Polygon is a decentralized cryptocurrency network based on Layer 2 solutions, which provides scaling and low-cost transactional services for Ethereum and other blockchain networks. The project recently announced their new identity infrastructure which is the Polygon ID, a suite of tools using the principles of self-sovereign identity and privacy by default to facilitate secure and reliable relationships between applications and users. It is based on zero knowledge proofs and provides verifiable credentials, issuers, portfolio providers as well as verifiers forming the “triangle of trust”. Users can use the identity infrastructure to prove their identity without revealing personal information. It is aimed to provide freedom of expression and privacy, as identities are protected by zero-knowledge encryption.

Despite Polygon’s efforts, the price of their MATIC crypto coin has dropped more than 13% in the past seven days. It has fallen from $0.9979 last week to $0. 8581 currently. MATIC has been on a bearish trend since February 2021 and it’s all-time highest price of $2.90 was hit during the crypto bull run of December 2021.

Polygon’s identity infrastructure is a significant step in the development of the cryptocurrency network. It offers a convenient way for users to prove their identity in a secure way, preventing exposure of any private information. This identity infrastructure has formed a partnership with Google Cloud and Mastercard to create new crypto projects. Ultimately, Polygon's key identity infrastructure has the potential to make their network much more efficient and it could potentially improve their coin's value and increase business opportunities.



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