Last Updated on March 2, 2023 by Bitfinsider
Polygon, an Ethereum sidechain, has introduced Polygon ID, a web3 identity tool that enables blockchain-based apps to verify user credentials without compromising personal data.
Such crypto and NFT initiatives as Kaleido, Fractal, and Collab are built on polygons.
Land, have already demonstrated their support for Polygon ID, which comes with a developer tools. It employs zero-knowledge proofs, which can authenticate data while keeping it encrypted and concealed from the entity performing the verification.
Compliance use cases such as the “Know Your Client” procedure needed for centralized exchanges, permissioned DeFi platforms, and fiat transfers for on-ramp and off-ramp could benefit from Polygon ID. It complements Polygon’s pocketbook.
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