Verida and Polygon ID Bring Zero-Knowledge Credentials to the Forefront
"With the growing importance of online privacy, individuals must control their personal data and digital identities. We need more efficient verification processes that safeguard against impersonation without exposing sensitive information.”
That is a call for action from Verida CEO and co-founder Chris Were.
Verida is a decentralized self-sovereign wallet that enables users to control their digital identities and personal data. Built on blockchain technology, it offers a secure and private environment for storing, managing and sharing data. Users have the power to decide which data to share, with whom, and for how long, and they can revoke access at any time. The wallet also facilitates the creation and management of digital identities, secure communication, data monetization, and interoperability with various blockchain protocols.
And regarding Were’s call for efficient verification processes, Verida provides exactly that with the integration of Polygon ID in the Verida Wallet.
Polygon ID is a decentralized identity framework that allows users to create and control their own digital identities. It is built on the Polygon blockchain, which provides a secure and scalable platform for storing and verifying identity information.
Polygon ID uses zero-knowledge proofs to ensure that users' identities are private and secure. Polygon ID is used to create various digital identities, including personal, professional and organizational identities. It can also be used to authenticate users with a variety of Web3 applications, such as decentralized applications, decentralized finance services and NFTs.
Verida and Polygon ID’s collaboration is revolutionizing the DeFi, decentralized autonomous organizations and GameFi sectors. This partnership enables the seamless utilization of personal reputation and real-world identity, opening a world of possibilities for the blockchain-powered applications of the future.
Among the initial applications are measures to combat Sybil attacks, community role-based access, verification of reputation, regulatory-compliant DeFi solutions and the authentication of real-world assets. For instance, users will be able to validate their monthly income to access undercollateralized DeFi loans, a breakthrough in democratizing financial services.
Central to this collaboration is the robust security and privacy provided by the Verida Network. Polygon ID credentials are fortified by Verida's self-sovereign data network. Credentials are securely stored on the user's device and encrypted using encryption algorithms. These encrypted credentials are then stored on region-aware storage nodes, ensuring optimal accessibility while maintaining data integrity and confidentiality.
More importantly, access to the stored credentials or their permanent deletion is exclusively controlled by the user's private key, guaranteeing utmost control and ownership over personal data.
"Polygon ID envisions a marketplace for credentials where it is easier to create trusted relationships between users and applications, and Verida's seamless user experience is essential to create self-sovereign trusted identities," said Sebastian Rodriguez, Vice President of Product at Polygon ID. "Together, we are shaping the future of trusted identities and fostering a more secure digital landscape for everyone."
The Verida Wallet is available for download for iOS or Android.
Edited by Alex Passett
