Polygon has introduced a web3 identity service that verifies user credentials without disclosing personal information.
The company said that their ID solution would be beneficial for Know Your Customer checks including blockchain technology.
Polygon has introduced Polygon ID, a web3 identity service that enables blockchain-based apps to validate user credentials without exposing personal data.
Such crypto and NFT initiatives as Kaleido, Fractal, and Collab are built on polygons. The land has already shown its support for Polygon ID, which comes with developer tools. It employs zero-knowledge proofs, which may validate data while keeping it encrypted and concealed from the entity doing the verification.
Compliance use cases like the “Know Your Client” approach necessary for centralized exchanges, permission DeFi platforms, and fiat payments for on-ramp and off-ramp might benefit from Polygon ID. It complements Polygon’s wallet.
“By facilitating Know Your Customer (KYC) and AML checks, Polygon ID helps to fortify the regulatory environment for both web2 and web3 companies. Moreover, the reusability and autonomy of credentials minimize the cost, time, and complexity of user onboarding and user verification “A spokeswoman for the initiative stated in a statement.
The primary developers of Polygon Labs have included this identification toolkit technology in Polygon zkEVM, which is scheduled for release later this month.
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