Implementing Polygon ID: Decentralized identity on the Planq Network
In the blockchain space, safeguarding personal information is one of the most important challenges. Sometimes, giving away some information or proof of person is, however, necessary.
This is why Planq now has Polygon ID, a cutting-edge solution developed to redefine how we protect identities, perfectly integrated into the Planq Network blockchain.
Please note that dApp builders can now build with Polygon ID, but it is not implemented in any dApps yet.
Understanding Polygon ID — More privacy on the Planq Blockchain
Polygon ID empowers users with control over their digital identities, ensuring privacy and security without sacrificing convenience. Utilizing zero-knowledge proofs, it enables Planq users to verify their credentials without divulging sensitive data, revolutionizing the concept of online identity authentication.
Polygon ID operates through a trio of essential roles:
- Issuers: These entities provide users with verifiable credentials, akin to digital ID cards. On polygon, there are several parties, or companies, that you can trust with your data.
- Verifiers: They verify credentials when necessary, ensuring trust and authenticity in online interactions, often completely automated
- Identity Holders: Users themselves, utilizing Polygon ID to manage and protect their digital identities and proof identities when necessary.
Use Cases of ZK-Proof on Planq Network
The integration of Polygon ID into the Planq Network blockchain unlocks a lot of possibilities for our ecosystem, some examples are:
Decentralized applications (DeFi): Users can securely access and participate in DeFi protocols, leveraging their verified identities for transactions, lending, and staking when this application requires KYC. KYC is instant and automated
Loyalty & Rewards (dApps): To avoid things such as airdrop farming, a project could only allow users who verified with Polygon ID to join an airdrop campaign. This way they ensure a person can only enter the airdrop with one wallet since they could check for unique last names. Or you could airdrop to every user who identified as Dutch.
To give you a better understanding of how this technology could work here is an example:
A new decentralized exchange is built on the Planq Network. They are prohibited from any interaction with citizens from the USA. A user would need to go to one of the ID issuers, and get verified to not be a USA citizen with the issuer. The verifier (the dex) can now make a smart contract with a Geolocation check to see if the owner of the wallet is a US citizen. It would not check for ANY other data from your digital ID. Your wallet address now gets whitelisted to trade on the exchange.
Advancing Digital Identity — Ready for real-world use-cases
The integration of Polygon ID into Planq Network makes for a new era of online identity protection and trust within the Network. From financial transactions to everyday interactions, users can navigate the digital world with confidence, knowing their identities are secure and their privacy respected.
In conclusion, Polygon ID on Planq Network represents a significant step forward in safeguarding digital identities. By combining cutting-edge technology with real-world applications, it paves the way for a safer, more secure online environment for Planq Users.
Learn more
If you want to learn more about polygon ID, we highly recommend this video from Steph Orpilla at ETHglobal: https://www.youtube.com/watch?v=utpazrLrSbY or these documents: https://devs.polygonid.com/docs/introduction/ / https://radiostud.io/polygon-id-decentralized-identity-verification-web3/
For developers
If you are a developer and are looking to implement polygon IDs or want to discuss use cases, we have a developer community here
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