A QUICK TAKE.
A web3 identification service that can authenticate user credentials without disclosing personal information was released by Polygon’s web-3. The team claimed that its ID solution would be helpful for Know Your Customer procedures involving blockchain.
Blockchain-based applications can now authenticate user credentials without jeopardizing personal information thanks to Polygon ID, a web3 identification service recently released by the Ethereum sidechain Polygon.
Kaleido, Fractal, and Collab are examples of polygon-based NFT and crypto projects. Polygon ID, which comes with a developer toolkit, has already received support from Land. The solution uses zero-knowledge proofs to authenticate data while keeping it encrypted and hidden from the verifier to verify user data for blockchain apps while maintaining privacy on-chain.
The “Know Your Client” procedure required for centralized exchanges, permission DeFi platforms, and fiat payments for on-ramp and off-ramp are examples of compliance use cases where Polygon ID may be helpful. It functions in conjunction with Polygon’s web-3 wallet.
Through KYC/AML checks, Polygon ID strengthens the regulatory framework by enabling compliance for web2 and web3 industries. According to a project spokesperson, “User onboarding and verification are less expensive, time-consuming, and complex because of the reusable nature of credentials.
The core developers of Polygon Labs have incorporated this identity toolkit technology into Polygon’s web-3 zkEVM, which is scheduled to debut later this month.