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Polygon: ID identity infrastructure and the price of crypto

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

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.

Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.