Polygon ID Release 5 Goes Live Boosting Credential Liquidity
Coinspeaker
Polygon ID Release 5 Goes Live Boosting Credential Liquidity
In a groundbreaking development, Polygon ID has unveiled Release 5, a significant stride toward constructing a dynamic decentralized identity ecosystem. This latest release introduces a host of features aimed at simplifying the credential generation process and expanding the potential applications within the Polygon ID network.
At the forefront of these enhancements is the introduction of a new on-chain issuer, a smart contract designed to facilitate the creation of on-chain credentials. These credentials can seamlessly amalgamate information from both on- and off-chain sources. On-chain sources enable the generation of credentials using publicly accessible data, such as attesting token ownership without disclosing the address or reflecting on-chain reputation derived from specific criteria in a person’s on-chain history.
When the source of information is off-chain, possibilities broaden to generating on-chain credentials from off-chain documents. This innovative process involves transforming off-chain documents into verifiable credentials stored in the user’s identity wallet, accompanied by a zero-knowledge proof sent to the on-chain issuer for verification. This opens avenues for applications like generating credentials based on identity cards, government-issued PDFs, or certifying specific information present on a web page at a precise moment.
Issuer Node and Credentials Marketplace
Responding to valuable feedback, the Polygon ID team has enhanced the installation and usability of the Issuer Node. This includes accessibility on major Cloud Marketplaces like Google Cloud Marketplace and Amazon Web Services, the option to store revocation status on-chain, a significant step toward decentralization, and the ability to use a Decentralized Identifier (DID) with an Ethereum address for more cost-effective state transitions.
Recognizing the historical inefficiency in discovering available credentials and their issuers, the new release introduces a credentials marketplace. This marketplace further streamlines the selection process for developers, making it easier to find credentials and their issuing authorities.
Sebastian Rodriguez, Polygon Labs VP of Product, emphasized the ecosystem-building aspect, stating:
“We are not just shipping a product, we are creating an ecosystem.”
Rodriguez also highlighted the importance of expanding the array of credentials available for users, alongside solutions and projects integrating these offerings.
Polygon ID provides a comprehensive suite of tools for various stakeholders. Issuers benefit from the issuer node, wallet providers from the wallet SDK, and dApp developers from the verifier SDK. The all-in-one JS-SDK is tailored for building browser-based applications, complemented by the Polygon ID Wallet App for identity wallet developers. Numerous projects have already joined the Polygon ID ecosystem since its February launch.
Additionally, Polygon ID adheres to the Verifiable Credentials W3C standard, allowing for the reusability and interoperability of credentials. Once granted by an issuer, a credential can be reused indefinitely as long as it remains valid and unrevoked.
MATIC Price Rally
Polygon’s native cryptocurrency MATIC has entered a strong price surge over the last few days. At press time, MATIC price is up 6% trading at $0.93 levels. With this, MATIC has extended its weekly gains to nearly 30% and monthly gains to more than 80%.
According to crypto market analysis platform IntoTheBlock, there has been a significant uptick in institutional and whale interest within the cryptocurrency sector. Notably, Polygon, an Ethereum scaling solution, has experienced an exceptional surge of 3,800% in transactions surpassing $100,000 over the last 30 days.
Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago. pic.twitter.com/ElM1CDZ3wA
— IntoTheBlock (@intotheblock) November 11, 2023
Polygon ID Release 5 Goes Live Boosting Credential Liquidity