The Polygon team, one of the most active during the bear market, continues to actively develop its ecosystem and enter into more significant partnerships.
In March 2023, Polygon launched a service that uses zK technology to verify various data on the blockchain without disclosing it.
Polygon ID unlocks the following use cases for developers building for end users:
1)Don’t trust, verify - users can prove they are human without necessarily disclosing personal information. The unique ZK-Query language makes elaborate proofs like "I’m older than 18 and a citizen of the U.K." possible.
2)Real-world credentials meet Web3 - users can generate zero-knowledge proofs using off-chain credentials (a diploma, driver's license, or national ID) to interact with smart contracts.
3)Improved user experience - users can take advantage of passwordless login to keep hackers at bay, reusable credentials that let people easily onboard to new services, and composable reputation that follows users across multiple apps.
4)Compliance without sacrificing privacy - with zero-knowledge technology, developers can leverage zero-knowledge technology within their existing compliance processes without sacrificing user privacy.
Such technology can help in applications such as:
-Banking applications that issue loans based on certain criteria.
-DAO user verification, allowing anonymity while checking a user's reputation.
-Unsecured loans.
There can be many use cases for this technology, and it is no surprise that the Polygon team was the first to implement it. This technology represents a significant step forward in the development of blockchain applications. Show Less
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