On Wednesday, Polygon announced the launch of its new Polygon ID product, which is based on Zero-Knowledge (ZK) technology.
This new tool will enable users to verify their identities or credentials without revealing sensitive information. The new Polygon ID product can be used to unlock features such as enhanced sign-up user interface, regulatory compliance, identity verification, and restricted access control.
Zero-knowledge technology, a type of cryptography that eliminates the need for individuals to provide personal information to various online applications or websites, has been tipped as one of the hottest trends for the digital asset industry this year. This technology has long been viewed as a key potential use case for blockchains.
Under the design of Polygon ID, a person or entity known as the "identity holder" has claims stored in a wallet, and verifiable credentials are cryptographically signed and issued to the identity holder by a trusted and reputable party. The verifier checks the proof presented by the holder, and proofs can be done either off-chain or on-chain via smart contracts.
Zero Knowledge Proofs