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Polygon Teases Polygon ID, Earth.fm to Integrate with the Polygon Chain

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With the belief that a decentralized future would require control in the hands of the people, the Polygon network has recently announced a new protocol, Polygon ID. The network described it as the first of its kind “self-sovereign, decentralized and private identity” designed for Web3.

Powered by zero-knowledge cryptography – a proof technology around which Polygon has dedicated $1 billion to fund projects – the Polygon ID is still under development but is scheduled for a full release sometime in the third quarter of this year, following a public release of the ID wallet app and SDK in Q2.

Convenient privacy

Polygon ID will focus on convenience without compromising privacy. Users would be able to create and use a digital identity that would not require them to reveal their personal information. This private permissionless attestation would be characterized by scalable on-chain verification to boost dApps and the DeFi sector.

It would also be compatible with current standards, open to ecosystem evolution, and leverage zero-knowledge proofs to achieve utmost privacy for the user.

The new Polygon product would assist in fulfilling KYC requirements, which would be enacted once a user presents cryptographic proof. This contrasts with the current method where users must submit personal documentation, breeding privacy concerns.

Aligned to the Web3 ethos, Polygon ID would be open and permissionless, build computational trust, maintain self-sovereignty & decentralization principles, and focus on private-by-default identity, which Polygon termed the only remedy to the world's digital identity demands. The team behind the Ethereum scaler also said this privacy-focused identity solution would be open source, with an SDK available to enable potential users to construct custom use cases suitable to their needs.

Polygon co-founder announces NFT auction to support healthcare via Crypto Relief Fund

In other news, Polygon co-founder Sandeep Nailwal has announced Guardian Animal NFTs, a new collection set to list for auction between April 1 and 30. The artwork frozen into five unique NFTs was inspired by mythical animals from the Indian culture – Vanara, Jatayu, Mayura, Airavata, and Simurgh.

Returns from the sale would be directed to health initiatives-focused organization Crypto Relief, which Nailwal said would have a considerable impact on the healthcare of communities in India. Crypto Relief was launched by the Polygon co-founder back in April last year, during the second wave of the COVID-19 pandemic in India. The fund has since grown and facilitated several health projects in the country, such as providing UNICEF with $15 million to fund 160 million syringes in the Asian country.

The NFTs were designed by blockchain consulting solutions firm EYBlockchain, whose professionals also aided the NFT series in using solutions available at blockchain.ey.com in minting the collectibles. They also played a consultative role in enabling the use of the finance management tool EY OpsChain PFM to track the spread of funds and how they are used.

Conservation-focused non-profit Earth.fm chooses to integrate with Polygon

The utility of blockchain tech is far-reaching, and one project using it for good is Earth.fm, a non-profit project focused on fighting global warming using NFTs. Earth.fm revealed on Tuesday that it had settled on Polygon as the blockchain on which it will integrate by mid-June this year.

Earth. fm's choice for a blockchain was a critical decision as it is a project centered on environmental sustainability. Polygon is indeed suited as it presents a robust, low-cost, secure, and environment-friendly platform to build a home. It also has compatibility with OpenSea, the largest NFT marketplace; hence, it would offer exposure to a large buying crowd.

The plan is that Earth.fm would be a NFT protocol that would mint a unique collectible every three days and said NFT would be put up for sale. Notably, the NFTs will feature unique natural soundscapes.

Polygon smart contracts would automatically auction the tokens, and 80% of returns would go into initiatives fighting the scourge of climate change and funding reforestation efforts. Part of the remaining allocation would be deployed to develop the project further. Another portion would be used to remunerate the independent artists who record the soundscapes encoded into the NFTs.

With a plan to fully integrate with Polygon by mid this year, Earth.fm aims to leverage decentralization to empower efforts against global warming.

There are plans to turn Earth.fm into a DAO, whose members would enjoy voting rights on the initiatives to pursue next. Down the road, the DAO would also develop ways for those who can't afford NFTs to join and contribute to it.

To learn more about Polygon visit our Investing in Polygon guide.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.