Polygon ID will Aid Users in Fulfilling KYC Authentication Without Disclosing Sensitive Data
Polygon, a decentralized Ethereum scaling platform, launches its new Polygon ID, which could enable customers to pass Know-Your-Customer (KYC) verification without disclosing personal information.
The Platform will be Privacy-Centered
In Web 3.0, the promise is to put consumer needs before networks. Customer privacy is vital and Polygon ID understands this. According to a recent article by Polygon Team, the new identity platform is “the pioneer to be governed by zero-knowledge (ZK) privacy, cryptographic and blockchain scaling technology.” Polygon has made ZK a crucial part of its long-term goal, investing $1 billion in related projects.
Except for cryptographic evidence, zero-knowledge proofs allow users to confirm their identity without additional information or personal documents.
The Polygon ID ZK-proofs, in particular, will be utilized to verify a user’s identification for Know-Your-Customer purposes. As a result, the process of sharing government identity or other crucial documents is no longer necessary.
Other Features Offered by Polygon ID
Polygon ID makes use of the Circom ZK toolkit and the Iden3 protocol. These projects will be supported by Polygon in the future while maintaining the original spirit of community initiatives to give open-source protocols and tools to the broader developer ecosystem.
Additional features include a blockchain-based ID for decentralized and self-sovereign frameworks, zero-knowledge native algorithms for maximum user privacy, and native protocols for maximum user privacy. It also features scalable and private on-chain authentication to enhance decentralized apps and decentralized finance.
According to Polygon’s co-founder, Polygon ID is private by default and presents on-chain verification and attestation without permission. He also added that the platform is a fantastic example of how zero-knowledge proofs can aid in the creation of a better world while highlighting that no other platform has offered all features together.
More Polygon Applications
Polygon has identified various potential uses for its identity solution for Web 3.0 protocols and KYC applications. The creation of decentralized credit scores, player reputation profiles for Web 3 games, and private, censorship-resistant peer-to-peer communication for social applications are possible future applications. The software, other than being open-source, will have its development kit, allowing blockchain protocols to generate specific use cases.
Polygon ID is a comprehensive platform for building a wide range of identification and trust services. To construct new attestation and access services with an incentive layer, the team creates an open and enterprise-ready environment for trust markets and management. Its development is underway, and the solution will be presented as a set of tools, platform services, and tools for developers to test, learn and incorporate into their apps.
KYC standards are becoming increasingly crucial for businesses to comply with regulatory guidelines as cryptocurrencies become more widespread. Companies can avoid criminal activities such as money laundering and tax evasion while still protecting their consumers’ privacy by providing a more private and secure means of KYC with ZK-proof-based solutions like Polygon ID.
