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MATIC pumps 23% on launch of Polygon ID solution

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Polygon (MATIC) is up 23% in the past 24 hours to hit $0.51 and post an 11-day high.

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MATIC leads the top 100, followed by Cosmos and Sandbox, which are up 14% and 13% over the same period, respectively.

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MATIC’s growth driver is the launch of a new identification solution the introduction of zero-knowledge technology that claims to “reverse the model of trust on the Internet”.

“Today we are launching the first iteration of Polygon ID, a private and independent identity solution based on zero-knowledge cryptography.“.

Polygon ID allows you to pass verification without revealing personal information

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Polygon ID offers decentralized autonomous organizations (DAOs) the ability to verify individual identities.

The current identity verification model is based on users submitting data directly to organizations. However, Polygon ID allows users to verify certain aspects of their identity without revealing personal information using zero-knowledge proof technology – thanks to zkSNARK proof technology.

“Polygon ID gives users complete control over their digital identity, allowing them to verify certain aspects of their identity without revealing any personal information.

Polygon identification model for identity verification
Source: blog. Polygon.technologies

zkSNARK-proof, or concise non-interactive zero-knowledge argument, refers to a situation where a user demonstrates, using mathematical proof, that he is who he claims to be without handing over identification documents. The entity is satisfied with the identification of the user through the proof zk without having to look at the actual documents.

The Polygon ID represents a step forward in Polygon’s vision of a Web3 decentralized governance framework. In keeping with the core principle of Web3, Polygon claims that the technology gives users “full control over their data.”

A self-identity can be understood as one in which the user is in complete control of their own data.

Other developments

On Wednesday, the luxury car maker Bentley Motors announced the end of NFTs in the “carbon neutral network of Polygon”.

The collection consists of 208 NFTs of art from Bentley Design, offering the owner “unique access and exclusive rewards.”

The automaker said this is their first step into the Web3 space and other ventures will follow, including NFC (Non-Interchangeable Chips), online gaming, Metaverse apps, and blockchain technology.

Commenting on the collaboration, Polygon CEO Ryan Wyatt said Polygon is well positioned to help Bentley secure the future of Web3 while helping the brand achieve its carbon reduction goals.

“By implementing this new technology, Bentley is solidifying its position in the next iteration of the Internet, and with the help of Polygon’s carbon neutral network, it will help the automaker on its path to achieving carbon neutrality by 2030.”

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