Blockchain technology was invented for privacy and security. Polygon ID ensures both of these are protected
Polygon’s new privacy solution Polygon ID comes at a time of renewed conversations around the importance of privacy and security in the blockchain space. But what is the new platform, and what does it do?
Following the recent Axie Infinity hack, privacy and security are again at the forefront of blockchain conversation. It’s no surprise, given the $625 million that was stolen from an innocent gaming community that may never see their money again. So it’s with serendipitous timing that Polygon announced the launch of its new privacy solution.
Polygon ID is the first ever identity platform to be ‘powered by zero-knowledge (ZK) cryptography’. Zero-knowledge cryptography allows one party to prove that what they say is true without being able to give up the information itself. This is useful for passwords: you want to show a protocol that you know the password without actually telling it the exact characters.
Polygon ID has some key features that anyone interested in their digital privacy should know about:
- Blockchain-based ID for decentralized and self-sovereign models
- Zero-knowledge native protocols for ultimate user privacy
- Scalable and private on-chain verification that boost dapps and DeFi
- Open to existing standards and ecosystem development
This private by default model, with ‘on-chain verification and permissionless attestation’ means ‘there is nothing else in the digital identity space that ticks all these boxes,’ according to Polygon’s co-founder Mihailo Bjelic. Very lofty words indeed!
What is Polygon?
Polygon is a layer 2 Ethereum scaling solution. Often dubbed “Ethereum’s internet of blockchains”, it launched in 2017 as a way to take some of the burdens away from the main Ethereum network.
The cryptocurrency’s symbol is MATIC and it’s up 6.79% to $1.73 in the past 30 days. For more information on how cryptocurrencies performed in March, you should check out this article from yesterday that lays out how past on-chain activity can give us some insights into future DeFi performance.
You can track Polygon dapp activity by using DappRadar’s rankings pages to look at how NFTs, exchanges, DeFi and more perform across the network. We also have a Token Explorer where you can spot trends and inform your decisions.
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