Polygon has published a tutorial on the identity infrastructure: Polygon ID: Its efforts to stay on track, however, have not stopped the bearish trend of its MATIC crypto, which has dropped more than 13% in the past seven days.
Summary
Polygon and the Crypto ID infrastructure
If you take a look at Polygon’s official Twitter account, there has been a presentation of its new identity infrastructure in recent days: Polygon ID.
In practice, the new Polygon ID identity infrastructure aims to facilitate reliable and secure relationships between applications and users, following the principles of self-sovereign identity and privacy by default.
Using zero-knowledge proofs, users can prove their identity without revealing their private information. This would guarantee both freedom of expression and privacy, as users’ identities are protected by zero-knowledge encryption.
Polygon ID: The Basic Concepts of Digital Identity
Polygon ID’s new tools are based on the basic concepts of digital identity: verifiable credentials, identity holder, identity issuer and identity verifier.
In the dedicated tutorial, Polygon explains the framework of the Polygon ID infrastructure as follows:
“Each identity is identified by a unique identifier called a DID (Decentralised Identifier). All identity-based information is represented by Verifiable Credentials (VC). Put simply, a VC represents any type of information about a person/company/object. The VC can be as simple as the age of the entity or the highest qualification held by the entity. It could be a membership certificate issued by a DAO”.
Furthermore, this suite of Polygon ID tools all have three main components: issuers, portfolio providers and verifiers. These three modules together form what we call the “Triangle of Trust”.
Finally, Polygon explains the benefits of using Polygon ID, which are:
- Privacy thanks to zero-knowledge proof: the identity holder only has to prove that he is the owner of a VC matching certain criteria, without revealing the actual VC to the verifier;
- Off-chain and on-chain verification through smart contracts;
- Self-sovereignty: the user is the sole custodian of his private keys;
- Transitive trust between actors in the triangle means that trust between two entities in one domain or context can be easily extended to other domains or contexts.
Polygon (MATIC): 13% Dump on Crypto Price
Polygon (MATIC) is following the general bearish trend in cryptocurrencies, but has seen a 13% drop in price over the last seven days.
In fact, MATIC has fallen from $0.9979 last week to $0.8581 currently. The 10th largest crypto by market cap has been in a bear market since February 2023 last year, when MATIC hit $1.52.
Of course, this is not its ATH price, in fact MATIC’s all-time high was hit in December 2021, at the height of the crypto bull run. MATIC managed to touch $2.90.
However, Polygon does not miss an opportunity. Recently, Ethereum’s second layer, which is more scalable and has lower fees, managed to secure a partnership with Google Cloud and another with Mastercard to create new crypto projects.
