Polygon has just launched a new self-sovereign, zero-knowledge proof (ZKP) identity service. Called Polygon ID, the solution will enable users to verify their credentials and identity without ever revealing any personal information.
The solution aims to front-run the know-your-customer (KYC) regulation that will put incredible pressure on cryptocurrency companies around the globe.
A decentralized solution for KYC
Privacy and anonymity are the cornerstone of Web3 culture, representing everything its users hold dear. However, the huge growth seen in the Web3 market, driven by DeFi and NFT industries, has made it a target for regulators.
Market watchdogs around the globe have been racing to regulate the burgeoning industry and gain some semblance of control over its fast-growing market. This push for regulation translates into more stringent KYC requirements for companies operating in the Web3 sphere.
For crypto service providers, KYC means requiring their users to provide personally-iden
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