Polygon (MATIC), one of Ethereum’s most popular sidechain platforms, has introduced a web3 identity service, Polygon ID, which provides secure verification of user data using blockchain technology. According to the press release, Polygon ID’s self-defined identity infrastructure will help developers solve the digital trust problem.
Polygon ID could be particularly useful in areas such as Know Your Customer (KYC) procedures, which are required for centralized exchanges, permissioned DeFi protocols and payment gateways for fiat and cryptocurrency transactions.
The technology’s applications go far beyond traditional banking – it is suitable for onboarding customers in e-commerce, passwordless login, issuing unsecured loans and managing decentralized autonomous organizations (DAOs). In doing so, the Polygon ID wallet is compatible with the Polygon wallet.
With Polygon ID, organizations will be able to avoid the complexities of storing user data, giving users greater control over their personal information and more flexibility to use and transmit it securely, including requests from both the public and private sectors.
Several Polygon-based and NFT projects have already expressed support for Polygon ID – among them Grail, DePay, Kaleido, Fractal and Clique. The system verifies user data for Dapps, ensuring privacy thanks to zero-knowledge rollups (ZK proofs), which validate information without revealing its contents to the verifying party.
The Polygon Labs team plans to release Polygon zkEVM with an integrated identity toolkit later this month.