – without the need to reveal any personal information.
It claims that, bowing to pressure from regulators, many major cryptocurrency exchanges have begun to KYC users as standard, blocking services to those who refuse.
KYC typically involves users providing third parties with a litany of personally-identifying information such as passports, government-issued IDs and often biometric data. This represents a significant infringement on user privacy and increased data risk
By leveraging zero-knowledge (ZK) cryptography, Polygon ID users can effectively create a digital identity that can confirm their access rights but doesn’t need to divulge their personal information to any third party. It allows for advanced, on-chain verification, enabling complex interaction with smart contracts.
It says this is a more logical choice for the evolving world of Web3 services and has committed $1 billion to related projects.
“Polygon ID is private by default, offers on-chain verification and permissionless attestation,” said co-founder Mihailo Bjelic.
“There is nothing in the digital identity space now that ticks all these boxes. It is also a great showcase for how zero knowledge proofs can help us create a better world.”