Polygon, a layer-2 scaling protocol for Ethereum has launched a zero-knowledge decentralized identity solution, Polygon ID to the public nearly a year after announcing its development. The service uses zero-knowledge proofs (ZK proofs) that use cryptographic techniques to allow users to verify their identity online without having their sensitive information passed, or potentially stored with a third party. The public release of Polygon ID by Polygon Labs on Mar. 1 comes almost 12 months after it was officially launched in a closed-source environment in late March 2022, which the Polygon team says was built to “solve the issue of digital …

A central focus for many in the Web3 community has been improving identity solutions available to consumers. Last year the emergence of soulbound tokens (SBT) introduced a new way for users to define themselves. Although the SBT hype quieted over the last months, they have not disappeared off the scene. On Mar. 1, the SBT protocol Masa Finance announced that it will deploy on the carbon-negative Celo blockchain to create a new identity solution. More than 10 million wallets active in the Celo ecosystem will be able to generate a Masa “Prosperity Passport.” This new Web3 identity solution allows users …

The Web3 space is rapidly taking over the crypto world, and it could soon become part of the traditional telecom industry as well. According to the latest DappRadar industry report, Web3 platforms and blockchain-based applications attracted more unique active wallets in 2022, which skyrocketed to 2.37 million from 1.58 million in 2021. This rapid growth in popularity of blockchain-based platforms is also set to enter the telecom industry, with companies already working on innovative projects. So, what are the benefits of a Web3 telecom service? Reaching new audiences One of the main challenges for telecom service providers is managing costs …

Masa Finance has launched the first soulbound identity protocol for the Ethereum mainnet, according to a Jan. 17 press release shared with Cointelegraph. The protocol will allow for standardized soulbound tokens to be minted on Ethereum for Know Your Customer verification, credit scores and other use cases. Soulbound tokens are tokens that cannot be transferred from one wallet to another. The concept was popularized via a blog post from Vitalik Buterin, who argued that these tokens could be used to signify governance rights for decentralized finance (DeFi) protocols or to prove that a person has attended an event. Speaking to …

South Koreans could soon allow its citizens to use blockchain-based digital identification (ID) instead of physical cards as soon as 2024, as the nation further embraces blockchain technology. According to an Oct. 17 report from Bloomberg, a plan from the government will see digital IDs embedded as an app within mobile devices in the future, working in a similar fashion to physical resident registration cards. The digital IDs are expected to launch in 2024, with around 45 million citizens expected to adopt the technology within two years. An economist at Korea’s Science and Technology Policy Institute Hwang Seogwon said the …

Decentralized identity (DID) and compliance services will become a “key infrastructure” to the success of decentralized finance (DeFi) and the transition of real world financial assets onto the blockchain according to Fabrice Cheng, CEO and co-founder of Quadrata. Speaking with Cointelegraph, Cheng said the key driver behind the demand for DID will come from Web3 protocols, which will utilize the DID of users to build better products that are “catered” to existing customers and also “targets new sets of customers.” Quadrata provides a Web3 identity solution which allows users to perform KYC compliance without sharing personal data, it recently partnered …

As the Web3 industry matures, Zero-knowledge Know Your Customer (zkKYC) is becoming more widely discussed as a means to comply with strict financial regulations while maintaining user privacy, according to the partner of a venture capital firm. In an interview with Cointelegraph, John Henderson, partner at Australian-based venture capital firm Airtree Ventures said the successful implementation of a zkKYC system would be “great news for both regulators and consumers” and could increase cryptocurrency adoption: “Institutions and retail users are more likely to participate in DeFi if they can be confident that they are complying with their AML/CTF obligations.” Henderson explained …

As users take advantage of online services and explore the internet, they eventually create a digital identity. This type of identity is then tied to central entities like Google and Facebook, which make it easier to share data with new services through simple sign-in buttons. While these digital identity management systems are convenient, they are relying on centralized intermediaries that hold and control user data. Personal identifiers and attestations are in their hands, and they can decide — or be forced — to share this information with other parties. Blockchains offer a solution: decentralized digital identities. These allow individuals to …

Sovereign identity has been a hot topic in blockchain and cryptocurrency, especially with the rise of the creator economy. Currently, there are two types of digital identities— federated and centralized whereby data is in the control of the service provider. Self-sovereign digital identity is often cited as a human right that can reclaim agency using blockchain technology, but what frameworks exist that aid in governing it? On Aug. 2, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met Marjorie Hernandez, the co-founder of LUKSO and The Dematerialized to discuss the state of blockchain-based identities and …

The Metaverse has become one of the biggest buzzwords of the year as a number of brands, companies and even countries begin to explore virtual worlds to conduct business. Even though Metaverse development is still underway, a recent report from the technology research and advisory firm Technavio found that the Metaverse will hit a market share value of $50.37 billion by the year 2026. Another report predicts that the growth of the Metaverse will be driven by e-commerce, which is expected to reach a market share of $60.47 billion by the year 2026. E-commerce across social media platforms is also …

Crypto and Know Your Customer (KYC) guidelines seem to be an unhappy marriage — pseudonymity in the digital currencies’ DNA doesn’t match the old-school centralized protocols of traditional finance, but cohabitation is inevitable for the maturing industry. The tension never really goes away, but even before recent months’ market failures for crypto, the regulators have been clearly hogging the blanket, nudging the established platforms toward more strict authentication procedures and cutting the privacy-hardline players off the market. Cardano co-founder Charles Hoskinson expressed a popular opinion from the industry side in the United States Congress when he told legislators that no …

The last 13 years have seen blockchain technology evolve into numerous use cases — finance, data, logistics and security, among others. However, the idea of using blockchain’s immutable capabilities to ID humans got new life when Changpeng “CZ” Zhao visited the island country of Palau to kick off its digital residency program. The blockchain identity management market is estimated to grow by $3.58 billion in the span of five years from 2021 to 2025. Key factors include the rising demand for digitalization and privacy-respecting identity solutions. As a result, a myriad of solutions breached the market serving this need in …