The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $20,951.09 and BTC market dominance is %. The price of Ethereum is $1,133.95 and ETH market dominance is %. The best performing cryptoasset sector is Art, which gained 12%.
Welcome Bonus: Sign Up & Get Up to $150 in BTC
Polygon ID, a Web3 solution to identity verification, and a collaboration with Bentley Motors, help drive the MATIC price to an 11-day high.
Cover art/illustration via CryptoSlate
Polygon (MATIC) is up 23% over the last 24 hours, spiking as high as $0.51 to mark an 11-day high.
MATIC is the top-100’s biggest gainer, followed by Cosmos and the Sandbox, which are up 14% and 13% over the same period, respectively.
A driver behind MATIC’s surge is the launch of a new identity solution incorporating zero-knowledge technology that claims to “flip the internet’s trust model.”
“Today, we’re launching the first iteration of Polygon ID – a private and self-sovereign identity solution powered by zero-knowledge cryptography.”
Polygon ID offers Decentralized Autonomous Organizations (DAOs) the ability to check individual identities.
The current model of identity verification relies on users giving data directly to entities. However, Polygon ID enables users to verify particular aspects of their identity without revealing personal information via zero-knowledge proof technology — thanks to zkSNARK-proof technology.
“Polygon ID puts users in complete control of their digital identity, allowing them to prove specific aspects of their identity without revealing any personal information.“
zkSNARK-proof, or Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, refers to a situation where the user demonstrates, using mathematical proof, that they are who they say they are without handing over identity documents. The entity is satisfied with the user’s identity via zk proof without needing to see actual documents.
Polygon ID represents a step forward in Polygon’s vision for a Web3 decentralized governance structure. In line with the primary tenet of Web3, Polygon said this technology puts users “fully in control of their own data.”
“A self-sovereign identity can be understood as one where a user is fully in control of their own data. “
On Wednesday, luxury car maker Bentley Motors announced an NFT drop on “the carbon neutral Polygon network.”
The collection consists of 208 NFTs featuring artwork from Bentley Design, offering the holder “unique access and exclusive rewards.”
The automaker said this marks their first step into the Web3 space, and other ventures, including NFCs (non-fungible chips), online gaming, Metaverse applications, and blockchain technology, will follow.
Commenting on the collaboration, Polygon CEO Ryan Wyatt said Polygon is well placed to help Bentley secure its Web3 future while helping the brand achieve its carbon-neutral goals.
“By embracing this novel tech, Bentley secures its position in the next iteration of the internet, and doing so via Polygon’s carbon-neutral network will assist the automaker on its journey toward attaining carbon-neutrality by 2030.”
Samuel is a strong believer in individual autonomy and personal freedom. He is a relative newcomer to the world of cryptocurrency, having first bought Bitcoin in early 2017, but keen to make up for the lost time.
Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.
Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Polygon (previously Matic Network) is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Learn more
Got a story tip? Email [email protected]
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2022 CryptoSlate. All rights reserved. Terms | Privacy
Please add “[email protected]“ to your email whitelist.
Stay connected via
