Polygon ID, the self-sovereign, decentralized and private way of creating digital credentials in Web3, is incorporating the Verite standards to put people and institutions firmly in control of their identities in the next iteration of the Internet.
As part of that mission, Polygon is partnering with Centre, the consortium serving as a network governing and standard setting body for blockchain-based financial services. Founded by Circle and Coinbase, Centre already counts Algorand, Compound Labs, ConsenSys, FTX, Ledger, MetaMask Institutional, Phantom Technologies,Solana Foundation, and more among its partners.
Centre launched Verite in February 2022 with the goal of giving people and organizations direct control over how, when, and where their personal information is used when doing business in the crypto economy. By allowing individuals and institutions to cryptographically prove claims about their identities and carry those claims in the same crypto wallets where they store their digital assets, Verite is returning autonomy over sensitive information to the individual while continuing to enable businesses to interact with identity-verified participants.
Verite is open-source and blockchain agnostic, designed to encourage developers and partners to integrate the protocols into existing systems without introducing single-vendor or anti-competitive dependencies. As developers incorporate Verite into smart contracts, applications, and websites, individuals and institutions will be able to use their credentials across the crypto ecosystem.
“When industry leaders like Polygon incorporate Verite into their offerings, it serves as a testimony to Verite’s potential to transform the way we understand digital identity on the blockchain,” said David Puth, CEO of Centre. “In the future, Verite may ultimately enrich healthcare, creative arts, entertainment, gaming, agriculture, education, and other domains where identity solutions are in high demand. For now, however, Verite’s immediate deployment is sharp and targeted: Providing a powerful, secure, interoperable, free, and open path for identity to unlock new value in the crypto finance ecosystem.”
Polygon ID, launched earlier this week, is private by default, offers on-chain verification and permissionless attestation. It is also the first ever identity platform to be powered by zero-knowledge (ZK) cryptography, leveraging the Iden3 protocol and Circom ZK toolkit. The integration with Verite will bring new possibilities in Web3 identity to Polygon’s ecosystem of more than 7,000 decentralized applications (dApps).
"Identity, privacy, and security play a crucial role in Web3, and Polygon is proud to reinforce and uphold these principles,” said Antoni Martín, Enterprise Lead at Polygon. “It's vital to foster an open and decentralized standard that promotes the interoperability and self-sovereignty strived for in this new digital frontier; we’re proud to support Verite in delivering on this vision."
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