👋 Want to work with us? CryptoSlate is hiring for a handful of positions!

Polygon (MATIC) is up 23% in the past 24 hours, hitting $0.51 to mark an 11-day high.

MATIC is the biggest winner in the top 100, followed by Cosmos and Sandbox, which grew by 14% and 13% respectively over the same period.

One of the drivers of MATIC’s rise is the launch of a new identity solution incorporating zero-knowledge technology that claims to “subvert the trust model of the internet.”

“Today we are launching the first iteration of Polygon ID – a private, self-sovereign identity solution powered by zero-knowledge cryptography..”

Polygon ID allows verification without revealing personal information

Polygon ID offers Decentralized Autonomous Organizations (DAOs) the ability to verify individual identities.

The current identity verification model relies on users providing data directly to entities. However, Polygon ID allows users to verify particular aspects of their identity without revealing personal information via zero-knowledge proof technology – thanks to zkSNARK proof technology.

“Polygon ID gives users full control of their digital identity, allowing them to prove specific aspects of their identity without revealing any personal information.

Polygon identification model for identity verification
Source: blog. Polygon.technology

zkSNARK-proof, or Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, refers to a situation in which the user demonstrates, using mathematical proof, that they are who they claim to be without giving identity documents. The entity is satisfied with the identity of the user via the zk proof without needing to see the actual documents.

Polygon ID represents a step forward in Polygon’s vision of a decentralized Web3 governance structure. In keeping with the core principle of Web3, Polygon said the technology gives users “full control over their own data.”

A self-sovereign identity can be understood as an identity in which a user has full control over their own data.

Other developments

On Wednesday, luxury carmaker Bentley Motors announced an NFT drop on “the carbon-neutral Polygon Network.”

The collection consists of 208 NFTs featuring Bentley Design artwork, offering the holder “one-time access and exclusive rewards”.

The automaker said this marks its first step into the Web3 space, and other businesses including NFC (non-fungible chips), online games, Metaverse apps and blockchain technology will follow.

Commenting on the collaboration, Polygon CEO Ryan Wyatt said Polygon is well positioned to help Bentley secure its Web3 future while helping the brand meet its carbon neutral goals.

“By embracing this new technology, Bentley is securing its position in the next iteration of the internet, and doing so through Polygon’s carbon-neutral network will help the automaker on its journey to carbon neutrality by 2030.”

About The Author

Related Posts